General (Personal Property) Bill of Sale Form

Transferring the ownership of any type of personal property often requires that both parties record the transaction in a bill of sale. Dong this protects the buyer and seller from future disputes that may arise after the date of sale. Generally, the buyer can use the bill of sale to affirm that they own the property and the seller can use it to prove they are not liable for any damages as they don’t own the property.

The bill of sale can also come in handy during the transaction itself as it allows the buyer and seller to discuss the terms of sale. The buyer, for example, can request an inspection for which the seller might require that they put down a security deposit. If the results of the inspection are unsatisfactory, the bill of sale can include a clause that allows the buyer to cancel the transaction and receive their deposit.

What Is a General Bill of Sale?

A General (Personal Property) Bill of Sale is a formal document that is to a private sale of personal property what a receipt is to a normal transaction. It outlines all the relevant information related to the purchase and sale such as the buyer and seller identities, personal property details, purchase price, and payment method. Additionally, it indicated the condition of sale, which is usually with no warranty or in as-is condition.

General Bill of Sale Form – Word Template

General (Personal Property) Bill of Sale 20210831

A general (personal property) bill of sale form is a printable document that is typically completed by a seller to record a purchase and sale transaction involving any type of personal property. The filled out document describes the involved parties, property details, and terms of sale.

Download: Microsoft Word (.docx)

    Common Uses of a General Bill of Sale

    As mentioned, a general bill of sale is commonly used when selling or buying personal property. This could include the following items:

    • Jewelry
    • Art work
    • Furniture
    • Equipment
    • Tools
    • Pets
    • Rare books
    • Sports memorabilia and equipment
    • Private collections
    • electronics
    • Photographic equipment

    More specific bills of sale can be used to sell personal property such as vehicles and livestock.

    Why Use a Generic Bill of Sale?

    A Generic Bill of Sale acts as a receipt that outlines all the details involved in a transaction for the exchange of ownership of personal property. By doing this, it ensures that the previous owner (the seller) can never claim ownership of the property or be held liable for any disputes involving the property after the sale.

    Through signing the document, the buyer also relinquishes their right to ever hold the buyer accountable for any problems that arise with the property after the sale.

    General (Personal Property) Bill of Sale Form – Format

    The Buyer {buyer’s name} of {mailing address} and Seller {seller’s name} of {mailing address} agree to enter into an agreement dated {date} for the purchase and sale of the property described as {description, serial number if any}.

    The Buyer agrees to make a payment of {amount} as the purchase price for the property no later than {date of purchase}, and understands that the property is sold as-is with no warranties.

    The Seller affirms that the information provided in this agreement about the described property is accurate to the best of their knowledge.

    This agreement shall be considered final and effective upon the execution of the following signatures:

    Buyer {signature}, {signature date}

    Seller {signature}, {signature date}

    Witness (if any): {signature}, {signature date}

    Frequently Asked Questions

    Is a General Bill of Sale same as title?

    No. While a bill of sale acts as proof of sale, it does not prove ownership. Only a state-issued title and registration can do that. That said, a buyer can present a copy of a signed bill of sale to the relevant authorities when applying for a title and registration.

    Is a General bill of sale a legal document?

    Yes. A general bill of sale is a legal document that records the transfer of ownership of personal property in exchange for money. Once signed, it acts as proof of sale and can be used in court to prove ownership or deny liability in the event of a legal dispute.

    Key Takeaways

    To be considered a final and legal record of a transaction, a General (Personal Property) Bill of Sale must contain all the relevant details pertaining to the sale. It should identify the buyer and seller by name and address (as indicated in a government-issued ID), the property details, purchase price, payment method, and condition of sale. It should also contain legal language that, once the bill of sale is signed, makes the agreement legally binding.