It is drafted by the seller of a chattel.

The absolute bill of sale is a record of a complete transfer of ownership of an asset from seller to the buyer while the contingent bill of sale is a record of a conditional transfer of ownership from one party to the other should the first party fail to reach an agreement. What is a Bill of Sale?Ī bill of sale is an “instrument for the conveyance of title to personal property, absolutely or by way of security.” This implies that a bill of sale is of two types an absolute bill of sale and a contingent bill of sale. You will also find the downloadable bill of sale templates provided by CocoDoc. Here’s all you need to know about a bill of sale. Today, it is used to record the details of the sales between the parties involved. Since then, it's been amended a couple of times, the first of which came in 1882.

It stood as evidence that the mortgagee was still in possession of all attending rights of the property or asset mortgaged. In the middle ages, a “ bill of sale,” was used as a record of an agreement between a mortgagor and a client.