A bill of sale records important information about the exchange of personal property. It will give information about the buyer, the seller, and the property that is being sold.
A Bill of Sale should only be used for "as-is" purchases, when payment in full will be made once the item is exchanged. It expressly disclaims any warranties that relate to the quality or fitness of the product.
"As-is" is an important term on a Bill of Sale form. It means that the item was bought and sold in its current condition and that the buyer is accepting the item with all of its faults, whether they are apparent or not. "As-is" protects the seller from having to refund the buyer for any item-related issues after it was received and paid for.
The next thing to remember is that your bill of sale template must specify the financial details of the transaction. Upon viewing the form, one should easily be able to tell how much the property was sold for and when it was sold. If there is sales tax involved, this should be noted as well; moreover, the method of payment (such as cash) should be clearly indicated in the template. Any bill of sale template, free or otherwise, ought to include these elements.
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