Are You Completely Aware Of A Bill Of Sale? Some Facts To Enlighten You With!

When you go out to shop, you definitely don’t come back without the receipt or the bill paper, do you? Well, that acts as a proof about the transaction between you and the seller.  Many are not clear about the facts and details of the bill of sale, and confuse it a lot of times.

So, what is basically a bill of sale?

The concept of this bill is basically to record the sale of vehicles or any other personal items like furniture or animals. It is a legal document that contains the details of the transfer of the ownership between the buyer and seller, and is drafted by the seller itself.  The details of transaction act as an official proof and protect the interests of both the parties.

In most of the states, the bill of sale is used while a transaction happens involving a branded item or a product of value.  The bill can be made while selling something, exchanging, or even while mortgaging.

What are does this bill contain?

• The details of the seller and buyer, from name to address.

• The description of the item sold, exchanged, or mortgaged, form identification number, serial number, all the features like the particular brand, model, size, color, and other distinct characteristics.

• If it is a vehicle, then the vehicle identification number and license plate number, if it is given for some time, like mortgaged.

• The date of the transaction.

• The amount that has been paid, and the method by which is it paid or going to be paid. Whether through instalments, cheques, bank deposit, credit card or net banking or via some mobile app.

• Any agreement made regarding the last date for paying the pending money.

The important things while dealing with a bill of sale.

• It should be legally legible.

• Buyer and seller must have copies of the bill.

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