Fillable Form General Bill of Sale

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 fill out 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.

Frequently Asked Questions About a Bill of Sale

How do I write a bill of sale?

A bill of sale is used to transfer ownership of items like cars, boats, real estate, and livestock. It can also be used to transfer ownership of personal belongings like furniture or electronics. It is known as a sales receipt or sales agreement.

A bill of sale can be very simple. There are no standard forms for this document; it can be a handwritten piece of paper or a printed form you fill out. In general, to write a bill of sale, you should include the following:

• The items being sold and their value — It's important to identify the items that are being sold and how much they're worth. You can list individual items or group them as a set. For example, you could write: "One (1) 2003 Harley Davidson motorcycle, valued at $2,000." Or you could simply say: "One (1) Harley Davidson motorcycle, value $2,000."
• The owner and the buyer — Identify both parties to the sale. If you're selling something to someone else, then put your name as the seller and their name as the buyer. If you're buying or selling for yourself but another person's name will appear on legal documents, then put your name in the seller block and their name in the buyer block.
• An accurate description of each item or service being bought — The bill of sale is proof that someone owns something; therefore, it needs to be clear and detailed enough to prove ownership. Describe each item and service carefully and accurately.
• A statement that the sale is final and there are no refunds expected — State that this is a no-returns, final sale. Doing so will protect you from having to provide a refund for any reason in the future. For example: "The buyer agrees that this is a final sale."
• The signatures of the transacting individuals — The bill of sale generally needs to be signed by both parties. If you are the seller, then put your name on the line saying "Seller." If someone else is doing business as an individual or company, then put their name there.
• The date of the transaction — Enter the date the sale took place.

Should a bill of sale be notarized?

A bill of sale does not need to be notarized or filed with a government agency. But it is a good idea to keep the original in a safe place and make copies for your records because this document proves that you are the owner of an item. If you go to sell or give away another item in the future, your bill of sale will be an important piece of evidence that you're not selling stolen goods.

Can you write a bill of sale yourself?

Yes, you can handwrite a bill of sale yourself. However, you must first review the laws in your state to know what information your bill of sale should include. Most states require a bill of sale to include the following:

1. The names and addresses of both the seller and buyer.
2. The date that you signed or will sign your name to the bill of sale.
3. A full description of the item for sale, including any serial numbers, and model numbers.
4. The purchase price of the item.
5. A statement that you are not selling the item for anyone other than yourself.
6. Your signature, the date you signed, and any identifying information about your car, including its make, model, year, and color.

The above is meant to serve as general guidelines only; it should be researched where the buyer resides because each state has slightly different rules.

Is a bill of sale a legal document?

A signed bill of sale can act as a legal document to prove ownership of a vehicle by a buyer and seller. As a legally recognized document record of a transaction, a bill of sale can be used in court or elsewhere to show proof of ownership. Moreover, if the buyer and the seller is aware of this document's importance, there is a greater incentive to uphold their part in any transaction involving it. Even if one party later tries to deny they sold or transferred ownership of a vehicle, the bill of sale can act as proof that an agreement was made.

A bill of sale must include certain information for it to be valid. In the case of selling a vehicle, this information typically includes:

• The full names and addresses of both buyer and seller. It could also include the driver's license numbers, but only if the driver is a licensed driver in whatever state or country they are residing in.
• A description of what was sold by including the vehicle's year, make model, and VIN number.
• The actual sale price or trade of the vehicle.

Note: It is also advisable to include an "As Is" clause in the bill of sale that states the seller does not guarantee any issues with the vehicle. This can prevent legal battles later on if something goes wrong after a transaction.

What is a bill of sale vs title?

A bill of sale and a title are two different things. The following are some of the differences between a bill of sale and a title:

1. A bill of sale is not a title. It does not convey to you any rights in the property being sold, including use rights. It cannot be used to transfer ownership in case the item is sold in the future; it can only be used as evidence of ownership at present time.
2. A title will always contain the terms "WITHOUT WARRANTY", meaning that the state has not tested or inspected the item and does not vouch for its condition.
3. A title is always a permanent document. On the other hand, many bills of sale contain an expiration clause under which they can be rendered void if certain requirements are not met by a specified date.
4. A title is always assigned to a specific item. It cannot be used for any other items in the future, even if they are identical to the one whose title was issued originally.
5. The person issuing or transferring ownership of an item can also specify how long it should remain valid under the terms of his bill of sale before expiring. A title, on the other hand, is always permanent and not subject to any such clause.
6. The person issuing or transferring ownership of an item can also specify how long it should remain valid under the terms of his bill of sale before expiring. A title, on the other hand, is always permanent and not subject to any such clause.
7. A bill of sale is issued by a seller or vendor, while a title is issued by the appropriate government agency governing the use and transfer of property in that jurisdiction.
8. A title is always issued by the appropriate government agency that governs transfers of property in that jurisdiction. The process for obtaining a bill of sale, on the other hand, differs between states and entities like banks, but it too is usually done by the entity selling you an item like a car or a house.
9. A title can be used as collateral for loans and other forms of credit. A bill of sale cannot; it does not contain any information that would allow its holder to obtain such loans nor does it provide any assurance that the person transferring ownership to you will do so.

How long is a bill of sale good for?

It is recommended to keep a bill of sale in your possession for as long as you are the owner of the item you bought. It lets you easily prove that you are the owner and can be used when you need to sell the item in the future. Moreover, it is recommended to keep any paperwork associated with a sales transaction in case you are ever questioned about the sale.

Can you lie on a bill of sale?

You should never lie on a bill of sale as it can be considered as offering false evidence. Doing so can lead to fines, imprisonment, or both.

Can a seller back out of a bill of sale?

When a seller has already signed an as-is bill of sale, officially acknowledging the as-is sale of an item, he or she can no longer back out. Moreover, retailers are prohibited by law from fixing broken items.

An as-is bill of sale is defined as a document that allows for the transfer of ownership of an item without any guarantees about its condition. It authorizes the transfer of a property without any restrictions.

How important is a bill of sale?

A bill of sale is an important document. It can be used to verify authenticity, ownership, or special permissions for many transactions. Here are some of the important uses of a bill of sale:

• A bill of sale can be used to verify authenticity, ownership, or permission. If you are purchasing a car, having the seller fill out a bill of sale is helpful in case there have been any changes made to the vehicle, such as customizing. It may also prove that the owner had previously agreed to let you drive it for a certain amount of time.
• A bill of sale is used when a person or business wants to transfer ownership of their property but may not have the title. This could be because they never got it from the previous owner, they lost it, or for any other reason. In some cases, the government will allow you to go without a title if you have a bill of sale from the last owner.
• In some cases, an individual will give permission for another to use their property with a signed bill of sale or rental agreement. In other situations, two parties may have joint ownership of something and want to formalize it with a written contract.
• If you are involved in business transactions that involve selling goods or services, you may make a bill of sale. This is especially helpful if there are multiple transactions that happen between different parties.
• You can use a bill of sale to show that you bought a certain property but the seller didn't hold up their end of the deal and failed to hand over what was promised. By having a written contract for sale, you can take the seller to court for breach of contract.
• A bill of sale is used when an individual or business wants to transfer ownership of a vehicle and has no title. It also proves that the previous owner is aware and in agreement with this.
• You can use a bill of sale when buying an animal from an individual, such as a pet.
• A bill of sale is used to document the leasing, purchase, or trade of equipment.
• You can use a bill of sale to show that you have paid for a property on which you hold an equitable interest, even if you do not have full title. For example, you might have bought another person's house but they are still living in it after the sale. With a bill of sale, you can remove the owner from the house or begin renting to them using a lease agreement
• You can use a bill of sale when purchasing a car that has been repossessed by a lender.

Is a bill of sale the same as an invoice?

A bill of sale and an invoice have similarities and differences. The key similarity is that they both contain a description of the goods or services being sold. The key difference, however, is that a bill of sale contains information about payments made on account while an invoice does not.

A bill of sale is a legal document that typically specifies the goods sold, i.e., the details on the invoice. The amount paid and the date it was paid are also included in this document. This document can be helpful when it comes to tax matters since payment may or may not be due at the time of sale. An invoice is an accounting document issued by a seller to a buyer. It contains details of the goods or services being sold, including quantity and price. An invoice also notes any discounts given for prompt payment.

A bill of sale, also known as a "Bill," is a legal document that conveys ownership rights from the seller to the buyer when real property is sold. Ownership rights are transferred when possession of the property is transferred from seller to buyer. The Bill of Sale should contain the name and address of both parties involved, their signatures, a description of the property, including any serial number or vehicle identification number (VIN), and the amount paid by the buyer for the property.

An invoice is a legal document prepared by the seller to indicate the items sold and the price paid. It typically contains the names and addresses of both parties involved, their signature, description of goods sold, quantities, unit prices for each good or service sold, date of sale, and terms of payment. It is issued after the buyer has accepted the order by signing a sales agreement.

Who keeps the bill of sale?

Both the buyer and the seller should keep a copy of a bill of sale as evidence of a sale. This document protects both of them when a dispute arises.

A bill of sale can also help a buyer prove that they purchased a certain item, especially if the item was purchased from an individual rather than a business. The seller gets proof that they received payment for their goods and the buyer has evidence to support their claim in case something happens to the item.

In order to protect both the buyer and the seller, it is important that they each have a copy of this document together with information on what was sold when it was sold along with the price paid.

How does a bill of sale work?

A bill of sale works by transferring the title of a property from one person to another. It serves as a binding legal document that is used to transfer the title of a property from one person to another.

For example, by using this type of document, you can show the government agency in charge of your state's vehicle registration process that any financial transactions and responsibilities related to your vehicle have been resolved and legally transferred.

Do I need a bill of sale to sell my car?

A bill of sale is an important document when selling your car. It is a legally binding document, signed by both parties. It particularly protects you from being sued if the buyer has problems with the car later down the line. Moreover, a bill of sale can be an effective way for you to prove your car was sold at a particular time.

While not all states require a bill of sale, having one in your possession can help you in many ways during the transaction. It is especially helpful when the seller and buyer are not in close contact with each other, which is often the case in an online transaction.

Does a bill of sale protect the seller from liability?

A bill of sale can protect the seller from liability, as it proves that the transfer of ownership has happened. If there are any issues that would arise, the seller can refer to this for proof of the sale.

How binding is a bill of sale?

A bill of sale becomes legally binding when signed by both the seller and the buyer. A bill of sale is nothing more than a contract between the seller and buyer. Nevertheless, it can serve as proof of the transaction that took place.

Therefore, must indicate all essential information about the item to be sold. For the sale of a vehicle, it must include the following:

• The name and address of the parties — The seller is usually a private individual who will report this information to his local tax office. The buyer, on the other hand, is a person or business entity that you trust with your property. Be sure to record all of their contact information.
• The vehicle registration number (VIN) — You can find this number on your vehicle registration document.
• The year and model of the car — This information is usually found on your registration document as well.
• The payment made by the buyer — Do you prefer cash, check, or credit card? The type of payment will determine whether or not you should record it in your bill of sale.
• The date and time of transfer — This can be difficult to nail down if you live in a state that does not require the use of public notaries. If this is the case, then simply use your best judgment as to what time frame constitutes "as soon possible."

You should always keep copies of your bill of sale for future reference. Also, although a bill of sale is not necessarily required by law in all states, it can serve as proof that you legally own this car if somebody takes or tries to take legal ownership of the car.

Is a bill of sale the same as a purchase order?

A bill of sale and purchase order are documents that are used by businesses to record the sale of goods, whether manufactured or raw. The usual purpose of these documents is to establish that an item belongs to one party (the seller) and has been transferred to another (the buyer).

They are used in most industries, with the exception of manufacturing where they are called material transfer forms.

The bill of sale is a guarantee that the purchased item is free from encumbrances or liens. Often, they include the location of the transaction, the date and time, the names and addresses of the seller and the buyer, the description of the item, and the price terms of sale. A purchase order, on the other hand, is a form of financial document used to request the supplier to deliver goods or services. It's generally requested by a purchaser and sent via mail, fax, email systems, or courier service.