Definition for: Bill of Sale
A "Bill of Sale" is typically a simple form of legal document to transfer legal title of personal property, such as a car. Key issues in drafting a bill of sale include:
- A specific description of the asset being transferred
- Representations and warranties concerning ownership, condition and encumbrances on the asset
- Whether the asset is being transferred "as is" or not
- The price to be paid
- When payment is to occur
A "Bill of Sale" is in essence a short form contract. More expansive legal agreements are more appropriate for higher end transactions, such as the sale of real estate or the sale of a business. Sample forms of Bills of Sale can be found at www.LegalAgreements.com.
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