How long is a bill of sale good for?
Learn what a bill of sale is, how long it’s valid, and how long to keep yours after the sale is completed.
A bill of sale is an official document used to transfer goods from one person to another. It’s commonly used when selling high-value items, including vehicles, watercraft, aircraft, and even farm animals. Before goods change hands, let’s dive into some details you’ll need to know — whether you’re on the buying or selling side of the deal.
Tell me how long a bill of sale is valid.
While there’s no exact timeline for a bill of sale, it’s typically drawn up just prior to the transfer of goods from the seller to the buyer. And because it must include detailed descriptions of the item being sold, it’s vital that the description be accurate. If circumstances have changed in the time from when the bill of sale was written to when the purchase occurs, you’ll need to write a new one.
Because bills of sale are often used to sell a vehicle, if you’re the seller, you must include information such as vehicle condition, VIN, year, make, model, and current mileage. If the buyer delays the purchase by even a short amount of time, and you continue to drive the vehicle, you’ll need to draft a new bill of sale that includes the updated mileage.
How long should I keep a bill of sale?
Whether you’re the seller or the buyer, you should keep a bill of sale for at least one year after the transfer. It’s also advisable to keep any paperwork associated with the transaction, such as warranty information, along with the bill of sale.
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