Anytime you are purchasing a used car, you should make sure that the car is not stolen or that its odometer hasn't been altered to show lower mileage than the actual one.
There are even instances where individuals try and sell cars that have been used as deposits to take out loans. A properly formed DMV bill of sale might help protect you from most of these nuisances and clear you of any legal trouble.
What a proper bill of sale should contain
Let us have a quick look at why a appropriately formed DMV bill of sale is essential and what benefits it provides to each the seller and buyer.
For starters - protection from fraud.
That is the most important point of all, since fraud could be a significant issue and put a naive purchaser in a lot of trouble. You must incorporate things like the price, make, car model, vehicle id number, addresses & names of both sides, odometer readings, all applicable dates, statement saying that no money is owed on the car, both parties signatures, etc in the bill of sale. Keeping all of these details will protect you from any legal trouble in the future.
Quite a few states request the new holder to supply the right bill of sale before they transfer the registration of a motor vehicle. The requirements can differ slightly from one state to another, hence it is necessary to ensure that your bill of sale satisfies all the requirements. You will find many DMV bill of sale templates and forms on the net. In case you decide to buy a DMV bill of sale sample form - make sure that it comes from an authority web site, satisfies the conditions of your local area, and is well organized and readable.
So don't forget to always maintain any required legal documents when selling or buying a vehicle. It will protect you from any possible legal trouble later on, as long as the form has been expertly prepared and matches all legal requirements of your local area.
There are even instances where individuals try and sell cars that have been used as deposits to take out loans. A properly formed DMV bill of sale might help protect you from most of these nuisances and clear you of any legal trouble.
What a proper bill of sale should contain
Let us have a quick look at why a appropriately formed DMV bill of sale is essential and what benefits it provides to each the seller and buyer.
For starters - protection from fraud.
That is the most important point of all, since fraud could be a significant issue and put a naive purchaser in a lot of trouble. You must incorporate things like the price, make, car model, vehicle id number, addresses & names of both sides, odometer readings, all applicable dates, statement saying that no money is owed on the car, both parties signatures, etc in the bill of sale. Keeping all of these details will protect you from any legal trouble in the future.
Quite a few states request the new holder to supply the right bill of sale before they transfer the registration of a motor vehicle. The requirements can differ slightly from one state to another, hence it is necessary to ensure that your bill of sale satisfies all the requirements. You will find many DMV bill of sale templates and forms on the net. In case you decide to buy a DMV bill of sale sample form - make sure that it comes from an authority web site, satisfies the conditions of your local area, and is well organized and readable.
So don't forget to always maintain any required legal documents when selling or buying a vehicle. It will protect you from any possible legal trouble later on, as long as the form has been expertly prepared and matches all legal requirements of your local area.
