What is a Bill of Sale?

By | November 19, 2007

Whenever you sell any personal property to another person, it is a good idea to document the transaction in writing. A General Bill of Sale can be used for that purpose by anyone selling any item of personal property (i.e. lawnmower, computer system, furniture, electronics equipment, art piece etc…). It can help both the Seller and Buyer to protect their rights and is useful to both for tax and other accounting purposes as well. A Bill of Sale can also help the Buyer prove that he/she owns the property.  In it’s most simple form, the Bill of Sale document will state than on a certain date, the seller sold buyer a certain property (personal or otherwise), for a certain amount (called consideration).

Bill of Sale forms can sometimes be written to be very specific, such as Automobile Bill of Sale; Boat, Vessel  and Watercraft Bill of Sale; Cat Bill of Sale; Dog Bill of Sale; Horse Bill of Sale; Motorcycle Bill of Sale; Mobile Home and many more.

You can find various examples of a General Bill of Sale here.

Definition of  Bill of Sale.