Bill of sale,
Definition of Bill of sale:
A bill of sale is a document that details in writing a sale of goods or transfer of property from one party to another. A bill of sale serves as legal evidence that full consideration has been provided in a transaction and that the seller has transferred the rights to the assets detailed in the bill of sale to the buyer.
A certificate of transfer of personal property.
Document (such as an invoice) by which ownership (title) of goods or property is transferred. If the transfer is contingent on a happening (as in a mortgage bill of sale) it is called a conditional bill of sale.
A bill of sale can be quite complex or quite simple—depending on the type of transaction. A typical retail purchase receipt can be considered a bill of sale, as it details the specific goods that have been sold to the buyer and the specific price that was agreed to and paid for each. For example, the holder of a futures contract is generally given a delivery instrument, which acts as a bill of sale, in that it can be exchanged for the underlying asset when the futures contract expires.
How to use Bill of sale in a sentence?
- The wife has produced no documentation such as a bill of sale or a transfer of title document to confirm the alleged sale price of $12, 000.00.
- After Nancy came in the the car dealership and bought a new car, she completed the down payment transaction, getting a bill of sale afterward.
- It was a good thing Carol kept her bill of sale because she needed it to return the product she bought when she found out it was broken after she opened it.
- A bill of sale is a legally recognized documented record of a transaction.
- Today, bill of sale is commonly used when transferring title to property from one person to another.
- The bill of sale was referenced in the appearance with the court yesterday and the judge approved of our request.
- A bill of sale may take the form of absolute or conditional depending on the terms therein.
Meaning of Bill of sale & Bill of sale Definition