To fill out a bill of sale properly, include the full name and address of both the buyer and the seller as well as identifying information about the property being sold and the purchase price, according to CarsDirect. For vehicles, this includes the vehicle identification number, the odometer reading and the make and model of the car.Continue Reading
The legal requirements for a bill of sale may vary by state, so check your local laws before filling out a form, suggests CarsDirect. Always date the bill of sale. If the seller is a dealer, the form should include the dealer or license number. Once the bill of sale is filled out, copy it and make sure both the buyer and the seller have a copy for their records. This is especially important for vehicles, because many states require a bill of sale to transfer the title.
Bills of sale are also used for other personal property, including furniture and recreational equipment, according to LawDepot. A typical bill of sale is used for an as-is purchase. If the item is being sold with warranties or other terms, you may need to use a more detailed sales agreement.
Livestock bills of sale generally need to include a detailed description of the animal being sold as well as the date, name of the buyer and a seller's signature, notes the Idaho State Police. A valid bill of sale is required to obtain a brand inspection, which indicates legal ownership in some states.Learn more about Accounting