A Bill of Sale is a document under which a seller transfers personal property to a buyer. This document CANNOT be used to transfer real estate and may be inadequate to transfer a vehicle, as well as most types of intangible personal property. If the property that will be transferred has been pledged as security for a loan, it may be necessary to obtain a release from the party to whom the loan is owed. In such cases, it is advisable to consult with a lawyer. The Bill of Sale should be signed by both the Buyer and the Seller, and becomes effective as of the date provided in the text of the document. |