Equipment Bill of Sale Form
An Equipment Bill of Sale is a form used for legally transferring ownership of an item to another person. Goods can vary in price, size, and age, although this form is typically used for valuable equipment. If the owner chooses to sell the item for profit, they must collect the payment from the buyer before signing. In this case, they should record the amount of money that they were paid in the bill of sale. While an exchange of funds is common for this type of transaction, it is not a requirement. The seller can also create an agreement with a willing party to gift or trade the item.
Types of Equipment
The list below provides examples of equipment that a bill of sale may include.
- Exercise: Treadmills, weights, stair climbers
- Kitchen: Stoves, ovens, or refrigerators
- Medical: Defibrillator, EKG, or ultrasound machine
- Sports: Hunting weapons, fishing poles, or golf clubs
What to Include
Sellers often use a bill of sale for high-priced or rare items. However, they can also complete one for objects of any size or value. In either situation, the form should include the equipment’s make, model, serial number, and hours.
Not only should the bill of sale describe the item, but it should also include contact information for both the buyer and the seller. Also make a note of any important details about the equipment, especially if it is in need of repair work. Since the form acts as a receipt, write down the price, as well. At the end of the process, the seller signs it, and the buyer becomes the new owner.