The bills of sale are used in the state of Tennessee, to provide proof of legal trade between the seller and the buyer. These documents represent any type of sale that occurs in the commonwealth of Tennessee.
Generally, in all over the world and specifically in Tennessee, official documentation is a must regarding any sale/purchase of specific items to show exact ownership. So, it acts as proof of transfer of ownership, legal sale/purchase, and supporting evidence as well.
The details of the seller, the buyer and the item sold are written on an already printed piece of paper that acts as a template bill of sale. The term ‘bill’ is used because the document serves the purpose of a bill of the item.
What Is the Tennessee Bill of Sale?
Tennessee bill of sale is a legal document that is filled up by the buyer and the seller to ensure the safe transaction of a certain item. Items may be of several types, but the basic contents of any bill remain the same.
The document integrates the paper transaction record to the sale/purchase of various items. It ensures a proper verification that a certain item has been officially sold/purchased and its ownership has been transferred to the person who bought it.
The whole process of filling out the form to the change of title is done in the presence of a legal advisor so that any errors in the document may be averted and time may be saved.
What Are Some Commonly Used Bills of Sale in Tennessee?
There are some types of bills of sale depending upon the nature of the item being sold. The items being sold may be a motor vehicle, private property, firearm, or boat(s). Thus, the bills of sale used are stated as follows:
- General Bill of Sale : This type of bill is used by the dealers to transfer the ownership and ensure a legal sale of any sort of personal property.
- Motor Vehicle Bill of Sale: As the name illustrates, a vehicle bill of sale shows a legal sale of any motor vehicle and provides a successful trade deal.
- Firearm Bill of Sale: During any sale/purchase of a firearm and for the purpose of change of title/ownership, this type of bill of sale is used. It proves that the seller has nothing to do with the firearm from now onwards and the firearm (shotgun, handgun, etc.) belongs to the buyer.
- Boat Bill of Sale: This type of bill of sale is used as a proof of sale/purchase of watercraft/boats in the state of Tennessee. It also transfers the title-ship of the boat to the customer.
What to Include in a Tennessee Bill of Sale?
A basic template of Tennessee Bill of sale includes following parts and contents:
The very first part of any Tennessee bill of sale includes basic information of buyers i.e., buyer’s name, contact number, and home address.
Below the buyer’s information, basic info of the seller is filled out which includes the seller’s name, company, identification number, contact details, and home address.
The item that has to be sold/purchased is written below the seller’s info. It includes specifications of the item. The details may include serial/license number, model, make, year, and color (in case of a vehicle, gun, and boat).
It also includes the description specific to the very item so that it (vehicle, gun, boat, or property) is clearly distinguished. In case of selling or purchasing any property, the exact location and area of the property are also specifically stated.
The accessory information about previous registration of the item, any unpaid tax, damage to the item, etc. may also be added in 3-4 lines below the specifications of the item. Nowadays, bills of sale also include this portion so that trust issues may be prevented later on.
Price and Payment Details
The pre-agreed monetary sum of the item being transacted is written, both in words and numbers, along with the date. The payment method, that the client will use to pay the price, is also written.
If the price is to be paid in the form of installments, the due date and individual installment prices are also stated.
The last part of the bill contains signatures of the seller, buyer, legal advisor, and witness; so that the deal may be concluded and transfer of ownership may be done officially.
Tennessee bill of sale provides not only the proof of successful transaction but also specific details and pricing of the item(s) being sold/purchased. It is an essential document which has to be prepared and filled out so that any sort of crisis in the future may be avoided.
Furthermore, for tax consideration, this document proves to be very helpful to legal agencies and governmental bodies. Incorporating this bill is an effective way to produce a physical record of sale as well as ownership.
A basic template of the bill of sale for any item in Tennessee contains the aforementioned components. Differences in the template may be present depending upon the nature of the item. CocoSign provides a great variety of templates for people who need them.