Important Facts about the Bill of Sale Form
Are you planning on selling any of your personal properties? If you are, you need to understand the process involved in the selling/buying of a property, be it a vehicle or not. Whether you are...
As defined, the bill of sale is a legal form that documents the selling and buying of a personal property.
Terms and conditions
of the buying and selling process should be well-written on this contract.
Through this, potential conflicts resulting result to lawsuits are avoided.
is written evidence that the property is transferred to the name of
the buyer immediately after the buyer pays a certain amount for the
said property. It also proves that the seller has received the amount.
forms or documents vary from state to state. In some states, the seller
who wishes to cell his vehicles, watercrafts, firearms or any piece
of art is required to include additional documentation and registration
papers from government agencies. These documentations are attached to
the bill of sale form.
seller has to deliver the title to the buyer as required by Federal
Law. The seller has to sign the title first before it is delivered to
the buyer. This signifies that the seller has let go of his interests
toward the vehicle.
the title transfer is not done in a DMV office, the notice of transfer
should be completed instead. It does not pertain to a transfer of the
title. It only advises the DMV office that the title transfer is pending.
The DMV office shall not renew the vehicle’s registration in the name
of its current owner until the title transfer has taken place.
original Bill of Sale form as well as the other proofs will prove one’s
ownership of the property. The new owner should give theses documents
to the DMV office. The acceptable proof of ownership is a title certificate
from any state.
purchase price of a vehicle that is transferred as a gift is $0. It
should be stated on the Bill of Sale.
erasures and any other changes in the title certificate are unacceptable.
When the title certificate it altered or has any erasures and changes,
a duplicate title of certificate must be secured and used to transfer
the ownership to the buyer.
vehicle that is less than ten years old should verify its odometer mileage.
This is a requirement based on Federal and State Laws. Anybody who fails
to give the accurate will be charged with fines. Another worse thing
to happen may be imprisonment.
an odometer disclosure statement has to be submitted, it shall be passed
at the moment you applied for the title. This statement shall be signed
by parties, the buyer and the seller.
Bill of Sale forms are deemed useful when you want to sell personal properties like vehicles, bikes, furniture, jewelries, and the like. When you are in need of a sales receipt for such a transaction, this form is also very useful. This form is also vital especially in minimizing any conflicts and other risky situations that buyers and sellers will encounter.
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James is an expert in writing about legal forms and documents that may help you when your in the search of the right legal document. He writes many articles about forms ranging from, power of attorney forms, landlord forms, and almost any legal form that your searching for.