A Bill of Sale is a type of document that varies a lot from an invoice. But it is similar to the latter in at least one way. Both of these can confirm that a specific sum of money is being handed over to the seller by the buyer in exchange for the transfer of the title or ownership of an asset – such as a car. Know about the types of bill of sale in Oklahoma documents that are in existence today, and happen to be used often.
Absolute Bill of Sale
This is the first kind of BOS. For this kind of agreement, the payment has to be made only for one time. It mentions all the payment descriptions. It can specify the sum that needs to be paid to the seller by the buyer. You have to remember something before you sign an Absolute Bill of Sale. In this case, the entire payment has to be done at once. No debt is entertained, and as a seller you should get the payment made to you entirely and not in installments. It is the primary difference that you are supposed to understand.
It is slightly varied from the invoice, given that the payment has to be made entirely and at once in this case. That is not the case with an invoice. Thus, an Absolute Bill of Sale cannot be regarded as an invoice.
Conditional Bill of Sale
Even this is not an invoice. In case of an invoice, there is no payment made at once. At times, in case of a Conditional Bill of Sale, the buyer tends to avoid making the payment. It might be seen that the payment is made partially and the remaining part is left for payment at a later time. This makes it stand out from the absolute Bill of Sale in a prominent way.
Other than this, it is impossible to note any variation between these two types of Bill of Sale documents. Both of these are essentially the same, and happen to be just as vital as an invoice.
How to Write a Bill of Sale?
Both Absolute Bill of Sale and Conditional Bill of Sale are essential agreements, which must have all the relevant information. When you have to write a Vehicle Bill of Sale, you have to ensure that it contains all the important details. You have to include information such as:
- Parties to the sale
- Contact information, such as name, phone number and address
- Contact details for all the selling parties, in case multiple people are listed on the title certificate as the vehicle owner
In a similar way, in case more than one individual is buying the car, it is essential to mention the contact details for all buying parties in detail. You have to include a detailed description of the car, and include details such as year of manufacturing, body-type of the car, model number, make, license plate number, Vehicle Identification Number (VIN) and more. It must have contact information of both the seller and the buyer, serial number and other identifying codes for the car, the cost at which the car is being sold, date of sale and more. The signatures of the parties involved in the transaction must be mentioned as well in a vehicle bill of sale.