Equipment bill of sale forms are documents that equipment and machinery sellers use to record a transaction with their buyers. This form is considered as a legal form and a type of receipt or invoice which should be signed by both the buyer and seller. However, compared to a receipt and an invoice, an equipment bill of sale will state and define the terms and conditions to be met by both parties such as the buyer’s responsibility in paying the purchase price of the equipment, and the seller’s obligation in ensuring that the equipment can still be used or is functional.
Importance of Equipment Bill of Sale Forms
There are four main reasons why an equipment bill of sale form should be used by any individual who owns and will be selling his equipment to a buyer. The first reason is to have legal protection against and for any claims of either party. If the seller did not put his guarantee and warranty statements in the form, then the buyer will not be able to legally claim the guarantees in the event the seller will deny the verbal agreements.
Vending Equipment Bill of Sale Form
Another reason is to have a document to prove the ownership of the equipment. The bill of sale form will be one of the most important documents to submit when registering the equipment. Additionally, the last two reasons are for providing ample information to the buyer about the equipment, and to meet the requirements of the State in lieu of selling items legally.
Equipment Bill of Sale Form Sample
How to Get an Equipment Bill of Sale Form
An equipment bill of sale form can be acquired easily from the State’s agency and from online where templates are available to be used by the seller of the equipment. However, a seller should know the websites and sources where he will be getting the templates since there are numerous sites which offer a bill of sale template. This why when choosing one, the seller should view the template and identify whether or not the contents are useful before downloading and using the template.
Equipment Bill of Sale Without Warranties Form
Essential Details to Discuss in an Equipment Bill of Sale Form
Equipment bill of sale forms should have the following elements and details for it to be an effective document in recording the sale transaction between the buyer and the property owner or seller:
- Equipment description and conditions: This portion of the form will identify which among the pieces of equipment to be sold is being purchased by the buyer. The condition of the equipment should also be indicated as to whether the equipment is of good condition or may need a few repairs for it to function effectively.
- Purchase price and payment methods: A bill of sale will not be complete without stating the price of the item to be purchased. In addition to the price, the taxes to be paid and all other payments, as well as the method or options that the seller allows his buyer to choose from in sending the payment should also be included.
- Sale agreement: This is where the buyer and the seller’s responsibilities will be specified along with the limitations, restrictions, and clauses which are relevant for the successful execution of the sale.
Heavy Equipment Bill of Sale Form
Equipment Bill of Sale Form FAQs
Who will be signing an equipment bill of sale form?
Aside from the buyer and the seller, witnesses of the sale transaction and a notary public who had positively identified the buyer and the seller will need to affix their signatures in the equipment bill of sale form as well.
Surplus Equipment Bill of Sale Form
Is a bill of sale necessary for any type of equipment sale?
Yes. A bill of sale not only documents the payments, the details of the parties involved, and the equipment being sold but also the regulations and laws which are to be observed in executing the sale. Furthermore, an equipment bill of sale form also serves as proof that the sale was done legally and that the equipment was sold with the permission and knowledge of the owner.
Used Equipment Bill of Sale Form
What other documents should be submitted or be attached to an equipment bill of sale form?
The property ownership transfer form which will indicate that the seller has transferred the ownership of the equipment to the buyer. However, this document must only be given upon full completion of the purchase price, otherwise, the seller will be taking a risk in lieu of keeping hold of the property in the event the buyer fails to send his payments.
Another document to attach would be an inspection report which will enlist the dates and details of the inspections conducted to the equipment. The purpose of the report is to inform the buyer about the equipment’s specific conditions.
Vehicle Equipment Bill of Sale Form
Equipment Bill of Sale Form Template Tips
Note the tips below when creating or editing an equipment bill of sale form template:
- Add a “retention of title” clause: A retention of title clause is for indicating that the seller will retain his ownership to the sold equipment until the buyer will fulfill his financial obligations to the sale. Moreover, this clause will also allow the seller to repossess the equipment in the event of a breach of contract caused by the buyer.
- Include a seller’s guarantee clause if the equipment is a sold as a second-hand item: An equipment will be deemed second-hand if the seller owns and have used the equipment prior to selling it to the buyer. For this, the seller must include a guarantee clause in the form which will state his responsibility in providing the necessary services and labor to fix the equipment if it breaks down within a specific period after the sale.
- Duplicate the completed and signed form: After the forms are signed and notarized, the seller should provide a copy of the signed form to the buyer and other involved parties. The purpose of this is to allow the buyer in having a guide and his own records to the sale that he transacted with the seller.
And lastly, an equipment bill of sale form must be created based on the preferences and the requirements of the State where the sale will be conducted. To do this, the seller should be aware of the State’s rules and must seek the advice of a legal attorney who is knowledgeable about matters related to selling any type of equipment.
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