A bill of sale form is type of a contract or basic agreement that allows transfer of ownership of an item or property from one person to another. This is a common document that is used for selling automobiles, property, furniture and other household items and sometimes for adopting pet animals.
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Types of Bill of Sale Forms:
Absolute Bill of Sale Form:
This is the agreement that is used when transaction or sale of an item or property is fully completed. Most typically, absolute sale bill can only be used when the buyer has paid full amount of the item to the seller and now seller can’t claim any more money. This also indicates that the seller has no longer any legal right or ownership of the item which means he can’t force the buyer regarding use of the item in any manner. This agreement not only allows the buyer to use the item or property as he wants but it also frees the seller from any claim due to damage done to the property after the ownership is transferred unless indicated otherwise.
Conditional Bill of Sale Form:
This is the complete opposite of absolute bill of form as it allows the buyer to keep possession of the item or property only when certain criteria are met. This means if buyer doesn’t keep the promises he made on the agreement, the seller has legal right to repossess the property even if there are any or full payments made. A conditional bill of sale form allows the possessor to use property or item in a certain manner and abide by the agreed terms and conditions. This is typically done while renting an automobile or adopting a pet. There is another case where a seller agrees to sell his property and allow the buyer to make periodic installments until full payment is made. This means until full payment is done, the seller has the legal right to repossess the property if buyer fails to make installment on time.
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Here are some useful tips to create your own bill of sale form:
Complete details of Both Parties:
This agreement can be and mostly will be used in future for legal purposes which mean it should clearly state who is selling the property or a product and who is buying. Start with including full name of the seller, his contact info and address along with the fact if he is in fact the owner of the item or just selling it on behalf of another person who granted him rights to sell the item. After that, the bill of sale form should mention details of buyer who is buying the item including his full name, complete address and contact info.
Type of Bill of Sale Form:
As stated above that there are basically two types of bill of sale forms which means when you are creating one, you need to clearly mention which type of agreement it is. Don’t take this lightly as a conditional bill of sale can mean the seller can repossess your purchased item anytime or an absolute bill of sale means you don’t have the right to any ownership claim as a seller once you sign this agreement.
Full details of the Item or Property:
This is the key part of the bill of sale form as it includes full and complete details of the item or property being sold or bought. If it’s a property, this part will include type of property, area of the property, its location and if it’s pledged or have mortgage. This part will depend on the type of the item i.e. details will be different if it’s a car or a piece of furniture or a pet animal.
Agreed Terms and Conditions:
This part allows both parties to understand what they owe and what other party is obligated to in order to keep the bill of sale official. Most commonly, this is the part where seller states that he is selling the item as it is and will not be responsible for any damage occurred or found after the ownership is transferred. Where on the other hand, the buyer acknowledges this fact that he accepts the item as it is and will not claim any damage to the property or item towards the seller after purchase process is completed. In case this is a conditional bill of sale form, this part will include all the terms and conditions that buyer has to respect and buyer also confirms if he breaches any of these terms, the seller will have the right to repossess the item or property.
Signature of Both Parties:
Although it’s not necessary or legally required but you should have at least 2 witnesses while signing the bill of sale form. Signature of buyer and seller will make this agreement official and legal but when there are witnesses, mediation or legal solution in case of breach of agreement can be easy and less time consuming.
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