What does it mean to have an as is bill of sale?
When there is a transaction between two parties for any type of personal property such as a car, a boat, a mobile home or a motor bike there are many jurisdictions of law around the world which mandate that the a bill of sale be used. The specific term ‘as is’ refers to a situation where the product or item being sold is offered purely on an ‘as is’ basis meaning that the buyer needs to make their own inquiries as to the quality of the product and any necessary changes to the product when they are buying it.
Usually a bill of sale will say that there is a day on which the transaction occurred at a particular geographical point. The document will also state the amount of currency that was paid for the item in question. The document can then be used as a legal record of the movement of the legal right to possession and ownership of the item in question. Usually, a bill of sale is not particularly complicated. It is usually preferred that the stick to the minimum necessary information to identify the item in question, the buyer and the seller and the value of the transaction.
Why do you need a bill of sale?
The reason for having a bill of sale is that it can later be used as evidence of the transfer when this information must be registered or evidence must be provided for tax purposes. Originally when they first came into existence, they were used as a way of preventing the arbitrary removal of property form one’s possession. These days they still maintain the same function in the law of property although these days it is more likely to relate to a transfer or personal rather than real property. A bill of sale can help you certify a transaction and articulate the various rights belonging to each of the parties to the transaction. It is a valuable tool for reducing risk in commercial transaction.