-Buying or selling livestock can turn out to be a surprisingly demanding process. If you are doing it for the first time, it is possible to make mistakes that could prove costly. One common mistake with severe legal implications is failure to sign crucial legal documentation such as a livestock bill of sale.
This blog post will explore why a livestock bill of sale is essential.
Understanding a Bill of Sale
A bill of sale is a document that shows the transfer of ownership of a property. You can also refer to it as proof of purchase, an as-is bill of sale, proof of payment, or a sales receipt. This record of purchase also acts as legal evidence of transferring rights to an asset or property from a seller to a buyer.
What Is a Livestock Bill of Sale?
This document details everything about the transfer of ownership of livestock. Most states require a signed bill of sale when buying or selling branded livestock. The buyer and seller’s names, contacts, transaction date, price, and payment method must always be included in this agreement.
A livestock bill of sale is worth having, even if it isn’t mandatory in your state. Also, it is vital to consult an attorney if you’re unsure if it is required. Otherwise, the consequences of not having it might be dire should the animal in question fall sick, get injured, or if anything bizarre happens soon after the purchase.
Why Do You Need a Livestock Bill of Sale?
You might be wondering if you need a livestock bill of sale. Of course, you do, as it will help you avoid legal issues, keep accounting records, and have proof of sale or purchase. Sellers will most likely get sued if anything goes wrong after a sale. That’s why this document is mainly issued by sellers to buyers.
You can involve an attorney in the signing of a bill of sale. However, this document, as earlier stated, is more like a receipt. It is legally binding once signed by the buyer and seller. So, you do not need an attorney to sign it. However, you might need a witness to sign to verify the document’s authenticity.
How a Bill of Sale Cushions Sellers Against Legal Issues?
Usually, a seller and buyer sign a bill of sale to sell an item on an “as-is” basis. This means the buyer agrees to take the item in its current condition, including its faults. The seller won’t be liable for any complications arising after the property changes ownership.
If you are looking to sell livestock, be sure to create a livestock bill of sale. This document acts as proof of sale or purchase, so having it means putting your best foot forward for a more seamless buying or selling process.
So, are you looking for a free livestock bill of sale for an upcoming transaction? Well, Forms.Legal can effortlessly help you create a free bill of sale on our website.