What Is an Equipment Bill of Sale?
An equipment bill of sale is a document that is legally used for selling a piece of equipment. Equipment refers to tangible items that are used at home or used for the operations of the business, e.g., home use, office, entertainment, and kitchen tools and equipment, and sometimes, even vehicles. The seller uses this bill of sale to indicate that a piece of equipment is available for purchase in exchange for the amount paid.
How to Write an Equipment Bill of Sale?
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You can complete your equipment bill of sale in less than an hour. Allow us to show you the steps by applying our tips below.
1. Authenticate the Seller’s and Buyer’s Personal Information
Whether you are the seller or the buyer, you would want to make sure that you are transacting with the right person. Authenticate the buyer’s personal information by asking for legit identification cards or other proofs of identity. For the assurance of the other party, provide an identification card to dispel any suspicion of you being a bogus seller. You may have to provide the original purchase receipt of the equipment as proof that you are indeed the real owner.
2. Include the Present Condition and Description of Your Equipment
Buyers want nothing but a good bargain. Be as honest and transparent as you can when documenting the present condition and description of your equipment. Also, indicate the type or classification of the equipment that you are selling. This includes the maker, year, model, serial number, and reading (if applicable). You also use Serial numbers to testify that the equipment wasn’t stolen.
3. Be Reasonable with Pricing
Price your equipment accordingly because nobody wants to buy a piece of used, overpriced equipment. You may use the original purchase receipt of the equipment and deduct the necessary amount equivalent to the time age of the equipment. The buyer may also need proof that he paid the equipment in full. The payment deadline should also be in the document.
4. Include Terms and Conditions
Does the equipment come with a warranty or guarantee? If not, state it explicitly. You have to note that you are legally allowed to sell the equipment and that it is free from defects. This sets the tone of what the buyer should expect upon receiving the equipment. Make the buyer understand that what they see is what they get.
5. Sign Along with Witnesses and the Notary Public
Complete the document with your signatures along with the witnesses’. The witnesses are required to be physically present and to sign to ensure that the signatures were legal. If your state requires your equipment bill of sale to be notarized, then include a certificate of acknowledgment at the bottom of the document. Research if your state belongs to the list of states that require the notary public’s signature.
Frequently Asked Questions
Do I need a witness for my equipment bill of sale?
Yes, almost all legal documents, such as the bill of sale, require a witness upon signing. However, a notary public, as a witness, is not required in all states. So, before providing including a certificate of acknowledgment in your bill of sale, make sure that your state requires a notary public’s signature.
Is a bill of sale identical to a purchase agreement?
No, because a purchase agreement comes before making a sale. It consists of the price, warranties or guarantees, quantity, and quality of the item. Whereas, a bill of sale comes after the sale when you officially transfer ownership to the seller in return for the payment issued. These two are not to be confused.
What is the usual look of an equipment bill of sale?
A bill of sale consists of names and mailing addresses of both parties, description of the equipment, payment terms, signatures of both parties and the witnesses, and a certificate of acknowledgment.
Can I email the equipment bill of sale?
Yes, as long as both parties both agree in the email to the equipment bill of sale. Signatures of both parties should be imprinted on the bill of sale to deem the document as legal and valid.
Can I print an equipment bill of sale online?
Yes, the equipment bill of sale forms is available online for download. You need to fill-up the form with your essential information and download it immediately.
As self-sufficient as we think we are, we need the help of machines and equipment to get the job done in a snap. And as much as we wish that the reselling of equipment is as quick as these machines and equipment, it’s just not. Along the road, we’ll eventually be thankful that we went through the long and semi-complicated process of reselling. And to ease your selling, the helpful document for you is an equipment bill of sale.