Generic Bill of Sale Form transfers the ownership of personal property from one person to another. It should not be used for the sale of motor vehicles, boats, or other high-value items. The sale/purchase is complete once both parties have signed the document, payment has been made, and the property has been delivered to the buyer. If the item you’re selling or buying is valued at more than $1,000, you might want to consider having the form notarized. This is simply a recommendation and not a legal requirement.
In most cases this type of bill of sale is used to formally recognize a sale primarily for record keeping. If the property is later stolen, the legal document will serve as proof of your ownership, the date of purchase, and the value of the item(s).
The Generic bill of sale forms are available in both Microsoft Word and PDF. PDF is by far the more popular format.
Why would you need a bill of sale? There are many reasons including staying out of jail. Today it’s very common to purchase items on CraigsList or the Facebook Marketplace. What happens if the items you bought from that nice old man were stolen? You get arrested for receiving stolen property. It’s not a joke! When in doubt, ask the seller to execute a bill of sale. If the deal seems shady, ask the seller for a form of identification and write that information on the bill of sale. It would definitely help prove that you legitimately bought the property in question.