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What does consideration of mean on a bill of sale? The consideration is the value that the buyer transfers to the seller. Simply put, and in most cases, the consideration reflects how much (or the dollar amount) the buyer spent to purchase the item.
It is a legal document, similar to a contract, that makes a record of the agreement to sell and receive the goods. To be legally binding, the agreement is made consciously and some actions will now be either prohibited or required, depending on the situation: A bill of sale is a piece of evidence for the sale.
A bill of sale in Georgia should generally include: The sellers legal name, full address, and drivers license or state ID number. The buyers legal name, full address, and drivers license or state ID number. A clear, specific description of the item (make, model, year, color, VIN number, etc)
The sellers consideration is the amount realized (money plus the fair market value of property received) from the sale of assets.
Bill of Sale (T-7) This form can be used to transfer ownership of personal property. It can be used in lieu of a title on motor vehicles with model years 1985 and older where there is no title and trailers that are not titled in Georgia (weighing less than 2,000 lbs).

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The consideration can take various forms the most common of which include: Cash: this may be the payment of a specified cash sum, or a sum to be calculated based on a formula, on completion or in stage payments.
Can you hand write a bill of sale in Georgia? In Georgia, a bill of sale for a car does not need to be notarized. Like the state form provided, any hand-drafted bill of sale will have to contain the following information: The names, contact information, and signatures of the seller and the buyer.

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