Summary
Receipts are legal evidence that ownership has been transferred, and work well for sales of ordinary goods. However, you'll need a bill of sale if you are buying or selling expensive items or unique goods or equipment. Also, a buyer will need a bill of sale if there's a chance that ownership needs to be proved at a later time.
Important to Know:
- This bill of sale should not be used for selling the following:
- real estate
- assets of a business that transfer ownership of that business
- intellectual property, such as a copyright or trademark
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