General bill of sale form is a legal document used to acknowledge the transfer of property or asset ownership from one individual to a new owner. It is mainly made by the seller for the buyer who seeks protection against fraud upon purchase of a property or asset. A general bill of sale document features only two parties; the buyer and the seller. It is a binding document that can be used during the private sale of any valuable good.
On this page, you can download a free general bill of sale form to help you create bill of sale fast and easily.
Importance of a general bill of sale form
The main purpose of a general bill of sale is to record a transaction and ensure that the transaction was conducted in a fair manner that was favorable to both the buyer and the seller.
- Encourages the seller and buyer to discuss essential factors like the warranty and terms before making the transactions.
- It is used as evidence in a law court in case of a dispute.
- Acts as a proof or ownership transfer from one party to the other.
- Limits the sale of stolen or illegally seized property and assets.
General bill of sale form details
The following information should appear on the general bill of sales:
- Full and legal names of the buyer and seller.
- Identification information including phone and permanent address of both buyer and seller.
- A detailed and complete description of the property that is being sold.
- The exact amount of money that the property is to be sold at.
- A warranty that the seller is legally authorized to sell the property.
- Date of the transaction and signing of the bill of sale.
- Legal signatures of both participants.
- Signature of a legal agent authorized by law to witness the signing of the bill of sale if required.
Though not widely used during purchase of furniture and other second hand goods, a general bill of sale form is important when purchasing expensive goods like a car, jewelry and trailers. This is because; it protects you from uncalled for losses that may occur if you happen to purchase stolen goods unintentionally. It protects the interests and rights of both the buyer and seller by formalizing a contract in writing.