Vehicle Bill of Sale Purposes
When you are buying or selling a vehicle, you will need a Bill of Sale document. At a minimum, an Automobile bill of sale or Motorcycle bill of sale should include the purchase price, the vehicle identification number, the model and year of the vehicle and the legal names and addresses of the buyer and the seller. Both buyer and seller should sign the Bill of Sale.
A Vehicle Bill of Sale serves a number of purposes. The Bill of Sale can serve as proof of legal ownership for the buyer. Sellers can protect their interests by adding stipulations, such as specifying that the car is sold in as-is condition with no implied or stated warranty. In many states, the Bill of Sale is used to calculate tax and is required in order to process a title transfer and/or vehicle registration.
There is no reason to create Bill of Sale forms from scratch every time you purchase or sell a vehicle. It is much easier to fill in the required information on a Bill of Sale template. The next time you are buying or selling a vehicle, the Bill of Sale legal form available at RocketLawyer.com provides a quick and easy way to create the document you need, and it’s free to try.