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In this video, the speaker explains the Bill of Sale, specifically for individuals planning to sell items like vehicles. This document serves as a basic template for a notary public to use when notarizing the sale of an item, such as a 2018 BMW. The speaker outlines the procedure: the seller and buyer fill out the necessary fields, including the vehicle identification number (VIN) and sale amount, before signing the document. The notary public then fills in the date and notarizes the document, finalizing the sale. The process is described as straightforward and easy to follow.