Selling or transferring ownership of a property? Well, it is absolutely imperative to get a Bill of Sale. It is a document that records the sale or purchase of the property, may it be a car, a computer, or any other goods. This document helps to protect the legal rights and responsibilities of both the parties by putting everything in writing. It also is a means of proof of ownership. Any questions or doubts can be solved by referring to it.
There are Sale Templates which are generally used and include all the important points. The most obvious being both the party’s names. ”As-is” is a key term used on a Sale Template. It generally means that the item bought or sold is in its current condition and that the buyer is accepting the item with all of its faults, whether it is evident or not. This protects the seller from having to refund the buyer for any issues that may arise after the sale. It also mentions the date of sale and warranty if any.
This Bill of Sale acts as a receipt for either party. The seller can use it to prove that the product was sold “as-is” and the buyer can use it to prove the terms of payment and ownership. Both the parties can use this Sale template as an evidence of the price for tax purposes. Now these Sale Templates are purely for transferring goods. For other things like real estate or services other more detailed templates are used.