The Legal Corner: Bill of Sale
Bill of Sale is an essential document and can help in many situations. You may not realize how important this document is, but it’s one of the most vital things to have on your side when purchasing or selling an automobile. With so many people trying to scam others for money, having a Bill of Sale as proof should provide some peace of mind. This article discusses what a bill of sale is and why you need one if you want to buy or sell an automobile. It also includes links to find the bill of sale form to download and fill in your information to be ready for when you need one.
What is a bill of sale?
A bill of sale is a legitimate record that transfers ownership of personal property from one person to another. The buyer and seller can write the bill of sale agreement, or the parties may use an existing bill of sale form. It includes what is being sold and for how much, when the transaction takes place, who the new owner will be, and any terms agreed upon by both parties.
How does it work?
The party transferring ownership signs first followed by the receiving party, then witnesses sign last if desired in some jurisdictions like Massachusetts where there are two witness requirements. The bill of sale is then approved to be legally binding and may also require a stamp from the state for proof of payment, though this varies by location.
Rights and responsibilities in a Bill of Sale
The seller is responsible for providing the bill of sale to the buyer, plus any other documentation required by law. It includes the “sold” date and an agreement that states the ownership being transferred on this date or earlier if payment has made beforehand.
Buyers should be conscious that they may need further paperwork from their state’s motor vehicle department after purchasing a car so it can get registered into their name with no liens present. They will also have to insure and register vehicles themselves and submit proof of insurance when registering, which varies depending on location.
Where can you find templates online?
If you are looking for a bill of sale form, then Forms.legal offers several types of sales forms, including real estate deeds, bills of lading, promissory notes, contracts between two parties (including buyer and seller), loan agreements with lenders and more! Check out their wide selection today for all your needs regarding bill-of-sales documents!