Carl Glendon

The Reasons Why One Should Use Automobile Bill Of Sale For Selling Their Vehicle

A major financial transaction happens when you buy or sell a vehicle. But sometimes, while selling your private vehicle, you end up overlooking the importance of a bill of sale. It is one of the crucial legal formalities that would act as the proof of exchange that happens between the seller and buyer. This documented record of the transaction is quite important for future references so that no hassle occurs later.

But before you create this binding agreement in the form of an automobile bill of sale, you should also be aware of its importance. This document is very important for a private vehicle seller and keeps him away from a lot of potential problems. Here are some of the benefits this bill of sale offers.

Gives legal protection

The signed bill of sale acts as legal documents and protects the interests of both the seller and buyer. Without the bill of sale, tickets on a certain vehicle, be it parking or speeding tickets that get incurred by the new owner could become the duty of the previous owner. Thus, while preparing the form, make sure both the parties sign it to make it a legally binding document. This acts as a legal proof for the seller stating the sale of an item on a certain date. It also provides the information that the seller has received the amount.

The tax related essentials

There is a huge role of the motor vehicle bill of sale, in filing sales tax by the particular seller. Be it the property dealer or the individual seller of the item, he will have to pay the government sales tax and the bill of sale copy is required as proof of the selling price. To learn more about drafting an Arkansas bill of sale online, visit this website.

Easier registration

When the seller the private vehicle to a certain party, the car or motorcycle bill of sale contains important information about the vehicle, including the make, model, odometer reading, year, and vehicle identification number (VIN) of the vehicle. This information can make the registration process easier for the new owner, without letting the seller get into any sort of hassle.

It is a mandatory law

Apart from being the financial or practical asset, a vehicle or boat bill of sale is also a law in certain states. These states lay out the requirements for what all information must be included in the form, and also might ask that a bill of sale for an automobile should be notarized.

Author Resource:-

Carl writes often about online legal drafting like affidavit, bill of sale and release/ waiver agreement to help the people. You can find his thoughts at bill of sale document blog. For more information about getting a bill of sale in Virginia, please visit this website.