A sales agreement is known as a bill of sale.
A sales agreement is known as a bill of sale. The bill of sale indicates a transaction between a buyer and a seller that is agreed upon by both parties and it proves that the buyer is the new owner of the item sold. A sales agreement includes the transaction location, the parties to the contract and sale price, a description of the sales item, a right-to-sell statement and a concluding statement by the seller.
Instructions
Drafting a Bill of Sale
1. Write the location of the sale at the top of of a page. The location includes the city, state and county where the sale occurs.
2. Write a statement identifying the parties to the contract and sale price in the first paragraph. This statement says that the company or sales representative accepts a specific purchase price from the buyer. This statement should include contact information for the company or representative and the buyer's contact information. Contact information should include address, postal code and phone number. This statement should indicate the currency of the purchase price and how payment is structured. Payment structure may depend on whether the agreement is absolute or conditional. Absolute sales agreements indicate a complete transaction, but conditional agreements may transfer property to the seller as collateral until the full sales price is paid. Conclude this paragraph by indicating a subsequent description of the sale item with, for example, a colon punctuation mark.
3. Write a complete description of the sale item in the second paragraph. The description may include the make, model, color, serial number, registration number or any identifying marks, numbers and characteristics.
4. Write a statement of the seller's right-to-sell in the third paragraph. This statement says that the seller holds the title and has the legal right to sell the property. This statement indicates that the seller guarantees the title to the property is not limited in any way by, for example, mortgages, lease, liens and other restrictions and states that the property is sold.
5. Write a concluding statement with the full date of the transaction in the last paragraph. This paragraph may include a statement that protects the seller by indicating that the seller believes the buyer is the same person that paid for the sales item and that the buyer agreed to the contract.
