What is a bill of sale? It is a legal transaction which encompasses both "proof of purchase" and "proof of sale" regarding the disposal of certain goods or property. In some U.S. states, you are required by law to declare the sale as personal income on your tax return. Simply put, it is a legal form between a seller and a buyer.
It involves the transfer of personal belongings or property for an amount of money and exchange of something of similar value and worth. When you agree to buy notable goods, check that it is free and clear of mechanical liens. If there are no liens, it should be noted in the form. If the property is sold with terms, it should be "clearly marked" in the form. By documenting a sale, it can avoid a dispute based on faulty memories, and force the other party to recognize what the bill of salereally provides.
The sale, should by law, include a sales' receipt, sales slip or stub. If the sale of second hand furniture or a computer is part of a debt, a separate legal note may be used with an itemized account of monies owing along with a statement of indebtedness. Importantly, a request for payment and the terms should be inserted in the form, and in any other paperwork. If you sold a pet you will need to type the county registration number in the legal form. Whether you may be buying or selling an item of little or of great value, you should always use a legal form so that the transaction is legal and binding process. It should include all pertinent details and information and be duly dated and signed. It must be independently witnessed or notarized. Let's say you are selling a painting and you have put the sale in writing. Have it notarized but check that the notary commission is up-to-date, and it is witnessed by his or her hand under an official seal.
By law, the sale must be fair, valid and lawful. The transaction must also be within the law both on a federal and state level. A sample bill of sale can be used without paying your attorney to pull a standard form from his or her office cabinet and charge you a justifiable fee to prepare it. Each form has been reviewed and checked by a separate attorney to ensure they are accurate and legally enforceable. When a sale is reduced to writing, signed and witnessed, the other party is aware that if he or she does not honor their contract obligation, according to law, you can rightfully sue for damages. To use the forms, simply insert all relevant details and information in the fill-in-the-blank spaces provided. There is no need to waste time going through the mechanical process of typing and preparing a form every time you need one. Each form is in plain English so that you avoid the possibility of a typing error that could prove costly in time and money. Remember, all you have to do is fill in the clearly marked blank spaces.
More so than any other prevention device, a printable form should stop a person who no longer likes an arrangement. When reduced to writing, he or she will realizes, it will keep them from winning a legal challenge based on statements other than those spelled-out in the legal form. If it spells out each person's rights you are in the best position to prevent misunderstandings caused by different recollections of what it included. In this way, you do not rely entirely on your memory and the memory of others. Purchase and sale documents can be written as a "straight transaction" or "conditional transaction" which may involve something of value to be used as security for the payment of the funds. A straight BOS is a completed transaction. A conditional document may allow the seller to hold or secure the sale item as collateral, and this generally is the case where an ongoing payment system is entered into. Once payment is made in full the buyer owns the item. But if the buyer does default, then under the terms of the document the seller may legally assume ownership of the property.