Things To Remember While Creating A Bill Of Sale Form

  • A bill of sale is a type of document that is legally binding, and records ownership transfer of some item of value from one party to another in exchange for money. It can be used commonly for recording the sale of vehicles, or even furniture or animals or other personal property. In most states, a bill of sale form is needed as a purchase proof at the time of selling or buying a valuable item. Here are some things that you should remember while creating such a document.

    Make sure it satisfies State requirements

    When you prepare an even simple bill of sale, ensure that it abides by the requirements of your state. These requirements tend to vary from one state to another. For instance, a few states need only a purchaser to sign the bill of sale properly whereas others need buyers as well as sellers to sign the BOS document. In other states, it is needed that the form is witnessed and notarized.

    Do not hide any information

    In case you – as a seller – withhold any information from the purchaser, or misrepresent an item value, the Bill of Sale document might be regarded as null and void. It is essential that the buyer and seller know about the bill of sale terms and conditions prior to entering into some agreement, so that either party can make queries prior to the bill of sale being finalized.

    Write about the damages that the warranty covers

    In case a limited warranty provision is contained in a bill of sale, you as the seller have to exactly specify the damages that the warranty covers as well as the labor and/or the parts that are covered during the period of warranty that is specified in a free bill of sale download template that you use.

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