Both documents serve a different purpose in completing the transaction, and they are executed at different times. The required paperwork may include a sales contract and a bill of sale. When a purchaser and seller engage in the sale of any valuable item, paperwork documenting the sale becomes necessary to legalize the transaction. The document usually includes the seller and buyer’s identifying information, conditions attached to the sale, the date the transfer is made, the agreed-upon purchase price, and both party’s signatures.Ī bill of sale form becomes necessary when a seller wants to sell any personal property, for example, automobiles, bicycles, motorcycles, watercraft, pets and animals, furniture, a laptop, jewelry, etc. This safeguards your transaction as it protects you from providing a refund for any item-related issues once the buyer pays for and receives the item.Ī bill of sale is a legally binding document outlining the terms of a given sale and confirming that a specific item was sold to a given buyer.
The no warranty bill of sale form shelters you from liability should the sold item be found faulty or have unforeseen problems, as it does not make any promises about the item’s performance or guarantee the item has no claims against it. As a seller, an as-is bill of sale is preferable in cases where you are selling any used item, for example, a used vehicle, equipment, motorcycles, bicycle, campers, boats, furniture, or any other used personal property.
Once the transaction is finalized, and both parties sign the bill of sale form, all ownership rights, including the property’s title, are transferred to the buyer, and the seller relinquishes liability for the sold item.Īn as-is bill of sale serves as a receipt as it proves that full consideration has been made in a transaction and that the seller has transferred property ownership rights to the new owner detailed in the bill of sale form.
The term “As-Is” means that the buyer has agreed to purchase the item with all its faults (visible or hidden), and the seller does not guarantee the quality of the product to the buyer. An As-Is Bill of Sale, also known as the No Warranty Bill of Sale, is a form that a seller uses to document the purchase of an item in its current condition.
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