Bill Of Sale

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.

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RELATED FAQS
  1. Who uses bills of exchange?

    Find out who uses bills of exchange, why they are important in international trade and what happens when a bill is traded ... Read Answer >>
  2. What is the difference between a bill of exchange and a bill of lading?

    Understand what a bill of exchange and a bill of lading are and the different purposes they each serve as documents used ... Read Answer >>
  3. What is the difference between a bill of exchange and a promissory note?

    Learn what bills of exchange and promissory notes are, along with notation of the primary differences between these two documents. Read Answer >>
  4. Where on the Internet can I find free sample templates for a bill of exchange?

    Understand the concept behind a bill of exchange, and learn about websites on the Internet where you can find free sample ... Read Answer >>
  5. What will be the tax on the sale of transferred property?

    My sister bought a house valued at $250,000. A year later, she transfers the title of the property to me. I want to live ... Read Answer >>
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    The reason that commercial bills have higher yields than T-bills is due to the varying credit quality of each bill type. ... Read Answer >>
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