The Forbes Advisor editorial team is independent and objective. The buyer accepts the item as they see it, hence the term “as is.” This form specifies that the product is sold without any promises or guarantees made by the seller. If property is sold without a warranty or guarantee, then an “as is” bill of sale should be used. If there is confusion over what was sold, how much it was sold for, who the new owner is and when the new owner took possession, this is the document that the buyer, seller, or third parties can refer to. It also documents the purchase price the buyer paid and the date the transfer of ownership officially takes place. It includes a detailed description, such as the make, model and color of a vehicle. It also explains what property is being sold. It also shows who is taking possession and becoming the new owner, and that person or entity’s contact details. It shows who the past owner was, and that person or entity’s contact details. Even when it isn’t required, buyers and sellers should use this form to create a paper trail when property changes hands.Ī BoS is simply a proof of purchase. ![]() ![]() Oregon mandates notification to the DMV when a car is sold, and this form documents the transfer. Buyers and sellers both need to understand the details of a bill of sale.
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