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====== 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**