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Why Should You Use A Car Bill Of Sale?
In most states in the US, you need to furnish a bill of sale before you are permitted to register a vehicle in your name. It will be needed by the Department of Motor Vehicles (DMV) and other ownership proofs prior to any change of registration. Many people hear about car bill of sale forms, but few really take out time to make use of the same. Find out why you should use a car bill of sale Alabama form and what makes it an important piece of document for buyers as well as sellers.
Includes important information
An auto bill of sale form comprises of all the essential pieces of information, such as signatures of two parties, odometer reading, addresses and names of the seller and buyer, Vehicle Identification Number (VIN), model and make specifics, general condition of the car, cost of sale of the vehicle. It also includes a statement from the seller which attests that there is no outstanding debt on the vehicle.
Ensures fraud protection
The private purchase of a second-hand vehicle can be risky, given that there are problems associated with the purchase of a stolen vehicle, or a vehicle with altered odometer readings to show that it has traveled only a short distance than in actual case or even a vehicle with pending debt. It is often found that these activities stay discovered until later, and it is not easy always to determine who the responsible party is. If you can show a used vehicle bill of sale that makes it clear when and who you purchased the vehicle from and also mentions the odometer reading during the time you bought it, you can get absolved of any charges of wrongdoing.
Helps keep a record of sale cost
In the majority of states in the US, it is mandatory to record the transaction in this kind of a bill of sale form before the car title can be transferred to the purchaser by the seller and have the vehicle registered under the new owner’s name. This can be assistive in investigating the sale cost for future tax assessment.
Carl writes often about online legal drafting like affidavit, bill of sale and release/ waiver agreement to help the people. You can find his thoughts at standard bill of sale form blog. For more information about getting a bill of sale in Washington, please visit this website.
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