Bills of Sale Across the CountryĪs you may suspect, the above requirements can vary depending on the state in which the sale is taking place. This list is a good jumping off point, but official requirements can vary nationwide. Guarantee from the seller that the item is free from all claims and offsets.Purchase price (at time of exchange, not the original value).Name, Address, and signature of both the buyer and the seller.Vehicle specifications – Make, model, year, odometer reading, VIN (Vehicle identification number).A typical BoS will include the following information: The exact appearance of a bill of sale can vary, but the information included is usually the same. To better illustrate a bill of sale, it is helpful to note what is included in the document. Although, a buyer can also initiate a bill of sale if that makes them more comfortable with the transaction. The sale of certain items such as furniture, inexpensive jewelry, or clothes may include a bill of sale at the discretion of the seller. However, less financially significant sales do not require always require a bill of sale. However, most states to require a mandatory BoS document the exchange of considerable assets of value. Nationwide, requirements for bills of sale vary. Additionally, bills of sale are used in the sale of boats, motorcycles, and certain large animals or livestock. Vehicles can include cars, trucks, tractors, buses, limousines, and eighteen wheeler trucks, to name a few. A motor vehicle is the most common example. When is a Bill of Sale Needed?Īs previously mentioned, a BoS in modern times is frequently used in the exchange of transportation vessels. The purpose of a BoS is to protect both the buyer and the seller. The document will include the necessary details of the exchange. Traditionally, a bill of sale is initiated by the selling party. For example, a car, watercraft, or motorcycle. Now, a BoS is most often used to track the sale of modes of transportation. Such as food, animals, or raw materials like steel and cotton. Specifically, detailing the goods that were shipped from place to place. Originally, a BoS documented transactions involving shipping. Naturally, as time has progressed bill of sale documents have evolved in content and use. At its foundation, a BoS officially records an exchange of assets. In fact, various drafts of bills of sale documents have been traced back to the middle ages. The concept of a bill of sale (BoS) is centuries old. Read on to find out everything you need to know about the mysterious bill of sale. What does that mean? When do you need one? How do you get one? All of these questions and more will be answered in this article. Occasionally, certain transactions will involve a bill of sale. Swiping a credit card to buy groceries, paying cash for knick-knacks at a garage sale, or exchanging money for various types of services like a doctor’s appointment. Use of Rocket Lawyer is subject to our Terms of Service and Privacy Policy.Daily life is full of countless transactions. The Utah Supreme Court has authorized Rocket Lawyer to provide legal services, including the practice of law, as a nonlawyer-owned company further information regarding this authorization can be found in our Terms of Service. Please note that Rocket Lawyer is not a "lawyer referral service," "accountant referral service," accounting firm, or law firm, does not provide legal or tax advice or representation (except in certain jurisdictions), and is not intended as a substitute for an attorney, accountant, accounting firm, or law firm. Legal information and other services are delivered by or through Rocket Lawyer via. Rocket Lawyer has helped over 20 million businesses, families and individuals make legal documents, get attorney advice, and confidently protect their futures. Rocket Lawyer is an online legal technology company that makes the law simpler and more affordable for businesses, families and individuals.
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