bill_of_sale
Table of Contents
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
- Transfers personal property, not real property
- 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
