When purchasing any WordPress theme via the Themeforest marketplace, you have two licensing options; The Regular License, and the Extended License. The regular license will suffice for 99% of users. The purchasing process, invoicing, and licensing is facilitated by Envato.
Below, we have listed the nuts and bolts of the Regular License for you as a quick reference, as well as a section on how to transfer a License.
To learn more about what each License is for we strongly recommend reading Themeforest’s official licensing terms.