The following are the common frequently asked questions related to bill of sales and bill of sales template.
- 1 What is a bill of sale?
- 2 When should I give the Bill of Sale to the Buyer?
- 3 Should I use a bill of sale or sales agreement when I am selling goods such as equipment, motorcycle, used car, etc., ?
- 4 What is the Odometer?
- 5 What is the Vehicle Identification Number ?
- 6 What is the Hull Identification Number?
- 7 What does “as-is without any warranties” means?
- 8 What is a certificate of title?
What is a bill of sale?
A bill of sale is a legal document that certifies the transfer of a personal property. A seller makes the bill of sale to report that on a specific date, for a specific amount of money, the seller sold a personal property to the buyer.
When should I give the Bill of Sale to the Buyer?
You should only deliver the Bill of Sale to the Buyer after you receive full payment of the purchase price from the Buyer.
Should I use a bill of sale or sales agreement when I am selling goods such as equipment, motorcycle, used car, etc., ?
Answer. You can use both. A bill of sale is a simple contract to prove a sale. However, if you want a more detailed contract, you need to use a sales agreement. A sale agreement typically gives very detailed information on when the buyer pay the full payment of the purchase price after the seller provides the possession of the goods.
What is the Odometer?
Answer. An Odometer is a device that displays the total number of miles or kilometers traveled by a vehicle e.g., an automobile or motorcycle.
What is the Vehicle Identification Number ?
Answer. A Vehicle Identification Number or VIN, is a unique serial that can contain both letters and number. The automotive industry uses VIN to identify individual vehicles such as automobiles, motorcycles, etc.
What is the Hull Identification Number?
Answer. The Hull Identification Number, commonly abbreviated to HIN, is a 12 or 14 characters that uniquely identifies a boat.
What does “as-is without any warranties” means?
Answer. The term “as-is without any warranties” means that the Buyer is buying the goods e.g., vehicle, motorcycle, etc., in its current condition with no guarantee that it is working as designed. The seller will not guarantee the quality of the goods to the buyer after the sales. In other words, the seller is not liable for any problems with the goods.
What is a certificate of title?
Answer. In the US, a certificate of title for a vehicle is a legal document that shows the legal owner of the vehicle. The certificate of title is normally issued by the state DMV.