Do you know that bill of sale is a legal document that records the transfer of ownership of motor-vehicle to another party for a certain amount? The document is primarily used to record the personal property like motor-vehicle, watercraft etc. It can also be used to record the sale of animals and furniture too. The bill of sale is drafted by the seller and includes the details of the transaction. It safeguards the interest of the buyer and the seller if the disagreements arise in the future.
Using a Bill of Sale
It is mainly used when you are buying any item of value. Most states need a BOS as proof of purchase when buying or selling a vehicle or any branded animal like a horse.
Common Elements of Bill of Sale
A generic bill of sale includes the following details. The date of purchase, name and address of the seller and the buyer. The amount paid for the transfer of ownership; the description of the assets being transferred. It also offers a guarantee that the motor vehicle or the other item being transferred is free from claims and offsets. The BOS is also finally signed by the buyer and the seller. Standard requirements for Bill of sale Oklahoma.
• When drafting a simple bill of sale, it must comply with state requirements.
• Some states require only the buyer to sign the document.
• Some states may need notarization.
Creating Automobile Bill of Sale
Once you have found the right buyer for the vehicle, the deal has to be closed properly. Transferring the vehicle involves filing with the state motor vehicle department and other local agencies. It means you need a well-drafted BOS. With the enclosed documents and the instructions, you can decide on the terms of arrangement and also prepare a ground for vehicle registration.
As mentioned earlier, the bill of sale works like a receipt and proves the ownership of the property has changed. The terms of sale are mentioned in it, including the information about the price, delivery and the condition. A bill of sale can help to prove the identity of the valid owner of the vehicle.
It starts with getting the correct name and physical address of the other party to the deal is a must. If there is any question about the property title, you need to contact the person. If you are selling the vehicle, give the buyer a completed bill of sale only once you have received the money and the transaction incomplete. As the BOS states that you have already been paid, it can be challenging to collect the outstanding amounts if the buyer has given evidence that its payment obligations are complete. Ensure that it contains:
• Location of Sale: The name of state and county where the sale will take place. Details of the county where the car is located.
• Purchase Price: The purchase price should be provided in the first blank. It should include the full price paid, including any previous down-payments that were made to secure the vehicle.
• Name and Address Details: It identifies the parties and their street addresses. One party is called the buyer, and the other is called the seller.
• Description of Vehicle: It must include the location, make, model, body type, year and VIN. The odometer disclosure statement is also needed as per the local registration requirements.
How to Create Auto Bill of Sale Oklahoma?
There are several legal forms site where the auto bill of sale can be created easily. Fill the required information in a step-by-step manner to create the BOS.
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