When signed both by the buyer and the seller, it becomes a valid legal and binding contract between the signatories.ĭepending on the kind of transaction, the information provided on a general bill of sale varies. It holds the people involved in the transaction accountable to the agreed terms listed in the document. As a legal document, it is essential for a new owner to have and keep just in case he or she would be asked to prove ownership. It involves only two parties, the buyer and the seller, and serves as a receipt for the exchange of any type of property for cash. A General Bill of Sale is a legal document completed by a seller to acknowledge the transfer of ownership of a property or asset to a buyer - who becomes a new owner.
