![]() Signatures: Printed names and signatures of both parties are required to make the bill of sale legally binding.The warranty can be omitted if the items are being sold “as is”-a term used to transfer the item in its current condition if the buyer agrees to accept it. Warranty: The warranty clause describes the terms for replacing the item within a particular timeframe if the buyer detects damages or receives a faulty item.However, the document must stipulate that the property is being transferred as a gift, which is essential for tax reasons. A bill of sale is still crucial to act as a legal record of property transfer. Gift: An item can also transfer ownership from the seller to the buyer without exchanging money or trading items if the item is being issued as a gift. ![]() In these situations, detailed information about the second item needs to be included, along with a statement verifying that both items are of equal value.
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