Q: What is a Bill of Sale?
A Bill of Sale is a form that a seller uses to document the sale of an item to a buyer. It serves as a receipt for personal sales and purchases and includes buyer and seller information and details about the goods, its location, and the price.
Q: Who should retain the bill of sale?
Both parties should fill out and retain a copy of the signed Bill of Sale as a proof of purchase or as a proof of payment.
Q: Are there any alternative names for a Bill of Sale?
A Bill of Sale is also known as a Proof of Purchase, Proof of Payment, Proof of Sale, Sales Slip, or Sales Receipt.
Q: What can you use a bill of sale for?
Some examples you would use a bill of sale for are cars, motorcycles, RVs, other vehicles, appliances, tools, exercise equipment, boats, other watercrafts, aircrafts, animals, horses, cats, dogs, pets, furniture, personal property, bikes, clothing, jewelry.
Q: What does the term "As is" refer to?
"As-is" is an important term on a Bill of Sale form. It means that the item was bought and sold in its current condition and that the buyer is accepting the item with all of its faults, whether they are apparent or not. "As-is" protects the seller from having to refund the buyer for any item-related issues after it was received and paid for.
Q: Why you should use a bill of sale?
A Bill of Sale is used to protect both the seller and the purchaser in the case of any future issues. Since many purchases and sales between individuals are transacted using cash, it can be hard to prove that an item was received or paid for without proper documentation.
Q: Who should use a bill of sale?
A Bill of Sale should be used by anyone who is looking to sell or purchase an item.