Typically, the onus is on the seller of the item to draft a Bill of Sale, but either party can create the document. In practice, a Bill of Sale is only required for a few specific types of transactions and is broadly recommended for high-value transactions.
In theory, anyone who wants to document a transaction legally can use a Bill of Sale to do so, as long as both parties agree to sign it.
Other Names for Bill of Saleĭepending on your state, a Bill of Sale may also be known as: It’s not usually necessary to use a Bill of Sale to document a transaction recorded by other means, such as a receipt or an invoice. However, a Bill of Sale can be used to document any sale, regardless of the amount of money in question. Most states require a Bill of Sale to accompany the private sale of a motor vehicle for sales tax assessment and ownership transfer at the DMV, so it’s a good idea to check your local laws before selling or purchasing valuable items. Typically, a Bill of Sale is only used to document valuable transactions, such as selling a vehicle or other valuable items. In other words, when you purchase or sell an item, you can use a Bill of Sale to record the transaction to protect it from being contested at a later time. What Is a Bill of Sale?Ī Bill of Sale is a legal document explaining the details of a sale. When purchasing or buying an item, even one of modest value, a Bill of Sale helps document the terms of the transaction.
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