What Is A Bill Of Sale? in Quitclaim Deed

A bill of sale is a legal document that transfers ownership of goods from seller to buyer. A bill of sale should list the name of the buyer, the date of purchase, the description of the item(s) purchased, and the price paid.

In some cases, a bill of sale may be used to transfer ownership of intangible assets, such as intellectual property rights. While trying to create a bill of sale, such as a motorcycle bill of sale, you have to consider two important things.

You have to:

• Determine the type of bill of sale that you want to create.

• Determine if you are selling individual items or in bulk.

How does the bill of sale process actually work?

1. A Bill of Sale, as aforementioned, is a legal document that transfers ownership of goods from seller to buyer. In the industry, it is commonly referred to as a “BOS”. It is important to get a bill of sale template that is specific to the state in order to make it valid for the local Court of law, and according to the rules and regulations of the state regarding transactions and change of ownership of goods.

2. While selling products, the seller will have to provide his name, address, and phone number in the AZ bill of sale. If the seller is unable to provide a physical address, he may use a business license instead. The buyer will have to share his details as well.

3. Once the transaction is complete, the buyer will sign the BOS. In a few states, it is necessary to have it notarized by a third party.

4. After the BOS is signed, the seller will give the buyer the ownership of the product.

5. Both parties should keep a copy of the BOS safe and secure after the end of the transaction.

Unless signed properly by both parties and dated in a proper manner, a Bill of Sale does not hold up in a court of law. This is an important point that neither party involved in the transaction should forget at any point of time.

Author Bio

Carl writes often about legal drafting, rental & commercial lease agreements, power of attorney, Bill of Sale and help the people in such document needs. You can find his thoughts at legal documents blog​.

Last updated September 12, 2022