There are many ways to own a property. One of the common ones is to purchase it from a user who is willing to do away with it or someone who intends to get a new one. There are, however, many pitfalls to avoid while purchasing a property from a private owner. One of the finest ways to navigate such pitfalls is to ensure you are issued a Bill of Sale document by the seller. Many societies today require that you have a Bill of Sale document at the point of sales/purchase in order to facilitate easy process while authenticating the change of ownership.
A Bill of Sale document is used to show that property ownership has been transferred. It shows the details of the object/properties transferred and helps reduce the risk involved in such transfer from one private owner to the other. More precisely, it is used as a proof that the contract did take place.
It is important to emphasize that Bill of Sale Documents do not officially confer ownership on the buyer; it is a prelude to such. The seller is also expected or advised to keep a copy of the document for record purposes. Some of the information in a Bill of Sales includes: the selling price of the property, the property’s ( if it is an automobile) license plate number, the location and date where the purchase/transfer was made, the names of the parties involved, their signatures, and their addresses to legitimize the transaction.
Though a Bill of Sale may be required for the transfer of several kinds of other properties like household items, boats and office materials between private individuals, it is however very common with sales of automobiles and related properties.
Importance of a Bill of Sale
It is important that the seller of a vehicle keep a copy of a Bill of Sale for record purpose but it’s a lot more important to the buyer than just for record keeping. He is the most important document to the buyer until necessary formal documentations are made.
It might be required to complete the title transfer. Indeed, it is compulsory in many states in the USA and other European countries. It might also be necessary to undertake the registration of the vehicle after the purchase has been completed. Before you do acquire the necessary documentation, you might not be able to adequately proof vehicle ownership to traffic officers without a Bill of Sale document.
It creates an avenue for personal properties’ value to enable easy sales tax and other insurance uses. It serves as a protection for both buyers and sellers, i.e. it specifies warranty as applicable to both and protects the receiver for possible harassment by the authority. This document ensures the receiver is kept away from the wrong side of the law. The property is not officially the buyer’s ownership until it is legally transferred.
Lastly, as mentioned earlier, it ensures easy processing of required documents for the acquired properties. Places where a Bill of Sales documents are required involve several states in the USA, e.g. West Virginia, Nebraska, Maryland, England, Wales among others.
Here is our collection of 46 Fee Printable Bill of Sale Templates (Car, Boat, Gun, Vehicle…),
Download Bill of Sale Template 01
Download Bill of Sale Template 02
Download Bill of Sale Template 03
Download Bill of Sale Template 04
Download Bill of Sale Template 05
Download Bill of Sale Template 06
Download Bill of Sale Template 07
Download Bill of Sale Template 08
Download Bill of Sale Template 09
Download Bill of Sale Template 10
Download Bill of Sale Template 11
Download Bill of Sale Template 12
Download Bill of Sale Template 13
Download Bill of Sale Template 14
Download Bill of Sale Template 15
Download Bill of Sale Template 16
Download Bill of Sale Template 17
Download Bill of Sale Template 18
Download Bill of Sale Template 19
Download Bill of Sale Template 20
Download Bill of Sale Template 21
Download Bill of Sale Template 22
Download Bill of Sale Template 23
Download Bill of Sale Template 24
Download Bill of Sale Template 25
Download Bill of Sale Template 26
Download Bill of Sale Template 27
Download Bill of Sale Template 28
Download Bill of Sale Template 29
Download Bill of Sale Template 30
Download Bill of Sale Template 31
Download Bill of Sale Template 32
Download Bill of Sale Template 33
Download Bill of Sale Template 34
Download Bill of Sale Template 35
Download Bill of Sale Template 36
Download Bill of Sale Template 37
Download Bill of Sale Template 38
Download Bill of Sale Template 39
Download Bill of Sale Template 40
Download Bill of Sale Template 41
Download Bill of Sale Template 42
Download Bill of Sale Template 43
Download Bill of Sale Template 44
Download Bill of Sale Template 45
Download Bill of Sale Template 46
Download Bill of Sale Template 47
Download Bill of Sale Template 48
- 43 Free Warranty Deed Templates & Forms (General, Special) Looking for buying a property or any other riches to shimmer yourself up. A Warranty Deed or Form is a necessity you must know about in detail. It is a kind of provision to protect you from any future deception and fraud. So, understanding a Warranty Deed or Form can be handy at times when charm of a valuable item or property insists you to go for it.
Let’s understand what a […]
- 47 Free Quit Claim Deed Forms & Templates A Quit Claim Deed can be used for a variety of reasons, but in general it is used to transfer property from one person to another. Quit Claim Deeds are often used for passing the rights on a piece of property to a spouse or ex-spouse, giving the property to another person such as a family member, transferring the property to a trust, or correcting the spelling of a name or the wording […]
- 59 Free Receipt Templates (Cash, Sales, Donation, Rent, Payment and more) Receipts are clear and simple business documents issued to show that the recipient had made payment for a specified product or service. A receipt may be issued for service rendered; for instance, this includes receipts from a school account office for school fees, from a laundry service provider, from an organizer of a training program, and so on. It could also be issued for product […]
- Rent Invoice Template – Layout & Format Guidelines Rental business is a very popular business for those people who want to have very high earning in their business. It has been invented by great minds. The rent can of any time such as property rent, car rent etc. in any kind of rent; the rent amount is paid to the owner by the tenants. The rent can be anything which is borrowed by a person to use temporarily such as car, house, shop […]
- Hourly Invoice Template Invoices are the papers supplied by an organization, a shopkeeper, a sale individual or every other such specific, stating the total fees while the expense when it comes to product or any solution they usually have supplied their customer with. In easy terms it is a billing document to hold record of the product sales and solutions supplied by any company. If a company provides his […]
- Cash Bill Template Cash bill is a document where you get the deal of the money whenever you offer something or get something or perhaps you provide your cash, property or just about just about any valuable thing to anybody. Money receipt is very important as through this you can easily keep the record of the cash transactions. Receipt functions as an evidence of the quantity getting transacted. Receipt […]
- 39 Free Purchase Order Templates in Word & Excel A Purchase Order Document is a formal document that is used to show that a particular order for the purchase of items has been placed. It is important always to use a Purchase Order Document. This is because it will make the supplier accountable in case they fail to deliver the purchase order. A Purchase Order is used to show an agreement between a buyer and a supplier that on a […]
- 40 Free Organizational Chart Templates (Word, Excel, PowerPoint) An Organization Chart or Organogram is a representation of the hierarchy of power within the organization. In other words, it is a diagram used to show the flow of power within an organization. An Organization Chart always starts with the highest authority and trickles down to the one with the lowest authority. Preparing an organizational chart should be done with so much attention to […]
- 38 Free Profit and Loss Statement Templates & Forms Profit and Loss Statements are official documents which are very crucial in business. They are used to keep track of the cash flow of the business. They are important in that they can be used to determine if the business is doing well or it is heading down the wrong path. If a business keeps recording losses only with no sign of recording profits any time soon, then it shows that […]
- 27 Free Income Statement Examples & Templates (Single/Multi step, Pro-forma) A company’s Income Statement is the breakdown of its income and expenses over a period of time specified by the management. It shows the differences between the net income and the net expenses and clearly portraits the performances of the organization within the time specified.
In a layman word, Income Statements show if a company is losing or profiting within the time checked. […]