In addition, the buyer is required to understand and accept the terms and conditions presented in the equipment bill of sale before signing off the bill of sale. The buyer is responsible for supplying the seller with accurate information about the new owner’s full name and address to facilitate ownership of the equipment. The objective is to ensure the buyer accepts the sale with a clear understanding and agreement to the various existing conditions of the equipment. In addition, if any components come along with the equipment, itemized prices of the components may be necessary. The sales price inclusive of taxes should be stated prominently. The key information is, but not limited to, the model and make of the equipment, description of the equipment as is, serial number, registration number, and other information which allows the buyer to carry out due diligence checks such as liens and encumbrances on the equipment. The seller is responsible for providing detailed information on the equipment for sale. Essential information on the equipment bill of sale Terms and conditions of the sale are defined based on the input of the seller and the buyer to ensure both parties entered into an agreement on the sale of the equipment with a clear understanding of the various circumstances.
It is a legal document to reflect the instant change of ownership and serve as a sales receipt of the equipment. What is an equipment bill of sale?Īn equipment bill of sale is a document that facilitates the transfer of ownership of equipment or machinery from a seller to a buyer. However, if you sell other assets such as a boat, trailer, motor vehicle, firearm, etc., check out the corresponding bill of sale form.
Notice that this bill of sale is used when you are selling equipment. If you are selling or buying valuable equipment, you definitely need an equipment bill of sale form. To help you prepare the equipment bill of sale quickly and easily, we provide you with a free equipment bill of sale form in PDF and Word formats.
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