Definition: The document with which ownership of personal property is transferred.

See Also: Purchase agreement , closing .

Tips: A bill of sale is a legal document drawn up by a seller that is passed on to a purchaser to report and confirm that, on a specific date, at a specific locality and for a particular sum of money or other " value received," the seller sold a specific item of personal property or a parcel of real property to the purchaser, of which the seller had lawful possession.