The bill of sale is a document that gives details of the sale of services or products. It may include property transfers from one person to another. It is like legal evidence about a transaction, and the seller gives the right of the assets to the buyer or the person to whom the service or product has been sold.
The bill of sale can be simple or complex, depending on its transaction. Any retail purchase receipt can be considered as a bill of sale given on specific products sold. When paying significant money for any product, ensure the transaction is right, and the bill is proper when you get it.
The bill of sale is mainly the proof of purchasing any item. It is similar to a sales receipt or sales slip. It is used to transfer ownership of an object after paying for it. This is where the document is important to have when purchasing the item and keep it to get future product service or repairing work.
The bill of sale can take different forms as the below ones:
• An absolute bill of sale – It doesn’t give any security for having the product. These are simple documents or transfers of a product from one person to another. It is the contract for the sale of goods per contract and goods law.
• Conditional bill of sale – It is a transfer of personal chattel to another person as a means of security for the money they have spent on the purchase.The bill creates security in favor of the bill as its grantee. The grantee is like having a personal right to the product security.
Key details in a bill of sale:
• Warranty details
• Name of seller and buyer
• Contact details
• Price of the items
• Payment method details
• Description of items to be sold
The Bill of Sale in Real Estate is also called a house bill of sale and is a non-legal real estate form. It is mainly used to record property transfers from the current owner to the buyer. It is often given in the form of a sales receipt. It is like a binding purchase contract that shows the lawyer the details of the property purchase done.
Homeowners who want to sell their property must give a real estate bill of sale template. The type of document and its length will mainly depend on the property to be sold. Some basic details are common in every real estate bill of sale. These are details of the seller, date of purchase, the signature of the buyer and seller, description of the property to be sold, and amount to be paid.
