New York Vehicle Bill of Sale
A large purchase necessitates a significant amount of paperwork. However, all of this is necessary to ensure that your purchase is safe and legal. The bill of sale and the title are the two main documents involved in major sales, such as purchasing a vehicle. Although these are two separate documents, they are both equally important, and, in most cases, both are required.
When transferring ownership of a boat or motor vehicle in New York, you'll need a bill of sale. When you buy or sell other types of valuable personal property, a bill of sale provides you with important legal protections. Find out more about the Bill of Sale in New York.
What Is a Bill of Sale
Bills of sale are used in various transactions, but they are particularly common in the sale of cars, trucks, and recreational vehicles. The bill of sale serves as an invoice and receipt for the transaction and outlines any guarantees or conditions attached to the sale. If the vehicle is involved in an accident, a bill of sale can prove that you are no longer liable for the vehicle. If any disagreements end up in court, the bill of sale will be scrutinized to see what terms both parties agreed to follow.
It'sIt's a good idea to create a bill of sale if you're selling your car to an individual. A bill of sale is a legal document that spells out the terms of a transaction and serves as proof that the vehicle has been sold. The document usually contains information about the buyer and seller, the terms of the sale, the transfer date, and the price of the car.
New York Vehicle Bill of Sale
When you buy or sell a car privately in New York, you must fill out a bill of sale. You can use the Department of Motor Vehicles'Vehicles' Vehicle Bill of Sale or create your own. In either case, the bill of sale should include the following information:
- Vehicle Details: Details about the vehicle, such as the year, make, model, and color, should be listed.
- VIN: Your car's fingerprint, or unique identifier, is the vehicle identification number (VIN).
- Odometer Reading: Check the odometer at the sale and keep track of the mileage.
- Payment Details: Make a list of the sale price and how you agreed to be paid. In the majority of cases, the buyer will make a one-time payment. If you agree to pay in installments, however, specify the terms.
- Terms and Conditions: Make sure the bill of sale states that the car is being sold "as is" and that you make no warranties or guarantees about its condition.
- Information About the Buyer and Seller: The bill of sale should include both parties' names, addresses, and phone numbers.
- Signatures: The bill of sale should be signed and dated by both the buyer and the seller.
Along with the transferred title, the buyer must submit the original bill of sale to the DMV. Both the buyer and the seller are permitted to keep copies for their records.
Important Terms for a Bill of Sale
The primary seller's name, address, contact information, and any additional sellers' information are listed in this section.
The primary buyer's name and contact information and any additional buyers' information are listed in this section.
Visual descriptives, serial numbers, the item makes and models, the condition of the item being sold, and other identifying information are included in this section.
Terms and Conditions
The buyer and seller can document any mutual agreements related to the sale in this section. Examples are warranties or agreements for the buyer to accept the item "as is."
The buyer accepts the item in its current condition if the bill of sale is marked "as-is."
Buying Or Selling Vehicle in New York
In New York, you must complete a bill of sale whenever you buy or sell a vehicle privately. This is a requirement of the official ownership transfer.
If You're the Seller
It would be best if you did the following to transfer ownership of your car in New York:
- Sign a bill of sale
- Complete and sign the title certificate's transfer ownership section
- Complete the Odometer Disclosure Statement on the title if the vehicle is no more than 10 model years old
- Complete the Damage Disclosure Statement on the back of the title
- Complete the Statement of Transaction, DTF-802, for the New York State Department of Taxation and Finance
Even if you're giving the car to someone else, you'll need to fill out a bill of sale and a Statement of Transaction. If this is the case, the purchase price should be set to $0.
Furthermore, New York prohibits you from transferring ownership using a title that was previously transferred to you. Instead, you must apply for a new title in your name and transfer it. If the title is from another state, it must be notarized.
If You're the Buyer
Anyone purchasing or accepting a car in New York must comply with the following requirements:
- Sign the bill of sale
- Pay sales tax or present proof of exemption
- Register and title the vehicle
You can either register a new vehicle or transfer the registration from another vehicle you own. The original vehicle will no longer be registered if you choose to transfer registration.