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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.