What is a Purchase Agreement for Personal Property?

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After you've scoured Craigslist and found the perfect vintage stereo or antique steamer trunk, create a Purchase Agreement for Personal Property before you hand over your cash. This simple agreement, which acts as a receipt when you're buying from an individual, is especially important when your new acquisition is involved is valuable. A Purchase Agreement for Personal Property also gives sellers a written record of the transaction.

Use the Purchase Agreement for Personal Property document if:

You own personal property (property other than real estate or a vehicle) that will be sold or transferred to another party.
You plan to buy personal property from a third party and want to have more documentation than a canceled check.

You get a handy receipt when you buy something at the store. But when you're buying from an individual - and possibly paying in cash - you should also record the sale in writing. You can use this Purchase Agreement for Personal Property to describe the item in detail. That way, if there's a question about the transaction later, you'll have something to refer back to. Selling grandma's Depression glass collection? Buying an authentic Wegner Shell Chair? There's always the chance that you might discover that it's a knockoff, or that a buyer will come back and claim the item was not as described.

A Purchase Agreement for Personal Property may also be necessary if you want to insure your new stuff, or if you want a receipt for a tax writeoff. It can be used for nearly any kind of property, except for a house or car. Whether you're buying or selling, protect yourself with a detailed Purchase Agreement for Personal Property.

Other names for this document: Agreement to Sell Personal Property, Personal Property Agreement

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