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This video explains the known rights bill of sale, utilized by individuals selling items like vehicles. It presents a basic template for the bill of sale, which can be filled out and taken to a notary public for documentation. The template includes details such as the seller's name, the buyer's name (e.g., John Doe), the item being sold (e.g., a 2018 BMW with its VIN), and the sale price. Both parties must sign the document, and the notary public will also sign to validate the transaction. The process is straightforward, requiring the completion of specific sections before visiting the notary.