Sellers of innumerable goods at a particular store are given a kind of written acknowledgment of the items purchased, and this acknowledgment is known as a bill of sale. A bill of sale contains every single detail about the purchase. It contains the location, date, the number of goods bought, description of the goods, payable amount, and the purchaser’s name. Many a time, it happens that you need to get a certain product replaced. This is where the importance of the bill of sale comes in. The seller needs to show it as proof that the product was bought from a specific store. It helps in minimizing malpractices and frauds. One always has this flexibility of downloading a bill of sale PDF instead of getting forms printed. The file can then be customized according to requirements and used for regular dealings.
How is a Bill of Sale Different from an Invoice?
A bill of sale PDF form and an invoice have certain differences. Bills of sale are used for regular cash transactions between the purchaser and the seller. They do not include any sort of credit or debit factor. On the other hand, an invoice form acknowledges that goods or services have been purchased, but payment is not made immediately. The payment is made only after a short span of time. Wholesalers, small businesses, and companies make use of invoices. Invoices contain detailed information of purchased products compared to a bill of sale that is quite specific and brief. Free invoice PDFs can easily be downloaded online to be used in the future. It is to be noted that a bill of sale can work in the form of a lawful financial tool and settling claims if any fraudulent activities are involved in a purchase. Therefore, it serves as an important document that needs to be preserved for benefits in the future.
Scaling the Validity of an Automobile Bill of Sale
An automobile bill of sale, as the name suggests, is a document that is generated when an automobile is sold to some other person, regardless of the mode of payment. This document is mandatory in various countries. However, to be considered a lawfully acceptable document for the sale of an automobile, the bill needs to meet certain requirements pertaining to the laws of the country or state in which the deal takes place. Requirements that make an automobile bill of sale valid include:
- Transfer date of the automobile from the seller to the buyer
- Vehicle details, including model, make, mileage, and year of manufacture
- The price at which the automobile is sold and the term of payment
- The declaration that the vehicle has been sold without any warranty ("as-is")
- The names and the contact details of the buyer and seller
- Signatures of the buyer and the seller and the signature of a witness
- (Usually optional) Notary public certificate of acknowledgment