What is a bill of sale?
A Bill of Sale is a legal certification for the transfer of properties or goods from the seller to the buyer. The seller gives this legal document to the buyer as proof that the seller received the payment from the buyer on a particular date. You can think of this document like a receipt you get from your grocery store.
What is included in a Bill of Sale?
The Bill of Sales can be complex or simple depending on the nature of the product in question. Regardless of the nature of your product, you must include the following information on your bill of sale.
- The seller’s names and address(s)
- The buyer’s names and address(s)
- The information on the item being sold which such as Serial Number(SN), ID number, size, model, color, design, maker, etc.
- The amount paid on the product and type of transaction
- Date of the transaction and due date if there is an amount left plus agreement on the remaining payment
- Other relevant information that can help to clarify the nature of the transaction
Rule of thumb
Make sure the Bill of Sale is not fake by verifying all information about the seller and the product. Moreover, keep the Bill of Sale and make a copy of it in case you need it for legal purposes or reimbursement.
