Learn About Bill of Sale Forms
A bill of sale is used to document the sale of personal property and can help buyers and sellers keep track of important information. While a bill of sale form should be utilized by buyers and sellers of all ages, they are especially important for seniors. Not only can the form help them remain organized, they ensure that they share the correct information to complete a sale. Most commonly, the form is used to specify the details of a vehicle sale. Therefore, a vehicle bill of sale must contain certain types of information. Seniors must learn how to write bills of sale to properly purchase or sell vehicles. In some states, the forms are required for all vehicle purchases and to title or register cars. To learn how to obtain, complete and take advantage of a bill of sale for car sales, review the following sections.
What are Bill of Sale Forms?
Bills of sale are available in all states, but some states only have general forms and do not issue official government versions of this form. A new or used car bill of sale allows seniors to explain the condition of the vehicle at the time of the sale and confirm that the sale occurred. While a senior bill of sale form cannot legally transfer vehicle ownership, the document can be used to relinquish ties to the vehicle until the vehicle is registered and the title is officially transferred. Because the document establishes the date of the vehicle sale and is endorsed by all buyers and sellers involved in the process, it can be used to guarantee vehicle fees and traffic tickets that may accumulate are billed to the new vehicle owner.
When are Bill of Sale Forms Used?
Vehicle bills of sale are used during most car sales. For instance, a bill of sale document is used whenever a vehicle is transferred to a different owner other than the one listed on the current car title. The form can also be helpful when selling motorcycles. However, a motorcycle bill of sale may differ slightly from a vehicle sale form in that it will include motorcycle-specific attributes and details. Finally, a senior bill of sale can facilitate the gifting process when senior drivers give their vehicles to close friends of family members for future use. Seniors can find a bill of sale online that meets their needs and includes the correct fields for the type of vehicle sale that is occurring. However, many dealerships and licensed car sellers will provide a suitable form and submit it according to state regulations. If you learn when a bill of sale is necessary, you will be ready with the appropriate documentation at the time of buying or selling a vehicle.
What information do car buyers need to provide?
Car buyers must complete a DMV bill of sale with personal information to authenticate car sales and to have productive interactions with the sellers. Car buyers must also verify any bill of sale document prior to the completion of the form. This means that car buyers must declare that the information is correct and has been examined by endorsing the document. While each state may require different types of information on a standard bill of sale, car buyers should expect to provide the following details:
- Their full names
- Their contact information
- The date of the sale
- The purchase price of the vehicle
This information is required for car sellers to complete the form and for the buyers to present the form at their local DMV or BMV office. Car buyers are encouraged to use the information car sellers provide in the senior vehicle bill of sale to research the vehicle’s history, if necessary.
What information do car sellers need to provide?
On standard bills of sale, car sellers must know what information to provide. A complete bill of sale receipt must list the seller’s full name and contact information. However, sellers must also provide pertinent vehicle information, such as the following:
- The year, make and model of the vehicle being sold
- The vehicle’s registration number (if applicable) and VIN
- The condition of the vehicle at the time of the sale
- The odometer reading
Sellers may also choose to include additional agreements of the sale, such as the inclusion of trailers or spare parts in the vehicle sale. It is also the sellers’ responsibility to update the bill of sale to include any other details related to the vehicle purchase when necessary. Finally, sellers have the option to notarize the bill of sale form to certify that the document was signed willingly and under no false pretenses.
Learn the Importance of Bill of Sale Forms
Bill of sale documents are important for both buyers and sellers to document a vehicle sale and properly record the exchange of personal property. A bill of sale must be maintained and accessible until the vehicle is registered and titled as dictated by state guidelines and can be used as evidence that the sale occurred.