Safeguard your bill of sale.
Create an airtight bill of sale to ensure no one backs out.
A bill of sale is a legal document made by a seller to a purchaser. It certifies a transfer of ownership and is typically used for vehicle or other high-value purchases.
Both parties sign the bill of sale once the transaction has been finalized. The document is used to secure the transaction, giving the buyer proof of their ownership and freeing the seller from liability. The seller is responsible for drafting the text and ensuring the agreement is fair and loophole free.
Can you back out of a bill of sale?
Let’s say you’re buying a car. You pay the seller, sign the bill of sale, and drive home — only to find out the car has some serious mechanical issues. Is it too late for you to back out of the bill of sale?
Or let’s say you’re selling your boat. You find a buyer, they pay for the boat, sign the bill of sale, and then contact you that they no longer want it. Are you responsible?
An as-is bill of sale clarifies both of these situations. An as-is bill of sale, or an absolute bill of sale, is the most common type of bill of sale document, authorizing a transfer of property with no restrictions. As the name suggests, the item is being sold and purchased “as-is.”
So, if you’re the buyer in that first situation, and you’ve signed the as-is bill of sale, it’s too late to back out. And if you’re the seller in that second situation, you’re not responsible.
Create your as-is bill of sale.
Avoid all confusion from the outset by drawing up a clear, straightforward as-is bill of sale. Learn more about how to draft, certify, and send a smart and secure bill of sale with Acrobat Pro with e-sign today.