When selling a valuable product like a car or TV, it’s best to give the customer documentation of the sale. It will prove the transaction, showing that the item now belongs to the buyer. A bill of sale is the documentation that serves this purpose.
Sometimes, a seller may lack a straightforward process for providing documentation after purchase. Such a system is problematic because if an issue arises, there’ll be no evidence that can help. Thus, things will become complex. It is safe to provide buyers with a bill of sale to avoid future conflicts and complications.
Make it official
A bill of sale is mainly used to show the transfer of ownership of an item to a buyer. The document also protects both parties in the transaction. It is beneficial when buying or selling an asset privately.
The rules surrounding a bill of sale are different across states. Not every state mandates the seller to provide the documentation. However, in some states, failing to use a bill of sale in a private transaction is illegal.
Other states require the notarization of a transaction. Whether that’s a requirement in your state or not, it’s better to be safe. So, remember to use attorney notary services when selling valuable assets.
Make it detailed
When selling an asset, it is understandable if you’re worried about there being a conflict. Luckily, a bill of sale can help resolve any potential disputes.
There are many purposes for a bill of sale. One is to keep the two involved parties from getting into a conflict following the sale. As a seller, you need to protect yourself. You can do that by making the document very detailed. Thus, you can show the bill of sale as evidence if any issue arises.
Know what parts to include
As mentioned earlier, you should make the bill of sale detailed. However, you might not know what exactly to include.
All states have varying requirements of what to include. However, a bill of sale usually has the following parts:
- The date of the transaction and signatures
- Names and addresses of the involved parties
- A description of the item and its price
- Any warranty details
After writing up the bill of sale:
- Conduct checks.
- Ensure that the document is legible.
- Double-check all the details included.
Doing so will help you identify errors and any missing information.
Take, for example, a scenario where someone is buying a car from you. When double-checking the bill of sale, some of the information you should look at includes the following:
- The car’s identification number, make, and model
- The names and addresses of both people
- The vehicle’s mileage
- The car’s general condition
Consult an expert
You may not be sure of the laws on the bill of sale in your state. If so, you can work with a lawyer to create the correct documentation. Consult an expert before signing anything. After filling everything out, make two copies of the document—one for you and another for the buyer.
It would be best if you aimed to make the sale of an asset as seamless as possible. An excellent way to do that is to create a bill of sale.
I am the content writer for Allblogsidea, where I love what I do. Writing is my passion; it’s what drives me in life. It makes me happy when people share their stories with the world so they can be heard.