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FAQs
What is a Bill of Sale?
How to write a Bill of Sale?
Why a Bill of Sale is important when selling cars?
What is an "as is" Bill of Sale?
States Requiring a Bill of Sale for Car Transactions
How to legally transfer ownership of the car?
Does my Bill of Sale Need Notarization?
What is a Bill of Sale?
A bill of sale is a legal document that transfers ownership from one person to another in exchange for money. It serves as a record of a sale or transfer of property. It can be used in various transactions, such as selling, exchanging, giving, or mortgaging goods.
How to write a Bill of Sale?
It's significant to note that a typical Bill of Sale includes the following information, such as vehicle details, vehicle identification number (VIN), odometer reading, payment details, terms and conditions as well as the buyer and seller information.
Why a Bill of Sale is important when selling cars?
A bill of sale is more than a record. The bill of sale serves as evidence of ownership for the buyer and provides information about the car's condition at the time of purchase. If the seller fails to disclose any issues with the vehicle, the buyer can utilize the bill of sale as proof in legal proceedings.
What is an "as is" Bill of Sale?
An "as is" bill of sale form is similar to a detailed receipt, but it does not offer any assurances regarding the performance of the item or guarantee that there are no claims against the property being sold. This type of bill of sale allows sellers to transfer property smoothly without verifying its title or ensuring its clear status. For buyers, they may be able to negotiate a lower price when using an "as is" bill of sale.
States Requiring a Bill of Sale for Car Transactions
How to legally transfer ownership of the car?
Signing a bill of sale does not mean you successfully transfer the ownership of the car, which can be done only by completing the required paperwork at the local Department of Motor Vehicles (DMV). Typically, the buyer has a 10-30 days after purchasing to apply for a title transfer, pay the relevant fees, and register the car. And late fees may be imposed if this is not done within the specified time.
Does my Bill of Sale Need Notarization?
In most situations, it is not mandatory to have a bill of sale notarized. However, when it comes to the sale of motor vehicles or cars, there are six states, namely Louisiana, Maryland, Nebraska, New Hampshire, Montana, and West Virginia, where the bill of sale must be notarized before it can be used to transfer the title of a vehicle.