DEFINITION of 'Bill Of Sale'
A document that details in writing a sale of goods or transfer of property from one party to another. A bill of sale serves as legal evidence that full consideration has been provided in a transaction and that the seller has transferred the rights to the assets detailed in the bill of sale to the buyer.
BREAKING DOWN 'Bill Of Sale'
A bill of sale can be quite complex or quite simple, it all depends on the type of transaction. A typical retail purchase receipt can be considered a bill of sale, as it details the specific goods that have been sold to the buyer and the specific price that was agreed to and paid for each.
When conducting transactions for assets worth substantial sums of money, such as an automobile, it is important to make sure the bill of sale is completed properly and obtained at the time of sale.