 Sam
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Joined: 21 May 2005
Posts: 281
Location: CALIFORNIA
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 Posted: Sat Apr 10, 2004 4:43 am Post subject: What is a Bill Of Sale? |
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Bill of Sale is a legal document which the seller prepares for the purchase of a personal property. The document states that on a specific date, at a specific locality and for a certain amount of cash, the seller has sold off to the purchaser. It also reveals that a specific item of personal property which the seller possessed legally has been purchased by the buyer. The personal property can be cars, boats, and other items.
Bill of sale is used as:
- A document for transferring ownership of an asset from seller to buyer.
- Basic agreement for the sale of goods.
- A sales receipt.
The Bill of sale is handed over to the purchaser after he pays the seller by cash, bank draft, promissory note or certified cheque. Besides, issuing the Bill of Sale, another agreement should also be distributed. This agreement states the agreed-upon terms of the sale, the date when the asset is transferred, the price, payment time and related provisions. |
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