Most people would consider a bill of sale as a detailed receipt that is comparable to a certificate of ownership, although mostly applicable to the sale of a car; high valued animal such as a thoroughbred horse, Cessna jet, a yacht, and even household appliances (does not cover house or real estate sale).
Both seller and buyer could require a bill of sale for tax reporting, insurance and accounting purposes.
As you read on, you’ll discover additional information in creating a bill of sale template and the legal implications of using one. Feel free to use the template formula for the sale of various items like a car, boat, firearms and valued equipment. For more information about getting a bill of sale in Kentucky, please visit this website.
Basically a bill of sale indicates the details of the item, date of transaction, the price of the item, and pertinent information of both the seller and buyer along with their photo ids.
A bill of sale template usually includes:
Description of the item: It could be comprehensive or simple; it also depends on the kind of item and what the state regulations imply. A good example is if you are selling a high value animal like a horse, you’ll need data and history about its breed and registration. If it’s a car, it is common to include the VIN (vehicle identification number), mileage and repair history if any.
Payment: It is important to not only indicate the item’s price, the form of payment like check or cash; it is a must also to consider sales tax.
Guarantee and “As is”: An item labeled “as-is” may indicate some issues or conditions that affects the function or aesthetics. It also indicates that the buyer agrees to accept the item in its current form; it may have flaws that are not immediately present. It is most important to clearly indicate “as-is” in selling an item that has issues, this way it will free the seller of any future obligation. A seller must also specify what is covered in a given warranty (if any) and what will not be covered for a period of time.
To learn more about drafting a bill of sale in Minnesota online, visit this website.
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