Bill of Sale - Vehicle


Overview
The Bill of Sale - Vehicle is used to document the sale of a car, motorcycle, truck, or trailer.
Ownership of most vehicles is reflected by a certificate of title issued by the state.  
Each state tracks the ownership of vehicles, usually through the Department of Motor Vehicles, to ensure that they are properly licensed and to collect property taxes.  If the state tries to assess property tax on a vehicle you have sold, the bill of sale can be important evidence to persuade the state you no longer own that property.  
Even though the state issues these title documents, it is still a good idea for the seller and buyer to use a bill of sale to establish that the property was rightfully acquired in an "arm's length" transaction.  Also, it can help to establish the cost basis for purposes of depreciation and other financial accounting purposes. 

When You Need It
-A bill of sale can make it clear that the vehicle is owned outright, not leased or borrowed. 
-Use this document is you are buying a vehicle from an individual, or if the vehicle is being given away.
-If you are a buyer, the state may refuse to issue a new title in your name unless you can produce a bill of sale.

Getting Started

You will need:
-The seller's full name and address.
-The buyer's full name and address and the amount being paid for the vehicle.
-The details of the vehicle being sold, including make, model, year, mileage and Vehicle Identification Number (VIN).

When to Review and Revise 
-To correct any information provided in the original Bill of Sale.
-To provide the documentation for another transaction.

 

-More information is available regarding this document by clicking here.