What is a Bill of Sale? How to Write – EXPLAINED

October 25, 2019

Is a bill of sale always required when selling a car? Depending on which state or county the parties
are located, a bill of sale may or may not be required. Accordingly, A bill of sale can
protect both the seller and the buyer in a sale of the vehicle. A vehicle bill of sale
may help: Reducing fraud
Settling title disputes Facilitating transactions by creating security
for the payment of the purchase price Remember, A Bill of Sale acts more as a receipt
(proof of purchase) and does not necessarily hold any contractual bearings. We should also
consider that a Bill of Sale cannot prove ownership. A bill of sale is simply proof
that you paid for the vehicle but does not indicate ownership. What should be included in a bill of sale?
Generally, a bill of sale will include: The date of the transaction
Name and address of the purchaser and the buyer
Description of the vehicle VIN of the vehicle
Some states may require the bill of sale to be notarized or to be submitted to the relevant
state agency to complete the title transfer. Make sure to be complying with your state

Leave a Reply

Your email address will not be published. Required fields are marked *