As we all know a bill of sale form is a legal document that indicates ownership transfer from the seller to the buyer in consideration of a monetary payment. If you’re planning to write a bill of sale form, you have to factor in the state laws and requirements. You may want to consult an attorney regarding all legal implications before finalizing your form. For more information about getting a bill of sale in Kansas, please visit this website.
A draft copy of the bill of sale usually comes from the seller, it has all the transaction details and condition agreed by both parties, it also protects the seller and the buyer in case of dispute.
When does a transaction require a bill of sale?
Almost all states require the sale document as proof of acquisition but it is most needed when selling or buying big priced items like a vehicle, animals like a horse and everything that is of prime value. Almost no one would ever require a bill of sale document just for a cloth right? Not even for the branded ones.
Here’s some of the information indicated in a bill of sale:
- Name of both the buyer and the seller
- Transaction date
- Details of the item.
- Payment details for the ownership transfer
- Warranty details
- Assurance that item is claims and obligations free
- Signatures of a notary public and both seller and buyer.
Always make sure that your bill of sale draft adheres to your state laws and trade regulations, of course it varies by state. In some states, the buyer is the only one required to sign the paper, while most states would oblige both to sign the paper. Other states need the document notarized while others don’t.
To learn more about drafting a bill of sale in Michigan online, visit this website.
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