General forms of a Bill of Sale:Īn absolute bill of sale: A bill of sale that is absolute is not a security, but rather, merely evidencing transfers and other assurances of personal property. The seller simply has to sign the title to the purchaser.
If the personal property has a certificate of title then, when signing the bill of sale, it should be changed to the buyer as well. The consideration (payment) can range from cash to services or a trade that everyone involved agrees on. A bill of sale is a simple document that records the terms of a sale and works to change the owner of personal/private property to another party. The bill of sale is often confused for something it’s not - like a receipt.
