For example, in the case of the purchase of a used vehicle, provincial legislation often requires a bill of sale to register the vehicle to the new owner. There are some transactions where the provision of a bill of sale is mandated by law. Both the buyer and the seller should keep a copy of the bill of sale. In sales involving cash payments, a bill of sale also provides proof of payment. This is especially important when transactions pertain to used personal items, where there is no other means of determining ownership. The main reason to use a bill of sale is that it provides proof of the transfer of ownership. motorized vehicles, (including such vehicles as cars, motorcycles, trucks, boats, trailers, snowmobiles, tractors, aircrafts etc.),.In many bills of sale, the seller will include a statement that the buyer has inspected the property prior to purchase and that the buyer understands that the property is being sold ‘as is, and without any warranty’ as to its condition, usefulness, or quality.īills of sales are used to transfer ownership of a variety of personal property, such as: whether any liens on the property exist.a description of the property, including an ‘as is’ statement.
In order for a transfer of ownership to be legally documented by a bill of sale, the following conditions must be present: Laws pertaining to the sale of goods are set out in each province’s Sale of Goods Act. What information do bills of sale include? For example, sales agreements can allow for multiple payments, or may provide warranties as to the use or quality of the item sold. The primary difference is that a sales agreement is used for more complex and detailed transactions, whereas a bill of sale is basically a sales receipt. What is the difference between a sales agreement and a bill of sale?Ī bill of sale is not the same as a sales agreement. Personal property can be transferred in a variety of ways, such as: sale, exchange, gift or pledge (mortgage). Bills of sale are used in the sale of moveable and tangible personal property. They are also referred to as receipts, sales receipts, and proof of purchase. A bill of sale is a legal document, which transfers ownership of property from one person to another.
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