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Fillable Form General Bill of Sale

A General Bill of Sale is a legal document to acknowledge transfer ownership of a property or asset from one person to another that includes information identifying the buyer and seller and the total purchase price.

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What is a General Bill of Sale?

A General Bill of Sale is a legal document completed by a seller to acknowledge the transfer of ownership of a property or asset to a buyer — who becomes a new owner. It involves only two parties, the buyer and the seller, and serves as a receipt for the exchange of any type of property for cash. As a legal document, it is essential for a new owner to have and keep just in case he or she would be asked to prove ownership. It holds the people involved in the transaction accountable to the agreed terms listed in the document. When signed both by the buyer and the seller, it becomes a valid legal and binding contract between the signatories.

Depending on the kind of transaction, the information provided on a general bill of sale varies. Regardless of the product, in general, it contains the information of both the buyer and the seller, the description of the item up for sale, the details of the transaction including the date of purchase and warranties, and the acknowledgment of both parties involved through signing.

While the primary purpose of a general bill of sale is to record and verify a transaction between the seller and the buyer of a property or asset, ensuring that the deal happened in a fair manner and favorable to both parties, it also acts as proof that essential transaction details such as warranty and return policies are valid and available, evidence in a law court in case of a disagreement, and a record of ownership transfer from the seller to the buyer, limiting the sale of seized or illegally owned items. Thus, it is most useful when purchasing expensive items, including electronic equipment, vehicle, and jewelry, as it protects both parties by formalizing the sale using a document that serves as a legal contract. Nevertheless, a general bill of sale may be used for all kinds of sales transactions, including the purchase of second-hand items, where a “sold in as-is condition” will be declared and that the seller is no longer responsible for the purchased item.

A general bill of sale is generally accepted across the United States except when a certain state has its own particular form for the same purpose. Nevertheless, its legal validity will always be acknowledged when both parties involved in the sales transaction have signed it. Therefore, it is important to understand all the information written in the bill of sale and ascertain that every detail is accurate and complete, as any inaccurate information can result in legal problems.

How to Create a General Bill of Sale?

A general bill of sale, at a minimum, should contain information determining the parties involved in the transaction — the buyer and the seller, the item purchased and its specific description, and the total purchase amount. For it to be valid, it must also have the signatures of both the buyer and the seller to make it legally binding.

Using PDFRun’s General Bill of Sale Template, you can create a legal contract in minutes. Follow the guide below to fill out the general bill of sale template accurately.

Provide the date the item was purchased.

For the Item Information section, mention details that might be of relevance in describing the product, such as the name of the product, its model and characteristics, and its identification number. For items that have a production year, adding that information may be useful. If the purchase comes with a warranty or returns agreement, provide the details in the section.

The Payment section requires the total amount paid for the item and the form of payment.

To validate the general bill of sale, the information of both the buyer and the seller should be provided. The template requires their names, address, and contact numbers. Lastly, both should sign the sales contract to make it legally binding.

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