Imagine not having a record of the goods that were already sold and what needs restocking. If this continues, the store is expected to go out of business because of mismanagement. Obviously, a system that records all the sold goods must be done to accurately track the inflow and outflow of goods and cash. One form that documents this process is a bill of sale form. Continue reading this article to know more about its function and importance. Read More
A bill of sale form is primarily a legal document that records the fundamental details of a purchase transaction. Say, for example, you bought a piece of antique furniture from a private seller. From that purchase, you are bound to receive the promised item and the form that indicates the details of the parties, specification of the item, and other terms and conditions that were followed for the success of the sale. Most small-time businesses, such as private sellers, prefer a fillable printable bill of sale forms to document their various sale and purchase transactions.
How Do You Fill Up a Printable Bill of Sale Form?
In large and established companies, there is a maximum effort in their branding. From large advertising materials down to forms, company logos are clearly stamped to increase the brand’s recognition. As for small-time businesses and occasional sellers, printable bill of sale forms is highly convenient. They do not need to start from scratch. They can simply fill in the document with the necessary details.
1. Input the Parties’ Details
Similar to how any legal document starts, the details of the parties involved are laid out first. This block contains the legal names of both parties and their respective mailing addresses. Contrary to what other forms require, these two pieces of information are considered to be the most vital detail in any purchase transaction. With these data, either party can be tracked down if, in case, grievances arise.
2. Provide an Accurate Description of the Item
Generally, the format of a bill of sale form varies according to the item that it documents. Vehicle bill of sale forms, for example, require details that can only be seen on cars, such as its vehicle identification number. On the flip side, a printable bill of sale form uses a generic format of the form. It uses the most basic form. So, as a seller, the responsibility of providing the most accurate description of the item falls to you. It is best to start with the significant feature of the item—the feature that can easily distinguish it from others.
3. Settle the Payment Arrangement
The form also records the total price of the particular item. For most forms, only the total price is required. For some, you may be asked to provide the details of the security deposit, which includes the deposit fee and the period when to pay for it to follow through with the sale. If both parties agreed on additional arrangements to fit their current situation, the details of the arrangement can be added as addenda to the existing document.
4. Read the Claims Thoroughly
Before closing the form, the document presents several claims for each party. It basically relays the information regarding the acceptance of the buyer to buy the item in its current state. Moreover, it also reflects the validation of the seller that they are the legal owner of the property and, therefore, has the legal right to sell it to whomever they want.
5. Show Your Agreement
After completing the document, run through the entire content to check for mistakes. Once the document is signed and printed out, changing a simple mistake means going through the entire process of filling in the form again. After a thorough review, it is time to sign the document. But, if you are living in a state that has laws regarding the need for notarization for a bill of sale form, you need to meet and stand witness before a notary public first before signing the document.
Is a bill of sale form legally binding?
Yes, a bill of sale form is a legal document that legally binds the relationship between the buyer and seller. It is enough evidence of the sale transaction.
Does a bill of sale expire?
As a legal reference document, any variation of a bill of sale form does not expire.
Can I register a vehicle using a bill of sale form?
This form is presented during the registration process, which serves as proof of ownership. However, other documents can also serve as proof as long as they contain similar pieces of information with the bill of sale form.
What makes a bill of sale form valid?
A bill of sale form requires several details about a done deal. From the contact details of both parties down to the governing state law, one can question which among these makes the form valid. Among all the necessary details in the form, the purchase price and date of the form’s execution are needed to validate the form.
Can a bill of sale be signed through email?
The advancement of technology gave rise to more convenient methods of communicating with others. One way is through email. Most people begin to question whether a bill of sale form can be sent through email, especially when the purchase was transacted online. Apparently, emailing the document between the parties is possible if the state allows it. Aside from governing state law, both parties must also agree to this process.
A complete and accurate record of sale transaction can make or break a business venture. Without it, the owners of the business turn a blind eye to how they should effectively operate their business. So, among all the documents that record these transactions, a bill of sale form weighs equal importance. It also is the most personal for both parties as it legitimizes the business relationship between the two.