Legal Bill Of Sale
Legal Bill Of Sale – A bill of sale is made between a buyer and seller for the purchase of goods in exchange for cash or trade. It must be signed
The transaction has been completed and the exchange has taken place. If the transaction involves a vehicle, the buyer must keep an original copy for registration purposes.
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DMV Offices (by State) – A bill of sale is required to be signed by the seller in order to register a vehicle.
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A bill of sale is a legal document that transfers ownership of property, usually cars, to another in exchange for money or trade. In most states, a signed bill of sale is required to register a vehicle.
Name of Buyer: [NAME] with a mailing address of [ADDRESS] (“Buyer”) and agree to purchase the property from Seller known as:
Name of seller: [NAME] with an email address of [ADDRESS] (“seller”) and agree to sell the property under the following conditions:
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☐ – Cash payment. Seller accepts cash payment in the amount of $[PURCHASE PRICE] payable to: (Check one)
All municipal, county and state taxes related to the purchase of the property, including sales tax, are ☐ included ☐ not included in the exchange.
The undersigned seller confirms that the above information about the property is correct to the best of his knowledge. The undersigned purchaser acknowledges receipt of this bill of sale and understands that the property described above is being sold on an “as is, where is” basis without warranties or guarantees, either express or implied.
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Once you have decided whether to buy or sell a specific car, you must enter the terms of the agreement. If the vehicle is sold for cash, the full amount is due at the time of sale. All financing must be done in advance with a local bank or credit union. If the vehicle is sold for cash and trade, both vehicles must be listed in the terms of the transaction (common for vehicles purchased from dealers).
The buyer must obtain the vehicle identification number (VIN) of the motor vehicle. This number is unique for each vehicle, consisting of 17 characters. It is usually on the driver’s side or inside where the door meets the car. If you can’t find the VIN number, you can always find it on the car’s title or registration. Once you get this number, you can see all the repairs that have ever been done during its existence, including car accidents, water damage and ownership history.
Private Inspection – Remember, only damage that is reported to an insurance company will be listed in a VIN search. Therefore, it is recommended that a third-party mechanic inspect the vehicle to ensure that it is in good working order.
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To complete the sale, the seller must provide the vehicle’s title and registration. If the vehicle’s title is missing, you can apply for a new title at a DMV office, which takes about 10 to 14 business days to receive.
Vehicle Bill of Sale – The legal contract between a buyer and seller that details a transaction between the parties. The form must be signed by the seller only after the money has been transferred in person or via a bank transfer.
Odometer Statement – By federal law, all vehicles under 10 years old and under 16,000 pounds must have their odometer verified by the buyer. The seller must acknowledge on the form that the reading is correct to the best of their knowledge and that the mileage was not defective.
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Photo ID – Due to the amount of Craigslist and newspaper fraud, it is highly recommended to get a copy of the seller’s photo identification (such as a driver’s license). This is to be 100% sure that the person authorizing the sale can legally sell the property. The buyer must ensure that the title and identification match.
Document Signing – When all the necessary papers are drawn up, the sale can be completed. The parties must meet at a mutual location with the buyer bringing the funds and the seller bringing the vehicle. At this point, the bill of sale must be signed by both parties, and the title must be signed.
Sales Tax – Check the sales tax laws in your state that determine whether the buyer or seller is responsible for paying sales tax at the time of sale.
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After a sale is completed, the new owner will take ownership and must register the vehicle within a certain period. To properly register a vehicle, the following documents and fees must be taken to a DMV office location:
IMPORTANT: A foreclosure sale does not transfer ownership of the title. It only shows evidence that a transaction has taken place. The seller must sign the title to transfer the property.
In order for a sales letter to be as simple and straightforward as possible, it is important to familiarize yourself with the language found in your document.
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“As-Is” – The term “as-is” is a statement within a sales letter that states that the item is being purchased
Notary Public – A disinterested third-party public officer who can attest to the signatures of the buyer and seller. You can find a notary at your local bank or by using a professional service.
Trade-In – A type of transaction that begins with the buyer offering an item to the seller in equal exchange or at a discount for the seller’s item. This type of transaction is often practiced in the car business when the buyer wants to trade in their used car for another car from the seller.
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Vehicle Identification Number (VIN) – A unique 17-character code made up of numbers and letters, which is basically the “serial number” of a car. The VIN must be written in the sales receipt of a vehicle to be valid.
Depending on the state and sometimes even the county you are in, a sales tax may or may not be required. By adding an additional layer of protection for the seller, this document must always be included and completed as a car transfer property (View State Requirements).
Avoiding future conflicts between the buyer and seller is a good reason to use a sales contract. It is important to enter as much detail as possible to maximize the effectiveness of your sales invoice. Adding and completing a Certificate of Acknowledgment will further strengthen the power of your sales invoice.
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A sales agreement is categorized as a contract and allows you to enter more detailed information regarding the sale of goods and services. A sales invoice does more than a receipt (proof of purchase) and does not necessarily hold contractual stock.
It is recommended but not required in most states. Because of the varying laws within each state, it is important to check your local laws if you decide not to have the buyer’s sign. Although possible, it is always best to have the buyer sign the bill of sale.
Usually after you pay for an item, you will receive a receipt with proof of your purchase. A consignment sale should work the same way, by delivering the consignment sale only after payment is received from the seller.
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The only time a promissory note should be used is if the buyer does not have sufficient funds to pay for the item from the seller in full at the time of purchase. By issuing a promissory note, the buyer promises to pay the seller for the item over a period of time.
General power of attorney is the act of allowing another individual, known as an agent, to make specific financial decisions on behalf of the principal. The form can be adapted to suit the specific financial needs of the principal.
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Getting a general power of attorney starts with knowing the “power” you want to give your agent (actually attorney). As this is a “General” power of attorney, the principal must read the general power of attorney form carefully and initial it in the blank support to the left of the paragraph declaring the power. There are 16 powers to choose from; if you don’t see the power you need, initialize next to “Other” and manually describe the power you want to give to the agent.
Finding an agent is the next step who is the person who will act on the power you give. This person must be well-versed, coherent and highly reliable. Depending on the powers you give, this person has the potential to cause great harm to your life if they don’t
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