This template gives you everything you need for a professional, customizable and legally binding Bill Of Sale Equipment Agreement.
Yes for expensive equipment sales. It shows what changed hands, what condition things were in, and covers both people if problems come up.
Make, model, serial number, year if it has one, describe the condition, purchase price, warranty info if any, both people sign it.
No, leased stuff needs a lease agreement. Bill of Sale is for when someone actually buys something and owns it.