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Commonly Asked Questions about US Legal Bill of Sale

A bill of sale is required to buy or sell a vehicle in Florida and is recommended for other major purchases as well. If youre buying or selling a business, a work of art, or a valuable antique, a bill of sale provides legal proof of ownership and an official record of the date of transfer.
While a receipt shows payment, a bill of sale provides detailed purchase information. Whether a bill of sale should be used for tax purposes depends on local regulations. Consult local tax authorities or a professional for guidance on retention periods, typically several years, to ensure compliance.
To take over ownership of a vehicle, you will need: If the seller is not the owner whose name is on the title, you will need a Bill of Sale signed by both the seller and the person whose name appears on the title. A record of the odometer mileage (if the vehicle is less than 10 years old).
A bill of sale is a legal document that proves a transfer of ownership between a seller and a buyer. It frees the seller from liability and gives the buyer proof of ownership. The seller is responsible for drawing up the bill of sale form, and the buyer should carefully review it before signing.
It should include a description of the sold item, the date and location of the transaction, and the amount paid from buyer to seller, as well as the names, street addresses, and signatures of the buyer and seller.
Before the buyer can apply for a new title and pay fees or taxes on the vehicle, youll both need to sign a Bill of Sale, unless the sale price and date are included on the title.