Automobile Bill of Sale

The bill of sale emerged as a way to minimize the incidence of fraud, as well as limit the potential for illegally seizing property. The present basic format for the bill of sale has its origins in the 19th century, and came about as a means of complying with regulations that were intended to prevent abuse of existing laws regarding the acquisition and holding or property, primarily land.

Essentially, the bill of sale today is a document that is drafted by the seller, and is couched inn verbiage that is intended to document all the pertinent details of the sale. Central to the structure of the bill of sale is the names and identifying data related to both the buyer and seller. This will always include the legal name of the buyer and the seller, and may also include the permanent physical addresses of both parties. A brief description of the item that is being sold will also be included.

In the event that there are any identifying marks, such as a signature of the manufacturer or a serial number, that data is usually included in the bill of sale. A third essential component is the price of the item that was agreed upon by both parties, whether the remuneration is money or in exchange for some other asset. The bill of sale is considered complete and binding at the point in which both the buyer and the seller sign the document.

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