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bill_of_sale

Bill of Sale

A bill of sale is a written instrument used to transfer ownership of personal property from one party to another.

Key Characteristics

  • Identifies buyer and seller
  • Describes the items being transferred
  • States consideration (price)
  • May include warranties or be “as-is”

When a Bill of Sale Is Used

  • Sale of furniture, appliances, or equipment
  • Transfer of personal property with a real estate transaction
  • Vehicles, tools, or business assets

Bill of Sale vs Deed

  • Bill of Sale
    • Transfers personal property
    • Used for movable items
  • Deed
    • Transfers real property
    • Used for land and permanent improvements

Fixtures and Real Estate

  • Personal property listed in a bill of sale is excluded from the deed
  • Fixtures must be specifically excluded if the seller intends to remove them

Exam Tip

  • Real property transfers use a deed
  • Personal property transfers use a bill of sale
bill_of_sale.txt · Last modified: by reidjs