A general bill of sale form is a legal document used to acknowledge the transfer of ownership or an asset from one individual to a new owner.
The seller mainly makes it for the buyer, who seeks protection against fraud upon purchasing the property or asset.
A general bill of sale document features only two parties: the buyer and the seller. It is a binding document generally used during the private sale of any valuable goods.
You can download a free general bill of sale form to draft a bill of sale quickly and easily.
In addition to this generic bill of sale form, we provide you with specific forms, such as an automobile bill of sale form, motorcycle bill of sale form, used car bill of sale form, and boat bill of sale form.
Therefore, if you sell a specific item such as an automobile, motorcycle, used car, etc., you should use this specific bill of form.
Importance of a general bill of sale form
The primary purpose of a general bill of sale form is to record the private sale transaction and ensure that it was conducted fairly and favorably for both buyer and seller.
- The bill of sale encourages sellers and buyers to discuss essential factors like the warranty and terms before making the transactions.
- You can also use the bill of sale as evidence in a law court case of a dispute.
- The bill of sale acts as proof of ownership transfer from the seller to the buyer and limits the sale of stolen or illegally seized property and assets.
General bill of sale form details
The following information should appear on the general bill of sale form:
- Full and legal names of the buyer and seller
- Identification information, including phone and permanent address of both buyer and seller
- A detailed and complete description of the property
- The exact amount of money for the property
- The warranty that the seller is legally authorized to sell the property
- Date of the transaction and when the bill of sale is signed
- Signatures of both participants, seller and buyer
- Signature of a legal agent authorized by law to witness the signing of the bill of sale if required
Though not widely used during purchasing furniture and other second-hand goods, a general bill of sale form is essential when purchasing expensive goods like equipment, jewelry, etc.
This is because it protects you from uncalled-for losses that may occur if the buyer happens to purchase stolen goods unintentionally.
Formalizing a contract in writing also protects the interests and rights of both the buyer and seller.
