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Imagine you want to buy a motorcycle from your neighbor who has agreed to sell it to you. It’s super fast, new, and attractive, and the last thing you’re thinking of is legal paper bureaucracy, which isn’t as fancy as the motorcycle.
Any purchase and sale deal may cause future disputes unless a relevant legal document supports the agreement. A bill of sale document ensures the legality of a purchase and sale operation and helps both parties understand their liabilities when selling or buying items.
To help you regulate the buying and purchasing process, you will need a bill of sale. Here is a guide for how to make a bill of sale that you can rely on with peace of mind and use in your future deals.
A bill of sale is a type of receipt used to transfer the ownership of an item in exchange for money or trade between a buyer and seller. To establish the new rights legally, you will need the bill of sale to purchase or sell valuable items of over $500 (e.g. vehicles, animals and pets, personal property like furniture or equipment, firearms, etc.). Plus, revenue agencies charge these objects with sales tax.
You may also know the bill of sale as proof of sale, proof of purchase, proof of payment, or sales receipt.
Here is the list of common subjects of proof of sale:
Bills of sale can be “as-is” or notarized. If you agree to buy or sell an item in its present condition, even with flaws, you should use an “as-is'' proof of sale.
A notarized bill of sale allows for legal ownership transfer under a notary’s control, so it is strongly recommended for items purchased or sold over $500. When the notary witnesses a proof of sale, that proof of sale will make it easier to register a new owner with state authorities and protect both parties’ rights and interests.
A bill of sale form is a legal document used for purchase and sale deals and title transfers. It proves that the purchase and sale operation took place on a specific date in a particular location and helps avoid disputes between the parties.
If you want to transfer ownership of the item to another person, you will need a well-prepared bill of sale to register the new title. This ownership transfer procedure is required everywhere across the U.S. In certain states, you should notarize the bill of sale.
After you sign a proof of purchase, you may need to pay the sales tax if they apply to your purchase and sale deal. For example, when the subject of the bill of sale is a car, a buyer will have to pay the sales tax according to the state or county where the deal occurs. A seller can include the tax in the car price or split the fees.
If you skip creating and signing a simple bill of sale, you can face serious consequences. First of all, if you and the other party have reached a disagreement over the item, without a legally valid sales receipt you will not manage to defend your rights and interests. In court, you will not be able to prove the fact of your sale transaction either.
You can proceed without a printable bill of sale in the following cases:
Although proofs of purchase can be brief, they must include specific definitions and details.
See the following steps below for how to do a bill of sale.
After negotiations, you can put all the discussed information in the following points:
When you are done with writing a bill of sale word template, you can easily download it in pdf or doc format. If necessary, revise the document.
You can provide the parties with the prepared bill of sale. If both parties agree to the specified terms and conditions, they can sign the document.
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A bill of sale is a legally binding document, and it is essential to comply with your state’s requirements which can vary by state.
For instance, in many states, only the buyer must sign the Bill of Sale, while other states need both parties to sign the document, and some even require that the Bill of Sale be notarized. However, it is essential to note that without the buyer’s signature, the Bill of Sale may not be enforceable.
A bill of sale is a document drafted by the seller that can be used to sell any property category. Most states do not need a notary to witness the bill of sale is signed.
Furthermore, according to law, a notary public must witness both parties signing the agreement in Louisiana, Nebraska, Maryland, New Hampshire, West Virginia, and Montana. Notaries are optional in other states. It is essential to check your state requirements when entering into a bill of sale.
Some states require only the buyer to sign the document, while others require both the buyer and the seller to sign the bill of sale. Possession of the signed bill of sale and payment of the title transfer fee may be required to apply for a title at the state's DMV.
Other states call for the form to be notarized. You would need to look at the State requirements. However, it should be noted that without the buyer's signature, the Bill of Sale may not be an enforceable contract.