bill of sale

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Bill of Sale

A document a seller gives to a buyer stating that a sale occurred on a given date, at a given place, for a given amount of compensation. A bill of sale is a type of receipt and may be used as proof in court if there is a dispute. See also: Absolute bill of sale, Condition bill of sale.

bill of sale

A written instrument used to transfer ownership of personal property. Many buyers insist on a general bill of sale, in addition to a deed, to ensure that all property intended to pass in the sale actually does so.Some states have held that certain real estate-related interests are actually personal property,and attempted sales via deed were void.

References in periodicals archive ?
The Office of Fair Trading has had many complaints about problems with bills of sale.
Consumer Minister Kevin Brennan says: "These bills of sale are archaic and allow vulnerable people's goods to be seized without a court order.
In addition, no exemption from paying transfer fees shall apply for any bills of sale bearing a date preceding that on which the law came into force.
Instead of banning the practice the committee is urging the Government to update the laws with bills of sale written in plain English, to have assets registered with credit authorities so buyers know if debt is secured against them and to require a court order and notice before the asset is seized.
Consumer minister Kevin Brennan said: "These bills of sale are archaic and allow vulnerable people's goods to be seized without a court order.
Ministers favour an outright ban on the use of bills of sale for lending to consumers but other measures being considered include the introduction of a voluntary code of practice, and reform of legislation governing the loans.