What is the importance of bill of sale for buying a car?

Numerous vehicles, may it be new or used are purchased from Japan within a year. Buying a used car is an easy process, but requires some paper work also. To make the vehicle registered with DMV (Department of Motor Vehicles), a bill of sale is required. Basically, a bill of sale is a document that records a transaction between buyers and sellers; it acts as confirmation of an agreement and is legally obligatory. The document is something one needs for accounting and taxation purposes. One can count on the document in case any issue of ownership arises as this document serves as the proof the buyer really bought the car.

Bill of Sale

A vehicle bill of sale is a written agreement by which a used auto owner assigns or transfers their rights or interest in the vehicle to the buyer. For used auto sales, having this form will be of great help in the selling process. Bill of sale is one of the necessary documents that establish a buyer’s proof of ownership when trying to obtain auto insurance or prove ownership. Bill of sale works as a record of necessary information, including the date of sale, price, vehicle information, and names/addresses for both the seller and the buyer.

Buyers should make sure to register the vehicle with an auto bill of sale form, furnishing correct and verified information and completed in all respects. Even if bill of sale is not necessary in your state to register a used vehicle, make sure to create one as it is good for you.

Bill of sale is required because it contains some detailed clauses that need to be included in order to make the sale legal. Buyer should also insist the seller to create one, so that both the parties are aware of exactly what legal terms they are agreeing to. In case the seller refuses to record the sale in auto bill of sale form avoid making deals with him. Purchasers can also hire a lawyer to give the legal advice. To sum it up, an auto bill of sale form should be considered as it makes buying and selling of used cars more comfortable, reliable, and professional.

Information usually included in Vehicle Bill Sale:

  • Year, Make and Model of the vehicle
  • Description of vehicle
  • Buyer and Seller’s names and signatures
  • Vehicle Identification Number (VIN)
  • Purchase price of the vehicle
  • Odometer reading, etc

The used vehicle importer should keep the original bill of sale, and provide it to the DMV with the other acceptable proofs of ownership required when purchasing a tag. Additionally, the vehicle bill of sale may be notarized. The Buyer and Seller can make copies of the bill of sale, for record keeping purposes. It should be noted that a bill of sale is not an official proof of auto ownership; it is a record of transaction between two parties. So, other forms of proof of ownership, such as the vehicle title are required by the buyer.

Where does one find a vehicle bill of sale template or form?

Buyer can download a bill of sale for car in many cases from the government driver and vehicles services website. This is a nice way to do it because you know that you’re getting the official word and form right from the people who will handle the transfer of your vehicle title. One can also search the net for to search for bill of sale forms, bill of sale templates and bill of sale samples. These are available either free or with charge.

Advertisements

One thought on “What is the importance of bill of sale for buying a car?

  1. Pingback: What is the importance of bill of sale for buying a car? | JapaneseCarTrade.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s