The Importance of Bill of Sale

Purchasing items from private sellers on Craig’s List, or at swap meets or garage sales is so easy! A written record of a sale is especially important if you are purchasing a vehicle, gun, electronics, any items with a serial number or items of value over $100.00 from a private seller.

No one really knows the history of the items so it is essential that you document when you acquired the item and from whom you acquired it. that iphone you bought on Craig’s List might have been stolen from its rightful owner prior to your purchase. You may find yourself being questioned by the police when it turns out the gun you bought from a friend of a friend was involved in a crime.

A bill of sale is a simple document that identifies the buyer, seller, a description of the specific item, amount paid and the date. The bill of sale should be signed by the buyer and seller. You can prepare a bill of sale at home and carry it with you when you are looking to make a purchase from a private seller, or you can handwrite one when you are in a pinch. Always make sure to protect yourself when buying from a private seller.