Bill of Sale
Bill of Sale
The purchase of a vehicle is a large investment- whether new or used. Most of the time there are thousands of dollars involved in the transaction. As either the buyer or seller, you want to ensure that you follow this properly, including having the correct forms to make sure this process is completed correctly. The sale and purchase of a vehicle involves legal formalities that are required by the state that you live in. The process will most likely be the same when purchasing a motorcycle.
Each state will have their state specific laws. 4DMV.com realizes how confusing deciphering through the legal jargon pertaining to your state can be. Our expert researcher have compiled all the information you need to know regarding selling and purchasing a vehicle pertaining to your state. Many people believe the selling and buying process of a vehicle simply involves signing over the title and the new owner registering it with their local Department of Motor Vehicles. However, there is one form that should not be overlooked in the process of buying and selling a vehicle and that is the Bill of Sale.
A Bill of Sale protects both the seller and the buyer. It details crucial information such as the make, year, model and VIN- Vehicle Identification Number of the vehicle. It verifies that at the time of sale the vehicle is free from all leins, taxes, fees and encumbrances with the exception of those that are listed on the title or recorded on the Bill of Sale. It also verifies that the buyer accepts full liability from the time of sale for any damages and third party liability.
In some jurisdictions the Bill of Sale is also used to determine sales tax- making it necessary to complete. 4DMV.com has researched each state to bring you its state specific information and the Bill of Sale form that is required for your particular state. Should your state not require a Bill of Sale, you can still take advantage of the protection of the Bill of Sale by downloading a generic version of the form.
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