What you need to know about
Bill of Sale
A bill of sale creates an official record for the purchase or sale of a piece of personal property.
- Purchasing valuable goods
- Selling valuable goods
Whenever you buy or sell something, it’s always a good idea to get legal documentation of the exchange. A bill of sale is a document that legally transfers ownership of goods from one person or business to another. Bills of sale are very common legal documents that are used in many different transactions involving the exchange of goods.
A bill of sale is typically used to transfer property where the original owner retains possession of the goods for some time. Because the buyer did not walk off with the property after paying for it, he or she needs some other way to prove their legal claim. As a result, it is often a good idea to execute a bill of sale for goods purchased on lay away or as part of some more complex exchange. In the event that there is a future dispute about the legal ownership of your property, a bill of sale may help you prove your rights in court. In some cases, a bill of sale is required by law. For example, most jurisdictions require a bill of sale to record the transfer of an automobile from one person to another. However, even in situations where a bill of sale is not required for the legal transfer of personal property, it is best practice to use these documents for your personal records. Use this interactive form to create a bill of sale that will protect you when buying or selling goods.
Preview of Bill of Sale
BILL OF SALE
This Bill of Sale (this “Agreement”) is made as of the ______ day of _____________, 20___, (the “Effective Date”) by and between ____________ (“Buyer”) and ____________ (“Seller”).
1. Sale and Transfer of Assets. For good and valuable consideration, the receipt, adequacy and legal sufficiency of which is hereby acknowledged, Seller hereby sells, transfers, assigns, conveys, grants, and delivers to Buyer all of its right, title, and interest in and to the assets listed on Schedule A hereto (the “Assets”), effective as of the Effective Date.
2. Purchase Price and Payment. Buyer shall pay to Seller a purchase price in the amount of ________________________ Dollars ($________) for the Assets (the “Purchase Price”). On the Effective Date, the Purchase Price shall be delivered by Buyer to Seller. Upon delivery of the entirety of the Purchase Price, the Assets shall be conveyed to the Seller free and clear of all liens.
3. “AS IS” Transfer. THE ASSETS TRANSFERRED TO BUYER IS BEING SOLD BY SELLER AND PURCHASED BY BUYER IN THE PHYSICAL CONDITION OF THE ASSETS AS OF THE EFFECTIVE DATE, “AS IS, WHERE IS AND WITH ALL FAULTS AND NONCOMPLIANCE WITH LAWS” WITH NO WARRANTIES, INCLUDING, WITHOUT LIMITATION, THE WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, SUITABILITY, USAGE, WORKMANSHIP, QUALITY, PHYSICAL CONDITION, OR VALUE, AND ANY AND ALL SUCH OTHER REPRESENTATIONS AND WARRANTIES ARE HEREBY EXPRESSLY DISCLAIMED.
- This Bill of Sale shall be construed, performed, and enforced in accordance with, and governed by, the laws of the State of _________________ (without giving effect to the principles of conflicts of laws thereof), except to the extent that the laws of such state are superseded by other applicable federal law. The parties hereby consent to the jurisdiction of the court in this state and waive their right to challenge any proceeding involving or relating to this Bill of Sale on the basis of lack of jurisdiction over the party or forum non conveniens.
- This Bill of Sale may be executed in counterparts, each of which is an original but all of which together constitute but one and the same instrument. Signature and acknowledgment pages, if any, to this Bill of Sale may be detached from any counterpart and re-attached to any other counterpart of this Bill of Sale which is identical in form hereto but having attached to it one or more additional signature and acknowledgment pages.
IN WITNESS WHEREFORE, the parties have set their hands as of the day and year first above written.
By: _______________________ By: _______________________
Name: _________________ Name: _________________
Title: _________________ Title: _________________
Schedule of Assets
Bill of Sale Checklist
Make It Legal™
Find out next steps for your document
___Review Carefully. Look over the document carefully to ensure it matches your intentions. It is legally binding.
___Sign the Agreement. This document needs to be signed by both parties. Electronic signatures are acceptable.
___Distribute Copies. Fully executed and compiled copies of the document should be provided to both parties.
Disclaimer: It is strongly advised to have your document reviewed or advised on by an attorney before entering into a binding contract with another party. To speak with a lawyer about this agreement or any other legal need, please visit LawTrades.com.