Whether you are selling an old vehicle or some other personal property, it is crucial to complete the sale using a well-documented bill of sale. It documents the sale of personal property in exchange for money and transfers the ownership rights and personal property obligations.
Is BOS Accepted in DMV?
The department of motor vehicles needs this document to register the asset under the seller’s name in the state. A bill of sale is well recognized by law, and it works as a piece of evidence in the court if a dispute arises. In the bill of sale, the two parties are recognized as the seller and the buyer. In the state, the BOS has complete details of the seller and the buyer which are legal. The bill of sale is valid only when these details are there. Depending on the state laws, the document may or may not need notarization.
Need of BOS
While you may need that personal property anymore or sell it to raise some funds, the sale transaction must be registered. It is essential to keep the records of every transaction in life, but because the BOS is also accepted evidence in the court. Some critical details needed are:
• Ask the buyer for the identification details like the name, and physical address and put down the details. Further, make sure that the BOS has the date on which it came into existence.
• The BOS must also contain the description of the item on sale. It indicates the make of the item, model, the registration or serial number, the material, size, and colour.
• The selling price that has been agreed by the parties, must be listed. If the buyer and the seller agree to trade, the details of the traded item must be in the BOS. If the seller is ‘gifting’ the buyer, the bill of sale is used to record the transaction and establish the parties’ relationship.
• Use bill of sale template Utah available at leading legal forms site, note down the details, and record the date on which the buyer pays for the item.
Since the BOS notarization is not mandatory, the seller and the buyer need to sign the BOS and mention the date. It ensures that the transaction details are well-recorded and that there will not be any issues afterward.
BOS for Motor Vehicle
Suppose you are looking for money or selling the motorcycle and forgo all responsibilities and obligations that come with owning a BOS. In that case, you may transfer the ownership of the motorcycle using the bill of sale.
This bill of sale records your name and the buyer, the addresses of both, and the drivers’ license number. It also contains the cost of the motorcycle. The description will be in there as well. It contains the odometer reading, colour size, shape, weight, make, year, manufacturer, and other motorcycle details. How did the transaction take place? Was it a cash sale, trade, gift, and the date on which the buyer pays for the motorcycle?
Bill of sale template Utah is available at leading legal forms site. Start with entering the buyer and seller’s name and address, then enter the vehicle’s purchase price and the type of transaction with the explicit mention of BOS date and payment date.
Create in Online at Legal Forms Site!
You can easily create BOS for any personal property that you are selling at leading legal forms for free. Sign up now and check out the details that are required to create it. A bill of sale will surely help!