![]() Once the transaction is finalized, and both parties sign the bill of sale form, all ownership rights, including the property’s title, are transferred to the buyer, and the seller relinquishes liability for the sold item.Īn as-is bill of sale serves as a receipt as it proves that full consideration has been made in a transaction and that the seller has transferred property ownership rights to the new owner detailed in the bill of sale form. The term “As-Is” means that the buyer has agreed to purchase the item with all its faults (visible or hidden), and the seller does not guarantee the quality of the product to the buyer. ![]() An As-Is Bill of Sale, also known as the No Warranty Bill of Sale, is a form that a seller uses to document the purchase of an item in its current condition.
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