The vehicle transfer needs that you file with the Department of the Motor Vehicle of the state and the other agencies. The process needs a complete and well-drafted bill of sale.
1 – More Than a Receipt
A bill of sale is like a receipt. It proves the ownership of the particular piece of the property has been transferred. The document contains information about the price, delivery, and condition. The Bill of sale can help to prove the identity of the vehicle’s true legal owner. It is also used by the states and counties to find out the amount of sales tax owed on the transaction.
2 – Details Required
- The location of the sale: The name of the state and county where the sale will take place has to be provided. If the parties are from different countries, the name of the state and county in which the car is located needs to be provided.
- The purchase price has to be provided in the free bill of sale form you might be using on any legal form site. The amount should be full, including any previous down-payments that were made to secure the vehicle.
- Full name and complete address details of the two parties will be needed. The one who transfers the ownership is called the seller, and the one who receives it is called the buyer. Here it is important to note that only the individual whose name is on the vehicle’s title is permitted to sell it.
- A full vehicle description should be provided. It includes the location, make, model, body type, year, and vehicle identification number. For instance, the location should be the state where the vehicle is located. Who is the manufacturer of the vehicle, Ford, Chevrolet, Lincoln, etc.? The model of the car should be clearly detailed. The body type, the vehicle identification number, is also needed. The VIN of the car is the 17-character unique identifier. It is located on the dashboard, steering, driver side door, or elsewhere. If you could not find it, review the user manual to find out the VIN.
3 – Check the Details for Correctness
When you are creating the custom bill of sale, enter all the details correctly. Entering the other party’s current name and physical address is a must to conclude the deal in the right manner.