What is a Bill of sale?
Every time you sell or present your property to a person or business entity, all the parties of this transaction sign a Bill of Sale form. This special document certifies that the transfer of property rights to the new owner has occurred. There are different kinds of Bills of Sale depending on the object of the transaction and sale as well as the state where the transaction takes place. Every state in the US has a specific documents to certify the title transfer. The Car Bill of Sale is the most common agreement. Usually the seller of a car fills out this form. It is an important certification of the transaction and benefits for both the buyer and the seller of the vehicle. The new owner should keep in mind that the Bill of Sale template is not the only document required for the title transfer.
What is Bill of Sale Used For?
The Bill of Sale contract is a document certifying the vehicle’s purchase and sales agreement. The automobile bill of sale sample contains information about the date of the transaction, detailed information about the car (make, model, year, odometer reading, vehicle identification number), its price and the contact information of the seller and the buyer. The contract also contains information about the method of payment: cash or money transfer. The buyer must remember that this agreement is not proof of a completed transaction. For confirmation of ownership rights, you must complete a title transfer. Vehicle history report may also be needed to clarify the car conditions. If the buyer has any doubts concerning the vehicle (make year, motor details, previous owners, etc.) they have to ask for a history report before the title transaction and examine it carefully. That will help them make the right decision. Usually these two documents accompany the Bill of Sale form. The certification has no expiration date, and it can be filled out when there is a need.
How to write a Bill of Sale
The Car Bill of Sale contains little information, yet it’s very important. It will take you up to ten minutes to fill it out.
Completing the fillable and printable auto bill of sale is very easy even though there are quite a few fields to fill out. The preparer (usually the seller of the car) has to provide information about the buyer and the seller. This includes personal information: name, address, place of work, phone number and email. The document also must contain details of deal: price of the car, date of purchase, other essential information that should be taken into account by the parties. The seller has to add the details about the car. It is very important for the buyer and they have to pay attention to these clauses. The seller and the buyer sign the document and date it.
Both parties keep a copy of the agreement. In case any disputes arise, this document serves as a legal agreement between the parties. That’s why it is important to complete the Bill of Sale according all these rules.