Definition

Noun: 1. A legal document that transfers ownership of personal property: A "bill of sale" is a formal written instrument that serves as proof of the sale and transfer of title of an item of personal property (movable property, not real estate) from a seller to a buyer.

Usage

• A "bill of sale" is used to document the sale of items like vehicles, boats, furniture, or equipment.
• It typically includes details such as the names of the buyer and seller, a description of the item, the sale date, and the purchase price.
• It provides legal protection for both parties by creating a record of the transaction.

Examples

Advanced Usage

• "To execute a bill of sale": To formally sign and complete the document.
  • Both parties must execute the bill of sale for it to be valid.
• "As per the bill of sale": According to the terms stated in the document.
  • The warranty period, as per the bill of sale, is one year from the date of purchase.

Variants and Related Words

• Invoice (n): A list of goods sent or services provided, with a statement of the sum due. (An invoice is a request for payment, while a bill of sale is proof of ownership transfer.)
• Deed (n): A legal document, especially one conveying real property. (A deed is typically for real estate, whereas a bill of sale is for personal property.)
• Title (n): A legal right to ownership of property. (A bill of sale is evidence supporting the transfer of title.)

Synonyms

• Sales receipt (in a less formal, non-legal context)
• Proof of purchase
• Transfer document

Related Phrases

• Conditional bill of sale: A bill of sale where ownership transfers only after certain conditions are met, such as the full payment of a loan.
  • He financed the equipment with a conditional bill of sale.
• Absolute bill of sale: An unconditional transfer of ownership.
  • The absolute bill of sale conveyed all rights to the buyer immediately.

Notes

• A "bill of sale" is distinct from a simple receipt, as it specifically conveys legal title.
• The specific requirements for a valid bill of sale can vary by jurisdiction and the type of property being sold.

Noun

1. a deed transferring personal property