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 a seller or buyer, you need to understand the important facts about the bill of sale form.

      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.  

      It 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.  

      Legal 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.  

      The 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.   

      If 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.  

      The 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.  
  

      The purchase price of a vehicle that is transferred as a gift is $0. It should be stated on the Bill of Sale.  

      Alterations, 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. 

      Any 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.  
  
 However, if your car is ten years old or older, non-motorized, and weighs more than 16,000 pounds (gross vehicle weight), an odometer disclosure statement is no longer required at all.  

      If 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.  

      Rules on the due dates of transfer fees differ from every state. If the DMV office has not received the transfer fees within 30 days of the "sale", the state shall impose penalties.  
  
 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.