What is a Bill of Sale?
A Bill of Sale is a document used to formalize the sale of personal property from one party to another. While they can (and should) be used anytime something is sold, they are especially important when selling more significant property like cars, trailers, boats, etc.
Why should a Bill of Sale be used?
Bills of sale are important for many reasons. They benefit both buyers and sellers by making record of exactly what is being sold, how much is it being sold for, and when the sale took place. They are especially important when selling anything that has a registered title (e.g. vehicles, boats, etc.) so that the buyer is able to have title transferred to their name once the sale has completed.
What else does a Bill of Sale do?
Bills of sale include a number of clauses and subjects that stop the buyer or seller from causing issues regarding the sale after it has taken place. Clauses like the seller disclosing any known issues and the goods being sold as is help towards making your sale go as smooth as possible at the time of sale and after the fact.
Who signs the Bill of Sale?
Typically, they should always be signed by the seller, and in some instances the buyer signs as well. Our document allows the creator to specifiy who will sign and how they will sign, whether in front of a notary public or not.
Should the Bill of Sale be signed in front of a Notary Public?
Signing in front of a notary public is an extra step towards formalizing the sale. A notary public is a legal commissioner that watches the sale take place and stamps the document confirming that the applicable parties have indeed signed it. Buyers and sellers should use discretion on whether or not a bill of sale should be signed in front of a notary public, taking into consideration the goods being sold and potentially the parties involved in the sale.
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