Step 2 – Acquiring the VIN (Vehicle Identification Number)Įvery vehicle contains a unique 17-digit code called a “Vehicle Identification Number”. Specifics such as the price of the vehicle, method of payment, and what extras are included (if any) should all be negotiated prior to the signing. Step 1 – Establish the Terms of the AgreementĪssuming the buyer and seller have come in contact with one another either through an ad or by word of mouth, both parties must discuss the terms and conditions of how the transaction will transpire.
Below are a series of steps designed to guide you through the process. A key component of that is the execution of a motor vehicle bill of sale. There is a certain protocol that must be followed when selling or buying a vehicle during a private sale.
NOTARIZED BILL OF SALE TEMPLATE HOW TO
How to Privately Sell or Purchase a Motor Vehicle Think of it as a receipt that may be referred back to in the event that there is ever a legal dispute or you need to supply evidence for tax reasons. That being said, most states still require that the previous owner sign-over the vehicle’s title to the buyer, but the bill of sale can provide additional information regarding how the exchange transpired. What is a Bill of Sale Most Commonly Used For?Ī bill of sale is most frequently deployed for the purchase and sale of a motor vehicle. Both sides of the transaction should retain a copy for legal purposes. It is generally required by the DMV office to record the identity of both buyer and seller, include the transaction terms, and finalize by signing (depending on the state, this may need to be notarized). Typically, the property will be sold for a determined price between a buyer and a seller, but in some cases, the property may be traded for another item or even gifted for no compensation. A bill of sale is a widely popular legal document that is commonly performed during a transaction involving the transfer of personal property from one party to another.
0 kommentar(er)
