What document is typically needed to complete the sale of personal property?

The bill of sale is the correct document necessary to complete the sale of personal property because it serves as a legal proof of transfer of ownership from one party to another. This document outlines the specific details of the transaction, including a description of the personal property, the names of the buyer and seller, and the purchase price. It is essential in situations where the item being sold is tangible personal property, such as furniture, vehicles, or equipment, as it formalizes the exchange and protects both the buyer and seller in case of disputes.

In contrast, a deed is primarily used for the transfer of real estate and indicates ownership of land or buildings, not personal property. A lease agreement pertains to the rental of property rather than a sale, making it irrelevant in this context. A purchase agreement outlines the terms of a sale but does not serve as the final document that transfers ownership of personal property like a bill of sale does.