While the primary purpose of a general bill of sale is to record and verify a transaction between the seller and the buyer of a property or asset, ensuring that the deal happened in a fair manner and favorable to both parties, it also acts as proof that essential transaction details such as warranty and return policies are valid and available, evidence in a law court in case of a disagreement, and a record of ownership transfer from the seller to the buyer, limiting the sale of seized or illegally owned items. Regardless of the product, in general, it contains the information of both the buyer and the seller, the description of the item up for sale, the details of the transaction including the date of purchase and warranties, and the acknowledgment of both parties involved through signing. When signed both by the buyer and the seller, it becomes a valid legal and binding contract between the signatories.ĭepending on the kind of transaction, the information provided on a general bill of sale varies. It holds the people involved in the transaction accountable to the agreed terms listed in the document. As a legal document, it is essential for a new owner to have and keep just in case he or she would be asked to prove ownership. It involves only two parties, the buyer and the seller, and serves as a receipt for the exchange of any type of property for cash. A General Bill of Sale is a legal document completed by a seller to acknowledge the transfer of ownership of a property or asset to a buyer - who becomes a new owner.
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