An equipment bill of sale is a sales document that is used during the transfer of ownership of equipment or machinery from a seller to a buyer. Besides acting as a legal document for the transaction, this bill of sale also serves as the receipt for the purchase.
When to use an equipment bill of sale
If you’re purchasing any valuable equipment or machinery, it’s advisable to use a bill of sale. Some of the equipment that requires this bill of sale includes:
- Kitchen equipment such as specialty cookware, appliances, and knife sets.
- General and home equipment like snow blowers, ladders, lawnmowers, toolsets, etc.
- Office tools and equipment such as computers, desks, printers, and projectors.
- Entertainment equipment like musical equipment, sound systems, stages, lights, and displays.
Although you can create an equipment bill of sale from scratch, this will take more effort and a longer period. You can make this task easier by using a template. Pick a template that you can easily customize besides having enough spaces to fill in the required details.
What to include?
A standard equipment bill of sale should include the following details.
Information about the equipment/machinery: Your equipment bill of sale should include relevant information about the equipment such as the make, serial number, year of manufacture, condition, etc. It also includes odometer readings for the heavy equipment.
Parties involved: The equipment bill of sale should also feature relevant information both the parties involved in the transaction such as the names and addresses of both the buyer and seller.
Purchase price: This is the amount the seller and buyer agree to be paid for the equipment.
Date of the sale: The equipment bill of sale also includes the day of the sale also referred to as the date of transfer. This information should be in the DD/MM/YYYY format. This is the actual day that the buyer has confirmed payments and the seller confirms the transfer of the equipment to the buyer.
Equipment description: You should also include a description of the equipment in the bill of sale. For example, you can describe the equipment as heavy or lightweight.
Signatures, dates and printed names of all the parties: At the end of the equipment bill of a sale, you should have a space for the buyer, sellers and witness’s signature, names and dates. It’s also essential to have this document notarized by a public notary.
Free bill of sale form
Buyer tips for equipment
Check and confirm the serial number: When inspecting the equipment, check and confirm the equipment’s serial number, if possible, call the manufacturer to verify if the serial number is genuine.
Confirm if the equipment is stolen: Visit the database of stolen items to confirm if the particular item is stolen.
Original receipt: Request to seller/owner to present the original purchase receipt to confirm ownership. If they can’t produce the receipt, you should not proceed with the transaction.
Consider expert advice mainly to test the equipment and determine if it’s in the right working condition. If the equipment has any defects, you can use this ground to negotiate the price. Consultants may also help assess employee capability in the usage of the equipment and your current resources. Experts will also ensure you purchase the best equipment that will add value to your home or business.