A Vehicle Bill of Sale is an agreement documenting a vehicle’s ownership transfer to the buyer from its current owner. The seller is the one to generally complete it. The document consists of all the important details about the transaction for both parties, such as details about the car. This is regarded as a vital addition to the contract of title transfer, and serves as a receipt. Referred to otherwise as a Sales Slip, this document shows only the time and place when the sale was carried out, and is not a proof of ownership. That purpose is served by a title transfer document. In quite a few states, a title transfer completion is needed by law. Find out why you need a vehicle bill of sale PDF.
Why a Vehicle Bill of Sale is needed?
Based on which state you are planning to buy or sell your vehicle in, such a document might be regarded as necessary by the laws of the land. There are differences in the rules to complete this form, and these variations occur as per the state it is signed in. For example, both parties have to sign these forms in a few states. In other states, it is necessary for these to be duly notarized. For instance, the DMV (Department of Motor Vehicles) of states such as Nebraska, Wyoming, Maryland or Louisiana will need that you have a notarized bill. A few states, at the same time, demand for neither of these.
It is a good idea to have a Sales Slip, even if there is no obligation for the same to strike a deal or transaction in the state that you are getting it sold or purchased in. It can be useful for both parties. When such a form is completed it mainly serves as a proof that the seller is not responsible any more for the vehicle. It is now the buyer’s responsibility.
A vehicle bill of sale in Arizona also offers all the vital details to then purchaser, such as:
- Seller’s contact information
- Odometer reading
- Date of the transaction
- Price of the transaction
When the document is notarized, it can be useful for both parties. This can be particularly assistive when there is any disagreement. This document can become legally binding once a witness signs it.
Vehicle Bill of Sale – How to Write One?
It is important to include these things:
- Warranty information, in case there is a need to do so in the contract. Leave the warranty box blank in case the sale is regarded to be “as is”. In such cases, no warranty is applicable.
- Purchase date, price and location
- Contact information of buyer as well as seller
- Vehicle type
- Form of payment
- Sales tax
- Year, model, make, identification number (VIN) and odometer reading of vehicle
- Any Sales Slip, having the details of both parties – such as name, mobile phone number, address and a signature
There should be some other terms and conditions as well, and you need to check again and again whether all the information included in the document is accurate. You may download Texas bill of sale here online. Once the deal is completed, do not forget to keep a copy of the document. You might have to notarize your sales transaction.