What is a bill of sale?
Traditionally, a bill of sale was always a way of evidencing the existence of a transfer of ownership from one actor in the legal system with full legal capacity to another. A bill of sale has always been a fairly simple type of document which enables a record to be made of the right to possess an item of property being transferred from one party to another. This record can then be filed or registered with a registration authority such as the local DMV which changes the recording of the ownership of the property to that specific person.
Usually, the person selling the property will write the bill of sale. Once it has been written, and all of the details of the transfer of legal title to the property have been agreed, the buyer and will check that the details have been correctly entered and this process will be conducted by the seller if necessary as well. If there are attorneys involved in the transaction, they will often also check the transaction to see that it is in correlation with the intentions of the parties and the protection of their interests. However, because of the costs of obtaining an attorney to advise on matters like this, many people choose not to hire an attorney or only to hire on a very limited basis.
What is the value of a bill of sale?
In the modern context, a bill of sale is a valuable tool for risk reduction and documentation as well as record keeping. Often the transaction you are considering when you are thinking about getting a bill of sale is a major transaction and you want to make sure that it is going to go smoothly and protect your interests. A bill of sale allows you to do this because it reduces the risk of fraud in the transaction which could cause you to loose the entire value of the item that you are in possession of or that you have just bought. It means that you can prove to the government authority that is responsible for the registration of the item that you are the legal owner of the property and that there has been a meaningful and legally valid transaction which has occurred.
If you would like to obtain a bill of sale for a car, a boat, a mobile home or any other item for which a bill of sale might apply, we have a range of bill of sale documents available for immediate download.