Are you looking to make a big purchase or make a sale? If so, you need to know the importance of a Bill of Sale. Writing up a Bill of Sale is an important step in any purchase and sale situation; it it documents the specifics of the transaction and serves as legal proof of ownership should the transaction be ever need to be challenged in court. This post will detail the different types of Bills of Sale, what information should be included, and some helpful free templates for you to use.
Vehicle Bill of Sale
Vehicle Bill of Sale is used when selling or purchasing any type of vehicle, including automobiles, motorcycles, boats, ATVs and snowmobiles. This Bill of Sale should include specific information like the Vehicle Identification Number (VIN), the sale price, and the date the vehicle was sold. Additional information like the make and model of the car, the warranty information, and the names of both buyer and seller are important to note.
General Bill of Sale
This is the most basic and most common type of Bill of Sale. A general Bill of Sale is used to document any transfer of personal property from one person to another. When filling out the document you should include descriptions of the item(s) being sold, the sale price, and the details of the buyer and seller. The parties also need to sign and date the document.
Real Estate Bill of Sale
As the name implies, a Real Estate Bill of Sale is used to document the transfer of real estate property from one person to another. It includes aspects such as the purchase price, the sale date, and legal descriptions of the property. This Bill of Sale should also include any conditions to the transfer, such as when the seller will receive payment and when the buyer must possess the property.
Watercraft Bill of Sale
This Bill of Sale is used when selling or buying any type of watercraft, such as a boat, sailboat, or houseboat. The specifics needed to be included in a Watercraft Bill of Sale will vary depending on the type of vessel being sold. Common information that should be noted are the watercraft model and make, the type of engine, the year it was built, the HIN (Hull Identification Number) or serial number, and the name and address of both the buyer and seller.
Firearm Bill of Sale
A Firearm Bill of Sale, or gun bill of sale, is used when selling or buying a gun, rifle or other firearm. This Bill of Sale should include the details of both the buyer and seller, a description of the firearm, the price paid, and when the transfer will take place. It should also note any restrictions the buyer or seller may be subject to, such as local laws and any licenses that may be required.
Making sure that a Bill of Sale is drawn up correctly is important to ensure that the transaction is documented properly and that both parties are protected. With a little effort, you can make sure that the paperwork is done properly and that the transfer is legal and secure. Check out these helpful Bill of Sale templates to get started on your next purchase or sale.
