Bill of Sale - Explained
What is a Bill of Sale?
Written by J. Mance Gordon
Updated at April 19th, 2024
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What is a Bill Of Sale?
A bill of sale is a legal document that evidences when a good is sold by a seller to a buyer. The bill of sale is a legal proof that the ownership of a property or asset has been transferred from one party to another. This bill of sale generally contains the date the purchase or transfer of ownership was completed, the amount the seller received in exchange for the item, and the buyer who now has the ownership of the property.
What is an Absolute Bill of Sale?
This is a mere contract for the sale and purchase of goods, it is a document that shows that gods have been transferred from one party to another. An absolute bill of sale is backed by the common law of contract and the sale of goods law.
What is a Conditional Bill of Sale?
This bill of sale is used as a form of security for the payment of money in a transaction. This means that failure to make full payment for an item can lead to seizure or forfeiture of the item.