A Bill of Sale document (BOS) is a legal requirement for any business transaction. A BOS is issued after the completion of a sale between two parties. In the case of a car, it is issued after the transfer of ownership of the product. If you have ever purchased anything online, then you know how tedious and time consuming it can be to get a BOS.
It is important to note that you can get a bill of sale form free online at any of the websites out there that have legal forms and document templates available free of cost or for a small fee.
Bill of Sale Form – Top Reasons to Have One
There are many reasons why you would want a BOS. Here are some examples:
- To protect yourself from being held liable if something goes wrong with the product you bought.
- To make sure that you are not selling stolen property.
- To prevent someone else from taking advantage of you.
- To ensure that you are getting what you paid for.
- To avoid having to pay taxes on the profit you made.
- To protect yourself against fraudsters who may try to take advantage of you.
The purpose of a BOS is to protect the buyer from any future claims or liabilities that may arise after the transaction. If the seller fails to deliver the item, the buyer can use the BOS to take legal action against the seller. A BOS is often used to transfer ownership of real estate, vehicles, boats, and other goods and services.
How to Create a Valid Bill of Sale Document?
A Bill of Sale Document (BOS) is a legal document that transfers ownership of a good or service from one party to another. In some states, a Bill of sale is not legally binding unless both parties sign it. However, if only one party signs it, then it becomes void.
In order to create a valid BOS, the following steps need to be followed:
- Both parties should have equal rights to the property being sold.
- Both parties should agree on the price of the item being sold.
- The seller should provide the buyer with a written description of the item being sold along with its condition.
- The seller must give the buyer a copy of the BOS before they hand over the item.
While creating a bill of sale, you should make sure that all the important sections, terms etc are mentioned properly – so as to make your document legally binding and appropriate to use as a document of reference in a court of law in the future. This is the least that you can and should do.
There are different types of BOS documents. You can choose from a simple BOS or a BOS with additional requirements. These additional requirements depend on where you live and what type of business you are running. If you are planning to sell a car, a boat or a horse, then you should consider getting a BOS.