What Is A Bill of Sale?
Buying or selling a vehicle is a major business for many people. This includes huge money which we should be careful when doing this transaction. There is always a lot of preparation, including checking the reasonable price. In this case, what you might need to concern more in on the bill of sale form when your transaction has been completed. Here are several reasons why you need to.
The Importance of A Bill of Sale Form
The signed bill of sale will give the legal protection to both parties; buyer and seller. For the buyer side, the bill of sale functions as proof of a transaction has been done. This is crucial information if there is some serious problem with the vehicle which the seller failed to notify it earlier. Besides, if there is no bill of sale, some matters like speeding tickets and parking will be the previous owner’s responsibilities. So, this is why this part is very crucial.
Remember that a bill of sale for cars is much more complicated which requires complete information such as model, odometer reading, the year of the making, vehicle identification number, etc. Having the bill of sale will make the registration of the transferred car to the new owner becomes easier.
Smart Purchase Decisions
A bill of sale will make everything easier including make you take a smarter decision. The seller might provide you the vehicle history report, but you can compare the information on the bill of sale with the vehicle history report by your own to make sure that the history report is accurate and trustable.
It’s A Law
Many states require a bill of sale form in the transaction to make it practical. Even, many states layout information about what kind of details should be included in the document. They even require it to be notarized. Therefore, you need to find out your local law in terms of vehicle ownership.
Who Needs The Bill Of Sale?
Everyone who is purchasing a vehicle needs this document as proof of purchase. This is mostly used by people who buy a car privately rather than in dealer because the private transaction is often prone to the fraud and many customers often become the victims of buying the stolen cars. In this situation, this document is vital. Besides, another personal property that requires a bill of sale is a boat, trailer, motorcycle, etc.
There are so many benefits you can get by having this document, from helping you in taxing reporting, protection, date of ownership, proof of ownership, warranty information and many more.
Because the bill of sale is usually used for the private transaction instead of through dealers, it must be very tricky to make your own bill of sale. This is why you need a template that will cut off the effort. Our age provides you a huge number of templates for this purpose with formal and complete details. It contains details of both parties, the details of the properties or vehicle to be transferred, until the financial details. Additionally, it is available for free!
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