The article has been updated successfully.What is a Bill of Sale?
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The bill of sale, for most vehicle transactions, ranks as the most important document between a buyer and seller. It serves as a sale’s legal verification.
If you’re the buyer, a vehicle bill of sale form is your proof of purchase. In most states, you need it for registering and titling purposes. It validates ownership and allows your state to accurately assess the vehicle’s tax.
Whereas if you’re the seller, a car bill of sale form legally documents that ownership of your former vehicle has changed hands. Though not required, keeping a copy on file is highly recommended. It protects against any questions of liability should the new owner immediately accrue traffic tickets or be involved in a collision.
Most auto bill of sale forms require the following basic information:
- The buyer’s name and address
- The seller’s name and address
- Seller’s signature
- Vehicle sale price
- Vehicle specifications (make, model, year and vehicle identification number)
But some state-specific bill of sale forms also require the vehicle’s odometer reading and/or notarization. It’s best to call your local Department of Motor Vehicles (DMV) for information on this. If only basic information is required, you can use a generic bill of sale, which can easily be obtained from a variety of sources. But if you reside in a state with strict bill of sale requirements, you’ll need to grab a form from your local DMV office.
Bill of sale forms are not auto exclusive. They should also be used for transactions involving boats (vessels), motorcycles, trucks, snowmobiles, all-terrain vehicles (ATVs) and registered trailers.
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