Document background
A Bill of Sale Agreement is a crucial legal document used in India when transferring ownership of personal property from one party to another. This document is essential for both private and commercial transactions, providing clear evidence of the sale and protecting both parties' interests. It should be used whenever there is a sale of tangible personal property, from vehicles and equipment to livestock and other movable assets. The agreement must comply with Indian legislation, particularly the Sale of Goods Act, 1930, Transfer of Property Act, 1882, and relevant stamp duty laws. It typically includes detailed property descriptions, warranties of ownership, consideration amount, and terms of sale. For certain types of property, such as vehicles, additional registration requirements may apply under specific Indian regulations.
