New York State Notary Practice Exam

Question: 1 / 400

What is the purpose of a bill of sale?

To document a loan agreement

To confirm property ownership

To transfer title of personal property

The purpose of a bill of sale is to transfer title of personal property. A bill of sale serves as a legal document that provides proof of the transaction between the buyer and the seller, effectively transferring ownership of tangible items, such as vehicles, equipment, or furniture, from one party to another. It is a comprehensive record that details the specifics of the sale, including the description of the property, the agreed-upon price, and the signatures of the involved parties. This document is crucial in establishing clear ownership and rights concerning the property, ensuring that the transaction is recognized legally.

While other options mention important elements related to agreements and documentation, they do not encapsulate the specific function of a bill of sale, which is primarily focused on the transfer of title.

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To constitute an affidavit

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