BOS is a legal document which is used to record the transfer of ownership of an asset to the second party in exchange for money. It is the document that is used to record the sale of vehicles, boats, equipment, aircraft, firearms, branded animals and other personal property.
BOS acts as proof of purchase and is more than a receipt and an invoice. It is a legally binding document which proves that the transaction has indeed taken place. The presence of the document ensures that both buyer and seller are protected from fraud and mistakes. A completed BOS is proof of valid purchase and also provides that it is genuine. It also proves that the price paid is the same as claimed by the buyers. Key benefits are:
Legal Protection
When you sign a bill of sale, it is a legal document that protects the interest of the seller and the buyer. In the absence of a BOS, the issues about the new owner may become issues related to the previous owner. You can prepare the bill of sale online but when you are preparing it, make sure that both the parties sign it. In this way, it becomes a legally binding document. It acts as a legal proof for the seller and shows that the sale of the item took place on the mentioned date and at the given price. Bill of sale form Oklahoma is available with various legal forms site.
Useful in Tax Matters
There is a considerable role of the motor vehicle bill of sale when the seller is filling the sales tax. Whether you are a dealer or individual seller of the item, you will have to pay the government sales tax and the copy of the bill of sale is needed as proof of the selling price.
Registering Vehicle is Easy
When the seller sells its motor vehicle to any buyer, the car of the motorcycle bill of sale provides critical information about the vehicle. It includes the make, the model, the reading of odometer and VIN of the vehicle. The information can make the registration easy for the new owner, and there are minimal hassles.
Want to Sell the Item on ‘As-Is’ Basis?
When you are selling the item on ‘as-is’ basis, it means that the item is on sale in its current condition. It is sold with the faults, with or without any warranty and with or without accessories. When it is indicated the sale is on an ‘as-is’ basis, the seller remains protected from the legal suit if the buyer comes across the problems with the purchase.
The BOS for such a sale includes, name and address of the buyer. The seller and their contact information. The date of the transaction, the price considerations of the purchase. The payment date, and the type of the transaction whether it was a cash sale, trade and gifting. If there is any warranty information, it will be part of the BOS. The description of the item, disclosures made by the seller. It is signed by the seller and the buyer. If the item has to be registered, it has to be acknowledged by the notary public.
Is it mandatory for every sale?
You don’t need BOS for the sale of small items or low-cost items like the cups or an old rug. Then real estate transactions are complicated, and you need to get the property registered as per the law laid down by the local government.
Finally,
A bill of sale is a legally binding document which acts as a proof of sale and guards the seller against the various legal issues. The bill of sale form Oklahoma is available with the legal forms site.