Conditional Bill of Sale: The conditional bill of sale is an assignment or transfer of personal property as a type of security to a creditor who is lending money to a debtor.The absolute bill of sale does not represent any security in the title. Absolute Bill of Sale: The absolute bill of sale is a document which represents the sale or transfer of goods.Listed below are some of the most common types of bills of sale: How long a bill of sale is valid for varies depending on the state guidelines. What are the Different Types of Bills of Sale?Įvery state has different guidelines for a bill of sale. You also should consider contacting a business lawyer if you have any other questions. This information is also listed above in the previous section.įinally it is a good idea and recommended to re-read and double check your bill of sale to ensure all the information is correct and there are no other mistakes. When writing a bill of sale, make sure it contains: the seller’s name and address, the buyer’s name and address, a description of the item being sold and if it’s for a vehicle make sure to include, the vehicle identification number, the date of transaction, the previous owner, the amount paid, the method of payment and finally, any agreements regarding due dates for pending payments. This information is important as it will better explain how much sales tax you may pay. When writing a bill of sale, the bill of sale must contain information in order for it to be legally binding. How to Write a Bill of Sale?Īnyone can write a bill of sale as long as it has certain requirements. Moreover, by law, a notary public must witness both parties signing the document in Louisiana, Nebraska, Maryland, New Hampshire, West Virginia, and Montana. Most states do not require a notary to witness the signing of a bill of sale. A bill of sale is drafted by the seller and can be used for any type of property. What States Require the Bill of Sale to Be Notarized?Īs stated above, a bill of sale is a legal document that transfers the ownership of an asset to a second party in exchange for value. A bill of sale can be handwritten as long as it includes the information listed above. As, with any legal written document a bill of sale can be handwritten. It is important to make sure all the requirements for the respected state law are included in the bill of sale.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |