| A bill of sale is a relatively easy form to fill out that | | | | the necessary information appropriate for the details |
| doesn't require a lawyer. It allows you to legally | | | | of a sale. Some information it still requires even today |
| transfer the title of an asset from one individual or | | | | is the names and identifying data of both the buyer |
| entity (i.e. business) to a new owner. In all, bills of sale | | | | and seller. This has and still always includes the legal |
| are and include the minimum amount of information | | | | name and permanent physical address of both parties |
| necessary to legally confirm that the transfer of the | | | | involved. Also, even today a brief description of the |
| ownership of an asset has taken place. Also, the bill | | | | item that is being sold will be included. |
| of sale is tangible proof that affirms that the | | | | Other kinds of data that goes on a bill of sale is any |
| transaction was conducted in a legal manner and that | | | | identifying marks such as the serial number, VIN |
| both parties agreed to the transaction. | | | | number, etc. Another thing that is always included is |
| To minimize the incidence of fraud, as well as | | | | the price of the item. The document is considered |
| providing owners protection from illegal property | | | | complete and legally binding at the point both the |
| seizing created the need for a bill of sale. Our current | | | | buyer and seller sign it. |
| bill of sale has its origins from the 19th century. It | | | | A first rule of thumb many say to consider is that |
| came about because of compliance with regulations | | | | "you should never sign anything until you fully |
| that were intended to prevent abuse of existing laws | | | | understand and agree upon the written terms and |
| and to protect both owners as well as consumers. | | | | conditions". Another one is, "don't sign anything unless |
| Today it essentially does the same thing. It is a | | | | there’s a bottom line price". |
| document drafted by the seller that is written with all | | | | |