Why a Bill of Sale is Important
A Bill of Sale states that a vehicle (or other items) has been sold. This is a useful document when you’re buying or selling a car privately when there isn’t as much of a paper trail as there is at a dealership. A Bill of Sale is one more way of verifying a sale has taken place, and in some cases, this may be useful in proving you are no longer liable for the vehicle.
Who Needs a Bill of Sale?
For the most part, the seller just needs a Bill of Sale for his own records, but on the other side of the equation, the buyer might need the form in order to complete the title transfer and register the vehicle. If you show up to the DMV or your local vehicle registration branch without a Bill of Sale, the attendant might turn you away until you can show the proper paperwork with the car’s purchase price.
Another important reason why a Bill of Sale is so necessary during title transfers is because some motor vehicle agencies use this document to calculate the vehicle’s license fee.
Bill of Sale vs. Title Transfer
While a Bill of Sale is an essential part of the sale process, it generally does not prove ownership; only a title transfer proves ownership of a vehicle. In order to fully complete the sale, remember to transfer your title right away.
Bill of Sale Forms
A Bill of Sale is an important part of any vehicle sale; however, it is not the only thing you’ll need to consider.
Depending on the state you live in, your state’s motor vehicle department may require you to obtain a Bill of Sale. A Bill of Sale can be an important part of any vehicle transaction for both the buyer and the seller.
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