The buyer agrees to take ownership of the item in its current condition, without any further promises from the seller about its useful life. If property is sold with no guarantees or warranty, the buyer accepts it just as it is. A BoS just provides the essential details of what property changed hands and who was involved in the transaction so that there’s a paper trail showing who the owner of an item is. If you want to address things like financing, warranties or other complex issues, you would likely need a sales contract. This isn’t a long and detailed legal contract. If there is a question about who the legal owner is, what property changed hands or what purchase price the buyer paid, the form settles the issue. It shows the terms under which a seller gave up ownership and a buyer acquired it. When personal property is sold or gifted, the BoS serves as proof of the transaction. It is different from real property, like a house or plot of land (a different type of contract must be used for those types of sales). Personal property refers to things like a car or an animal or a firearm. This is a document that is created when personal property changes hands.
