A vehicle bill of sale is a legal document that is made by a seller to a purchaser. This document reports that on a specific date at a specific location and for a specific amount of month or value received, the seller sold to the purchaser a specific item, whether personal, parcel or property. This written instrument evidences the transfer of title to the personal property from the vendor or seller to the vendee, the buyer.
The term known as bill of sale refers to any type of writing that an owner or mortgagor remains in possession and exercises all the rights of ownership. The evolution of bill of sale documents in the USA has evolved overtime. An absolute bill of sale doesn’t represent any security and is just a document that shows assignments, assurances or transfers and is no more than a contract of sales for goods.
A conditional bill of sale refers to any type of transfer or assignments for the payment of money. This type of legal document creates a security in favor of the grantee of the bill where the grantee is given right to seize security interest in terms of possession. An example of a conditional bill of sale is when a creditor gives a loan and has transferred them as collateral for the loan. The physical goods or other property remains with the debtor (such as a vehicle title) until the debt is paid off.