When to Incorporate a Bill of Sale Into the Transaction In the case that the property being purchased is for a value of less than $100 or so, it may not be required but can still be prepared and executed for peace of mind, should you chose to record the event. If the piece of property being exchanged is worth a large sum of money, it is a secure investment to take the time to complete a bill of sale form to provide for both individuals once the transaction has culminated.
The first determining factor as to whether a bill of sale is necessary for your situation is the value of the item you will be selling or buying. The form details the exchange, confirming the current condition of the item per the “as is” clause in the contract.
The paperwork consists of informative data on those involved in the transaction, the object being transferred, the purchase price, and affirming endorsements upon agreement and sale. A Personal bill of sale Form incorporates an authorized legal written document as evidentiary proof of the transfer of an item of personal property for a specified monetary value.
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