Transferring ownership from one person to another should be more than just through verbal means. For the property to be legally transferred to another person, a document should be present to support this. This way, when issues arise, this document can serve as evidence.
If you are planning to purchase a property, vehicle, or any valuable item, you may need to request for a bill of sale to prove that the ownership has been transferred to you. People commonly use a bill of sale when buying vehicles or machinery. And in our website, most of our Bill of Sale Template serve that purpose. We even have a bill of sale for transferring ownership when adopting dogs and other animals.
Vehicle Bill of Sale Template
Motor Vehicle Bill of Sale Template
Automobile Bill of Sale Template
Used Equipment Bill of Sale Template
Dog Bill of Sale Template
The Legal Evidence
A bill of sale is a document or a certificate used to indicate a transfer of property or goods from one party to another. It can also serve as a legal evidence to show that a seller has transferred all the rights of the property to a buyer during their transaction. It is different from a receipt in its purpose because receipts are used to acknowledge that money was received from the payer.
Generally speaking, there are two types of bill of sale:
- Absolute bill of sale. A bill of sale used when the property has been completely transferred including the rights from the seller to the buyer.
- Conditional bill of sale. This bill of sale is usually utilized when goods or a property is borrowed. The borrower may have the property in its possession but not have complete ownership over it. The borrower may also need to meet conditions as specified by the lender, and failure to do so will lead the lender to repossess the property.
But isn’t a bill of sale a highfalutin term for receipt? These are some stark differences, however, between a bill of sale and a receipt:
- A receipt only identifies the payer, amount of paid, and the purpose of payment; while a bill of sale identifies both buyer and seller and describes the item in detail.
- A receipt only contains the signature of the person receiving the payment, while a bill of sale requires both parties to sign.
- A bill of sale legally transfers the ownership of a property, while a receipt is only a written evidence that a payment has been received.
What is the importance of bill of sale?
- A bill of sale assures both parties that an agreement has been met and a transaction took place.
- A bill of sale protects the buyer from fraudulent sellers.
- A bill of sale can also protect the seller from incidents that happen beyond his control after the ownership has been transferred.
For more templates on bills of sale, you may want to check out Business Bill of Sale and Auto Bill of Sale.
Horse Bill of Sale Template
Car Bill of Sale Template
Business Bill of Sale Template
Blank Bill of Sale Template
Vessel Transfer Bill of Sale Template
So if you are looking forward to transferring the ownership on a property you own, then make sure to hand out a copy of the bill of sale to the person whom you are transferring the ownership. And we have the bill of sale templates that you need. For convenience, full compatibility with MS Word and Apache OpenOffice, and for easy editing, these templates can be downloaded in Doc and Docx. You may be able to download these templates for free.
However, if you own a trailer and want to transfer the ownership to another, we have an entire collection of Trailer Bill of Sale templates here on our website as well. But if you couldn’t find what you were looking for on this page, then scroll down to the bottom and check out the links to other related contents found on our website.