Just like any other legal document, double check and understand all of the parts before signing. If a dispute arises regarding the details or conditions of the transaction, the form can be used as evidence that the transaction took place. It is a legal document although it is not as formalized as a title or deed. Legal ConsiderationsĪ bill of sale represents a record of a sold vehicle. Verify the VIN on the title to make sure it matches the actual VIN and that there are no liens. The seller may remain liable for any fines/violations associated with the car. Until this document has been completed, a sale cannot be considered final. Title TransferĪ title transfer proves ownership of a vehicle. It could be a separate form or part of the state’s bill of sale form. Check with your local department of motor vehicles for verification.ĭepending on the state, an odometer disclosure statement may be needed. Some states have specific requirements as to what must appear on a bill of sale form for it to be accepted. In some cases, a bill of sale alongside a registration certificate can prove ownership. While a bill of sale provides a legal proof of the sale agreement, it generally does not prove ownership of the vehicle. Having a bill of sale helps sellers with reporting taxes and provides “as-is” protection if no warranty is agreed upon.įor buyers, a bill of sale can help determine the Vehicle Registration Fee in some states.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |