An equipment bill of sale is a document that enables the transfer of possession of a machinery or equipment from the seller to the person who buys it. It’s a legal document that reflects immediate change of possession and serves as the equipment’s sales receipt.
The terms and conditions of the sale are well-defined derived from the input of both buyer and seller to make sure that both parties settled on the agreement of the sale of the equipment with vibrant understanding of the different situations.
The following are the instructions that will help you in filling up equipment bill of sale form.
Review the whole document before filling up the step-by-step process:
Step1Location of Sale:
Write the name of the city, state, and county where the sale will happen. If the seller and the buy are from different counties, then use the county in which the equipment is located.
Step2Purchase Price:
Write the purchase price of the equipment in the first blank provided. Make sure that you include the full price, including any preceding down payments that were made to make the boat secured.
Step3Names and Addresses of Parties:
Write the name and address of the both parties. One party to this bill is known as the Seller and the other is known as the Buyer. The Seller is the party that is selling the equipment and the buyer of course is the one to buy the equipment.
Step4Location and Description:
These spaces let you describe completely the boat you’re going to buy or sell. As much as possible, try to be specific and make sure that the equipment being sold can be recognized clearly from the description indicated. You have to include the maker, model, size, registration number, the year it was manufactured, and the body identification code.
The seller is the one responsible in providing full information about equipment that is being sold. The most important information are the brand model, the condition, registration number, serial number, and other details which let the buyer to perform due diligence check like encumbrances and liens on the equipment.
The sales price inclusive of taxes has to be stated conspicuously. If there are any modules which comes together with the equipment, listed prices of the components might be needed. The objective is to make sure that the buyer receives the sale with clear knowledge and arrangement to the numerous current equipment conditions.
The buyer should be responsible for providing the seller with precise information of the new full name and address of the owner to enable transfer of possession of the equipment. The buyer has to know and accept the terms and conditions that come with the equipment bill of sale before finalizing the sale. The equipment bill of sale is an obligatory legal document between the person who sells and the person who buys the equipment which settled the transfer of possession at the specified amount.
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