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December 29, 2018

Bill of Sale

Word of the day

Bill of Sale

A written agreement by which one person sells, assigns, or transfers to another a right to, or interest in, personal property. A bill of sale is sometimes used by the seller of real estate to evidence the transfer of personal property, such as when the owner of a store sells the building and includes the store equipment and trade fixtures. The transfer of the personal property can be affected by mention in the deed or, as is more common, by a separate bill-of-sale document. A bill of sale may be with or without warranties covering defects or unpaid liens of the property. 

A bill of sale is normally used when the purchaser is an investor and, for tax reasons (faster depreciation write-off), wants a separate accounting for the personal property involved, especially if the property is valued at an amount greater than the standard price for similar property. The broker in a transaction involving personal property should see that an accurate inventory is taken of the items included in the bill of sale.

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