Bill Of Sale Template

When it comes to buying and selling personal property, it is important to know about Bill of Sale documents. In essence, a Bill of Sale provides proof of purchase and documents the transfer of ownership of a particular item. It is most commonly associated with the sale of motor vehicles, but that is not to say it can’t be used when it comes to the sale of various other items too. A Bill of Sale serves as legal evidence that the seller has transferred his of her rights to the assets and therefore it needs to include a number of important details. Furthermore, the type of information featured and format that the Bill of Sale should take can vary from one state to the next.

If you are looking for an example, here is a template of a Bill of Sale form that can be used in Rhode Island.

As a general rule, the seller drafts the Bill of Sale document. With that being said, however, the buyer should also be aware of the information that needs to be included. At the end of the day, the details included in the document are there to protect both parties if there is a disagreement about the item or terms of sale further down the line.

The Basic Elements of A Bill of Sale

Regardless of which state you are operating in, a bill of sale must include the following:

• Names of the buyer and seller
• Contact details of the buyer and seller
• Description of the item(s) being sold
• Price of the item(s)
• Methods of payment
• Warranty details

How Do You Create A Bill of Sale

Depending on where you are based, you might find a tax assessor-collector’s office or local DMV can provide you with a Bill of Sale form. However, it is also something that can be created by the seller.

Due to the fact that requirements vary according to the state, it is important that you check your state’s protocols when creating any such legal document.

In addition to the basic pieces of information listed above, other useful details to include are the following:

Item Description :

• Serial number
• Make and Model
• Size and Color
• Any other special features
• Any known faults on the item
• Special conditions (for instance, is the item sold as is or is there any sort of warranty included)

Payment information:

• Amount paid (written out in words and numbers)
• Payment method (cash, card or EFT)
• Paid in full or instalments

In short, we all have to buy and sell items at some point in time so it is useful to know about Bill of Sale documents and what essential details need to be included. At the end of the day, it is in the interest of both the buyer and seller to ensure that the document includes all the necessary details and complies with state regulations. For further information, check out this template for a Bill Of Sale Document.