What is a Bill of Sale Form?

A bill of sale is a relatively easy form to fill out that doesn't require a lawyer. It allows you to legally transfer the title of an asset from one individual or entity (i.e. business) to a new owner. In all, bills of sale are and include the minimum amount of information necessary to legally confirm that the transfer of the ownership of an asset has taken place. Also, the bill of sale is tangible proof that affirms that the transaction was conducted in a legal manner and that both parties agreed to the transaction.To minimize the incidence of fraud, as well as providing owners protection from illegal property seizing created the need for a bill of sale. Our current bill of sale has its origins from the 19th century. It came about because of compliance with regulations that were intended to prevent abuse of existing laws and to protect both owners as well as consumers.Today it essentially does the same thing. It is a document drafted by the seller that is written with all the necessary information appropriate for the details of a sale. Some information it still requires even today is the names and identifying data of both the buyer and seller. This has and still always includes the legal name and permanent physical address of both parties involved. Also, even today a brief description of the item that is being sold will be included.Other kinds of data that goes on a bill of sale is any identifying marks such as the serial number, VIN number, etc. Another thing that is always included is the price of the item. The document is considered complete and legally binding at the point both the buyer and seller sign it.A first rule of thumb many say to consider is that "you should never sign anything until you fully understand and agree upon the written terms and conditions". Another one is, "don't sign anything unless there’s a bottom line price".