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Published : Fri, Aug 31 2018 :3 PM.
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It is not recommended that you use a Bill of Sale in instances where there is not a transfer of ownership since a Bill of Sale is best used for the sale and purchase of physical goods. When providing or hiring services, it is more appropriate to use a document like a Service Agreement or an Independent Contractor Agreement. It should also be noted that you ca not use a Bill of Sale to transfer the ownership of or the title to a piece of real estate. In such instances, you will likely need a Quitclaim Deed or a similar document.
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Seller and Buyer: It is common to include contact information for both seller and buyer, such as address and phone number, along with a driver’s license number. Buyers may want to check a seller’s driver’s license or picture ID before handing over funds and signing the bill of sale to ensure they are buying from the person listed on the receipt.
A Bill of Sale is a form that a seller uses to document the sale of an item to a buyer. It serves as a receipt for personal sales and purchases and includes buyer and seller information and details about the goods, their location, and the price. Both parties should fill out and retain a copy of the signed Bill of Sale as a proof of purchase or as a proof of payment.
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A Bill of Sale is used to protect both the seller and the purchaser in the case of any future issues. Since many purchases and sales between individuals are transacted using cash, it can be hard to prove that an item was received or paid for without proper documentation.
A Bill of Sale acts as a receipt for both parties. The seller can use it to prove that an item was sold to the purchaser "as-is", and the buyer can use it to prove that payment in full was given to the seller. It also provides a sale date to both parties, which can show when the responsibility of the item was transferred. Both the purchaser and the seller can use a Bill of Sale as evidence of the price paid for tax purposes.