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Bill of Sale Questions

A Bill of sale is a form or document that shows the transfer of an item from one person to another. On the bill of sale must include the identity of both parties, the amount of the sale and the date. A description of the item along with any vital information should also be listed on the bill of sale. Below are answers to some of the most frequently asked questions about bill of sale documents.

I bought a candy route. The bill of sale states that I purchased x amount of machines that were supposed to be in established businesses. There were fewer machines than the bill of sale stated and two machines in closed businesses. Also, there are stickers on the machines that state candy for charity; is the bill of sale void due to inconsistencies and what are my options?

Usually a bill of sale wouldn't be considered void due to mistakes made in the writing. In years past, a bill of sale would be void due to mistakes. This usually isn't the case in current situations. Now people will usually change any mistakes in the bill of sale will maintaining the original contractual agreements. For example, if there are 4 candy machines listed on your bill of sale and there are only 3 machines, the number of candy machines can be changes to the proper amount and the bill of sale can be saved.

This situation leans more towards fraud and misrepresentation which can be taken to court if the seller refuses to modify the bill of sale or reimburse your money. Generally, the court would treat this transaction as a buyer beware purchase, but because there is fraud and misrepresentation involved, the court may be more inclined to intervene.

How do I prepare a bill of sale for a vehicle that is being shipped overseas? What should be on the bill of sale?

A typical bill of sale would first list the basic information; vehicle identity, the price of the vehicle, shipping charges is the cost is separate from original price, the signature of both parties, and the date of transfer. You may want to add that fax signatures can be accepted as original signatures for the title transfer. You may also want to include that it is the buyer's responsibility to obtain the proper shipping documents.

We have an agreement with a man to buy a small vending company. We make monthly payments. Last night the man approached us to buy the business for half of the original offer because he needs money fast. I requested an inventory of the business with a bill of sale for each machine. The man didn't have a bill of sale for any of the machines, what should I do?

Before you sign anything, you should have something more valid than a hand written document. You should also demand a copy of the invoices for every machine that the seller purchased. If he has lost the invoices, it's up to him to contact the people that he purchased the machines from and get copies of the invoices. You can also check the office of your Secretary of State to see if there are any liens against the business. If the seller is insistent on closing the deal without the needed documentation, you should demand some form of collateral to cover your investment.

My brother is selling his commercial truck in Florida--he is selling it to a vendor he buys from-the vendor wants to buy in "trade". The vendor would give him $4,000 in goods--which costs him only $2,000. Should the bill of sale be for $2k or $4k?

You should be sure that the bill of sale is the amount of the goods; any variance in the amount that your brother makes after the sale is his concern. There also needs to be an itemized list on the bill of sale that explains the exact goods that are being traded for the vehicle. One last thing that should be on the bill of sale is to mention that the truck is being sold "as is" and there will be no warranty, also that the goods are not defective and come with any currant manufacturer warranty.

A bill of sale is proof of purchase for an item. This document is vital to show ownership and you may face legal complications without one. If you have questions concerning a bill of sale, don't hesitate to contact an Expert for legal insight.

Ask a Business Lawyer

Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: General
Satisfied Customers: 1507
Experience:  Run my own successful business/contract law practice.
18572087
Type Your Business Law Question Here...
characters left:
6 Business Lawyers are Online Now

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Dimitry K., Esq.
Attorney
Satisfied Customers: 1507
Run my own successful business/contract law practice.
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Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
FiveStarLaw
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