Bill of Sale


Overview
- The Bill of Sale is used to document the sale of tangible personal property.
- When purchasing an automobile, equipment or other items of personal property, a bill of sale from the seller can be helpful to evidence ownership.
- A Bill of Sale helps to establish that the property was rightfully acquired in an "arm's length," helps to establish the cost basis for depreciation and other accounting purposes, and can prove that property is owned outright (not leased or borrowed).

When You Need It
- Use when one party is selling tangible personal property to another to provides proof that ownership of the property was transferred from the Seller to the Buyer.  
- In legal terms, it "reflects the conveyance of title" and proves that the Buyer now has ownership of the item, with no liens or remaining payments.
- This form should be used only when the seller has good title and there are no liens on the property.


Getting Started

You will need:
- Name and address of the seller.
- Name and address of the buyer.
- Details of the transaction, including a description of the product being sold, the amount being paid, and date of delivery or possession.

When to Review and Revise 
- To correct the information contained in the document.
- To document another sale or purchase of goods or property.