The 5 Sections You Need To Include On Your Bill Of Sale For Your Used Vehicle
If you want to sell your old vehicle on your own, you are going to need to draft a bill of sale. A used car bill of sale acts as a legal document for the sale of your vehicle and allows you to release all of your liability from the date of sale forward. Here are the five sections you need to include in your formal bill of sale.
#1 Personal Information
You need your bill of sale to stand up as a binding and legal document, which is why you need to start the contract by stating your full legal name as well as your permanent resident address. It is vital that you use your full legal name and not a shortened version of your name or a nickname if you want the bill of sale to be legal and binding and stand up to any scrutiny it may come under.
#2 Detailed Vehicle Information
Next, you need to make sure that your bill of sale contains detailed information about the vehicle that you are selling. You need to make sure that your bill of sale includes the make, model, body style, year, color, mileage and vehicle identification number of your vehicle. It is vital that this information is accurate; you may want to also attach photos of your vehicle that shows this information matches the contract.
If your live in a state where the license plates stay with the car, you are going to want to include that information as well.
#3 Selling Price
Third, you need to make sure the selling price that you and the buyer agreed upon is clearly stated in the contract. The type of payment and the date you will receive the payment should also be clearly stated on the contract.
If you are making a payment arrangement with the buyer, you need to make sure that the contract clearly states the date each payment is due, the amount of each payment, and the form of payment will be accepting. You also need to make sure that consequences for any late payments are clearly spelled out in detail in the contract.
#4 Selling Condition
Fourth, you need to state what condition you are selling your vehicle in. If you are not offering a warranty with your vehicle, you need to specifically state that you are not offering a warranty in the contract. If you are not doing any further work or offering any additional services with the vehicle, you need to state that you are selling it "as-is" on the contract.
#5 Detailed Buyer Information
Finally, to ensure that the contract is fully legal, you need to make sure that the contract includes detailed and accurate information about the buyer, including their full legal name and permanent home address. Verify that the buyer's name and address is accurate by asking to see back-up documentation, such as their driver's license and a home bill. Copy and attach this information to your contract. Finally, make a copy of the bill of sale for yourself as well for future reference.
Talk to business like Edison Automotive that buys used cars for cash and make sure to follow the above tips for filling out you bill of sale.