The seller commonly drafts the bill of sale in a transaction to protect both himself and the buyer in the event a future conflict should occur regarding the property in question. Although a bill of sale is typically used as proof of purchase in conjunction with the sale of cars, trucks, SUVs, vans, motorcycles, watercraft and even aircraft, it can also be used to record the sale of things like furniture, animals and personal property.

Jonathan was required to make his final payment in order to transfer the title.A bill of sale is a legal instrument used to document the transfer of an asset’s ownership from one party to another following an exchange of money. The bill of sale was part of a larger agreement that specified the amount due, payment date, and payment schedule. Jonathan purchased a used Honda automobile from an individual who also funded the purchase. A simple bill of sale can be created by the parties to the deal and filled out with all the information required at the time.Īre you in search of a new car? Bankrate can help you get a great auto loan deal. If state laws require you to use a specific type of bill of sale, you can find blank forms online at the County Clerk and Department of Motor Vehicles. Others include pets, electronics and boats.

Vehicles, such as cars, trucks, and RVs, require a bill of sale.

They may require both parties to sign an updated odometer reading, and notarization. State regulations may apply to private vehicle sales. In these cases, the bill of sales must be in compliance with state regulations. Sometimes, the bill of sales supports the new owner's ability register a vehicle like an automobile or RV. The type of transaction will determine the level of detail required for a bill-of-sale. The bill of sale is a contract between buyer and seller that ends the seller's liability for the property. Having a written record that includes the date and location of the sale, as well as the names of both the seller and buyer, provides protection for both parties. Private sales are rare because there isn't much documentation on the history of the asset being traded. It is essential to keep a written record of any sale, no matter how large or small, even transactions between private individuals. A bill of sale is legal evidence that the seller has sold all rights to an item to the buyer. Car Bill Of Sale Template Ontario - A bill of sale documents the transfer or sale of goods or property.

Car bill of sale template