Definition of Bill of Sale
What does the term "bill of sale" mean? What is the definition of the term "bill of sale"?
A "bill of sale" is a document that shows that an asset has been transferred from one party to another, and that the seller's conditions (usually the receipt of money) for the transfer have been fulfilled.
A "bill of sale" shows that the buyer is the new owner of the asset and that the seller no longer has any claim to it. A "bill of sale" is an important protection for a buyer to have in case of any legal disputes.
A bill of sale will normally include:
1. Details of the asset
2. Names and signatures from both the seller and purchaser
3. Amount of money that changed hands
4. Date of the sale
5. Location of the sale
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