A general bill of sale is a form that proves a transfer of personal property between two (2) individuals occurred. It outlines the details of what happened during the transaction. The seller must sign to confirm that they are giving up ownership to the buyer. Once this happens, the buyer is liable for the item. Both parties need to keep a copy of the form to verify the change of ownership. This form is commonly used for electronics, home goods, tools, appliances, and other similar items.
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Table of Contents
- By State
- What is a General Bill of Sale?
- How to Sell a General Item (3 Steps)
A general bill of sale is a document that acts as a receipt when selling an item to a buyer. Both parties use this form for non-specific objects that do not fall into another category, such as snowmobiles, cars, or tractors. Instead, a general bill of sale is appropriate for video games, consoles, and jewelry.
When writing a general bill of sale, be sure to include the following:
- Date of Sale: The form must have the day the sale occurred.
- Contact information:The buyer and seller enter their name, address, phone number, and email to prove their identity and give others a method of contacting them after the transaction.
- Property information: By entering the serial number, color, brand, make, year, and model, anyone can locate the item if needed.
- Payment: Serves as a record of the sale price, method of payment, and tax amount.
- Signatures: Through signing, the buyer and seller agree that the information in the form is correct. Once signed, the buyer becomes the new owner of the item.
- Notarization: This section is optional as requirements vary by state. If notarization is required, the buyer and seller must wait to sign until they are in front of a notary public.
Follow the steps listed below to prepare, list, and sell personal property to a buyer.
- Prepare the Item
- List it
- Complete + Sign Bill of Sale
Step 1 – Prepare the Item
Often, sellers who prepare the item before listing receive a more significant profit and have an easier time selling. The preparation method depends on the object, age, condition, and value. For example, the merchant can increase the worth of their personal property by repainting it, replacing parts, or updating pieces. In some cases, the buyer purchases an item to fix or upgrade it themselves. Therefore, taking time to research the item and its market value can help you prepare it as needed.
Step 2 – List it
Sellers must use advertising services that attract the right audience. For example, a merchant would use a general website for items like clothes or rugs. However, they would opt for a more specific service when listing a boat. If the owner does not wish to use an online service, they can take advantage of fliers, newspapers, yard signs, and more. The list below includes methods of advertising.
- General Websites: eBay, Facebook Marketplace, Craigslist, Amazon
- Boating-Specific Websites: Boat Trader, Boats.com, Yachtworld, BoatCrazy
- Car-Specific Websites: Autotrader, Cars.com, Hemmings, CarGurus
- Other Item-Specific Websites: Rumble On, CycleTrader, Etsy, Decluttr, Gameflip
- Fliers & Newspapers
- Local Bulletin Boards
- Yard & Street Signs
In addition to posting it on the correct site, the seller must also choose a reasonable listing price. Furthermore, advertising at the right price guarantees the owner makes a fair profit. Researching prices online, using services like Kelly Bluebook, and factoring in buyer negotiation can help the seller to determine the selling cost.
After posting the advertisement, buyers will contact the seller to set up tours. At this time, the buyer may try to lower the asking price, which is something the seller should be prepared to discuss.
Step 3 – Complete + Sign Bill of Sale
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After negotiating, the buyer and seller must complete a bill of sale to prove the purchase happened. Both parties must fill out the form together and sign in the presence of a notary public or witness as needed.The form must include the following information: 1) contact information of both parties, 2) the item’s description, 3) the payment method and cost, and 4) signature(s).
After signing, the former owner must officially transfer the item to the buyer, or the new owner. As soon as this step occurs, the seller no longer has authority over the item, and cannot undo the sale.
FAQs
It should include a description of the sold item, the date and location of the transaction, and the amount paid from buyer to seller, as well as the names, street addresses, and signatures of the buyer and seller.
What is a receipt for the sale of personal property? ›
A general bill of sale is a document that acts as a receipt for any type of personal property exchanged for cash or trade. The form is needed more by the new owner if they ever need to prove ownership. A bill of sale records the transaction of two (2) parties.
What is a bill of sale for personal property in California? ›
A California general bill of sale is a document that records the transfer of personal property from a seller to a buyer. The completed form will include a description of the item being sold, its price, the transaction date, and the contact information and signatures of both parties.
How do I fill out a bill of sale in NY? ›
Frequently asked questions
- The buyer's name, seller's name, their addresses, and driver's license numbers.
- Signatures from the buyer and seller.
- The vehicle information, including its license plate, model year, and body type.
- The sales price/purchase price.
- Any applicable sales tax.
- The purchase date.
A bill of sale does not have to be digital to be considered valid. Both handwritten and digital formats are generally acceptable, as long as all necessary information is listed and you have the consent of both parties.
Is a handwritten bill of sale legal in Florida? ›
While it is common to present a bill of sale in a digital format, you can also create this type of contractual agreement as a handwritten document on paper. What's most important is to include all of the pertinent details in the bill of sale in order to protect both parties.
What is the difference between a bill of sale and a receipt? ›
A bill of sale, for example, must usually contain a description of the exchanged good(s). That is not the case for receipts–which may be used to provide a record of payment without any description of what the payment is. Thus, receipts are not bills of sale but a bill of sale may serve as a receipt.
How do you write a receipt for a sale? ›
Include at least the following information on your sales receipts:
- Your business name, address, and phone number.
- Sale date and time.
- Transaction number.
- Product or service description.
- Cost.
- Tax, if required.
The term "Bill of Sale" is the correct and standard terminology used to refer to the legal document that records the transfer of ownership of personal property from a seller to a buyer.
Do you have to pay taxes on the sale of your home in California? ›
A taxable gain from the sale of property located in California is taxable by California, regardless of whether or not you are a California resident. The amount of your gain that is taxable on your federal return will also be taxable on your California return.
An "As-Is Bill of Sale" is a legal document used in the sale of goods, typically vehicles or other personal property, to specify that the item is being sold in its current condition, without any warranties or guarantees from the seller.
What is considered personal property in California? ›
Personal property is distinguished from real property in that it is usually movable and not permanently affixed as are land, buildings, and vines.
Can you handwrite a bill of sale in NY? ›
Can you hand write a bill of sale ny? It is important to make sure all the requirements for the respected state law are included in the bill of sale. As, with any legal written document a bill of sale can be handwritten.
Can I get a title with a bill of sale in NY? ›
The new owner must give the original bill of sale to the DMV along with the other required proofs of ownership when they title and register the vehicle.
Can you drive a car without plates if you just bought it in New York? ›
Make no mistake about it: owning and driving a vehicle in New York State requires properly registering the car or truck soon after acquiring it. These requirements are found in the New York Vehicle and Traffic Law Section 401, and are clear about what is expected.
What is the abbreviation for bill of sale? ›
bill of sale in American English
noun. a document transferring title in personal property from seller to buyer. Abbreviation: b.s., B.S., b/s.
Can I handwrite a bill of sale in Georgia? ›
Is a handwritten bill of sale legal in Georgia? In Georgia, a bill of sale for a car does not need to be notarized. Like the state form provided, any hand-drafted bill of sale will have to contain the following information: The names, contact information, and signatures of the seller and the buyer.
Does CA DMV require a bill of sale? ›
To take over ownership of a vehicle, you will need:
If the seller is not the owner whose name is on the title, you will need a Bill of Sale signed by both the seller and the person whose name appears on the title. A record of the odometer mileage (if the vehicle is less than 10 years old).
How to write a bill of sale for a car in California? ›
A California vehicle bill of sale should include the vehicle's make and model, year, VIN, sale price, date of sale, buyer's and seller's names and their signatures. Also, note any smog certification, if applicable.
