Bill of Sale
The receipt that transfers ownership. It works for moveable goods somebody already owns, and it is not the right document for a company selling an asset.
- Advice on whether a bill of sale is even the right document for you
- The item identified precisely, so what changed hands is not in doubt
- The warranty position stated, rather than left to be assumed
- Drafted by experienced lawyers for the item you are actually transferring
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What a bill of sale is
A receipt that transfers ownership of an item from one person to another, and records the terms of the transfer.
A bill of sale is a type of receipt used to transfer the ownership of an item. It typically includes the names of the buyer and the seller, their contact information, a description of the item, its price, the method of payment and the warranty details.
Bills of sale are used in a wide range of transactions. People sell their goods, exchange them, give them as gifts or mortgage them to raise a loan, and a bill of sale records each of those.
It has three limits, and the third catches businesses out. It can only be used to transfer ownership of goods somebody already owns, only for moveable tangible goods, and only by individuals and unincorporated businesses. A company transferring an asset needs a sale or asset transfer agreement instead, with a board resolution behind it.
- Transfers
- Ownership of an item
- Covers
- Moveable tangible goods
- Already owned by the seller
- Used by
- Individuals and firms
- Not by a company
- Signed by
- Buyer and seller
- A copy each
- Should state
- Item, price and payment
- And the warranty position
- Stamp duty
- Depends on the state
- And on what is being sold
Why have one drafted
- A lawyer tells you first whether a bill of sale is the right document at all
- The item described precisely enough to identify it later
- The warranty position stated, so "sold as seen" means something
- Drafted for a sale, a gift, an exchange or security, as the case requires
- Thousands of businesses served across every state in India
What the drafting covers
- A short call about what is being transferred, by whom and why
- A bill of sale drafted from scratch by an experienced lawyer
- The item described precisely, with serial or registration numbers where they exist
- Price, payment method and the warranty position stated on the face of it
- One revision after you have read the draft
Before you use one
Only for moveable goods
Vehicles, equipment, furniture, livestock. Land and buildings are transferred by a conveyance, which is a different document with registration behind it.
Only for what the seller already owns
It transfers existing ownership. It is not an agreement to sell something that has yet to be made or acquired.
Not for a company
Individuals and unincorporated businesses. A company selling an asset uses a sale or asset transfer agreement, authorised by a board resolution.
Say whether there is a warranty
Second-hand goods are usually sold as seen, and the document should say so. Silence is where a buyer’s expectation and a seller’s intention diverge.
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Have questions? Find answers here
Still have a question? Our team is happy to help, at no charge and with no obligation to buy anything.
Can a private limited company use a bill of sale?
No. A bill of sale is for individuals and unincorporated businesses. A company transferring an asset uses a sale agreement or an asset transfer agreement, with a board resolution authorising it.
Does it need stamp paper?
It depends on the state and on what is being transferred. Some transfers attract stamp duty and some do not, and the rate is a state matter.
It is one of the things we check on the call rather than assume, because getting it wrong makes the document harder to rely on later.
Is a bill of sale the same as an invoice?
No. An invoice asks for payment; a bill of sale records that ownership has passed. A transaction can produce both, and for a second-hand sale between individuals the bill of sale is usually the only document there is.
Can it be used for a gift?
Yes. A bill of sale records a transfer of ownership, and that transfer does not have to be for money. The drafting changes, because there is no price and the consideration has to be described honestly.
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