bill of sale

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bill of sale

A customer signs a bill of sale for a used car.

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.
bill of sale

A customer signs a bill of sale for a used car.

Noun
  1. a deed transferring personal property