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. The buyer’s form will show specific information about the vehicle. The seller’s bill of sale form will show the date the vehicle was sold and the buying party’s information. Local requirements will vary, so be sure to check with your local department of motor vehicles.Ī bill of sale document lines out the details of a transaction between a buyer and seller of the vehicle. The bill of sale combined with a registration certificate may be enough to prove ownership, if a valid title isn’t available. This will help prevent any problems that may arise later on. Buying or selling a vehicle? Make sure you have a copy of a bill of sale signed by both parties at the time of the sale.
That includes the names and addresses of both buyer/seller, date of sale, price, and vehicle information. The bill of sale acts as a receipt or record of necessary information.
It is a legally binding document that is commonly used when the former owner transfers possession of the goods to a new owner. A bill of sale is a document that transfers ownership from one person (the Seller) to another (the Buyer).
