A bill-of-sale form should include the location of the property, the seller's and buyer's details, the form of payment and amount paid for the property, the sale tax, and property and witness details, according to FormSwift. Inaccurate or incomplete information may render this form void.Continue Reading
A bill-of-sale form refers to a legally binding document that is used to transfer property ownership from the seller to the buyer, says FormSwift. This form acts as a legal proof for property ownership. Such properties may include land, vehicle and houses. It is prepared by the seller and should be read carefully by the buyer to ensure that he understands its content before signing.
The location of property section should typically specify the general place where the property is situated such as a city or a state, explains FormSwift. In the buyer and seller details sections, the form should include their contacts, their full names and addresses. In the price and payment sections, the form should clarify the price that the buyer paid to acquire the property and the means of payment, which may include cash, cheque or money order. The transaction date and clarification regarding the warranty status of the item should be indicated in the property details section. In case a witness is involved in the signing of the bill of sale, his full name, contact and address details should be indicated in the witness information section.Learn more about Accounting