Definition: (noun)
A document which transfers ownership or title of personal property from seller (transferor) to buyer (transferee). Note: Not used for transferring title or possession of real property – see deeds and leases.
Use: Forms for transferring title of personal property including vehicles (autos, trucks, motorcycles), equipment, boats, mobile homes and RVs – any property other than real property (real estate).
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Notes: Whenever a seller receives money or other value (including the satisfaction of having made a gift), for the sale or transfer of a specific item, there should be a bill of sale to prove that the buyer / transferee has lawful possession of the item. Depending upon the property transferred, a title transfer may additionally be required to be filed with an appropriate agency, e.g., Department of Motor Vehicles for a vehicle; Federal Aviation Administration for an airplane.
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