For private sale of personal property, a Bill of Sale is recommended if something of value has been sold as evidence of the transfer of ownership. A Bill of Sale is a document that transfers ownership of the personal property from the transferor / seller to the transferee / buyer by the transfer of possession to the new owner.
Bills of exchange are used to protect the transferor and the transferee in any future problems. It serves as a receipt for the payment of the property and proof of transfer of ownership. It includes information about the transferor and transferee and detailed information about the property, description, and price. It also allows the transferor to disclaim any liability in relation to the property as the property is sold on an "as is" basis.
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