How Does a Bill of Sale Work?

Carlglendon19 Jan, 2023Business

The legal transfer of ownership of an asset to a third party in exchange for cash is documented in a bill of sale. The form is typically used to document the sale of vehicles such as boats, cars, motorcycles, and airplanes. The sale of personal property, such as furniture or animals, can also be documented using this method. The seller typically drafts the bill of sale, which contains the specifics of the transaction. Should future disputes arise, it safeguards both the buyer and the seller.