whether you’re a beginner looking to define an industry term or an expert seeking strategic advice, there’s an article for everyone. we’re always looking for experts to contribute to our learning hub in a variety of ways. the salesperson tells you a price, you hand over that amount, a signature might be involved – you know the drill. when buying something used, however, the seller might lack a defined process. a bill of sale is a legal document that records the transfer of an asset from one party to another in exchange for money. in the buying process, the bill of sale is written up by the seller. if you live in a state where no bill of sale is provided but it is required, make sure you include all of the necessary information when writing your own. make sure to check the standards in your state to make sure the bill of sale you are drawing up is valid.

a bill of sale is a document that verifies your purchase of a valuable asset such as a car, a tv or other large item. the bill of sale may also be used to determine how much sales tax you pay. it also releases the seller from liability and protects both buyer and seller from any disputes that may arise over the item in the future. but be aware that the car title still needs to be transferred to the new owner; the bill of sale is not enough to show ownership [source: dmv guide] rules for bills of sale vary from state to state. not all states require a bill of sale and some that do require the transaction to be notarized [source: nerdwallet]. still, even if you’re in a state that doesn’t require it, it’s a good idea to do it to prevent misunderstandings down the line. you may be able to get a bill of sale form from your local department of motor vehicles or from your county tax assessor-collector’s office. you can also write out your own bill of sale.