North Carolina General Bill of Sale Form
A North Carolina general bill of sale form protects buyers, sellers, and the existence of a transfer of ownership of personal items. It ensures that both parties transferred the sale item and it was in working order at the time of the exchange. In addition, it confirms the proper documentation of the payment information and the item’s details. The buyer and seller establish the form as legally binding by filling it out entirely and signing and dating it.
| Signing Requirements: Both parties engaged in the deal must sign. |
What is a North Carolina General Bill of Sale?
A North Carolina general bill of sale is a written document transferring personal property from one person (grantor) to another (grantee). The form provides details about the item sold, such as a description, date of purchase, price, and payment terms. It also identifies the parties involved, summarizes the item’s condition at the time of the deal, and includes any other pertinent information.
When is a Bill of Sale Necessary?
A bill of sale records the sale of an item or items for a specified amount of money or other consideration. It acts as a receipt for both parties and serves as proof of ownership, allowing either person to use it in disputes or legal issues. It also acts as a legally binding contract, which means that should any problems occur, both parties will have a record of the purchase. They can use this document to demonstrate that the parties have made a legitimate transaction with one another.
North Carolina does not require the completion of bill of sale forms except when a person buys a car from a dealer. However, for the reasons mentioned above, residents should highly consider using the document during any transaction involving cash or trade.
Does It Require Notarization?
Individuals using boat or firearm bill of sale forms must have them notarized. Otherwise, they do not need to notarize the document. Regardless, the state recommends notarization to authenticate the transfer. This action gives both parties more power in case of miscommunication or dispute. Overall, it transforms the document from a simple contract to a legally binding agreement.