Whenever you are buying something of great value or large quantities, you need to have the proper documentation to ensure what you are about to purchase is authentic and in good working condition. Now when it comes to purchasing new vehicles, one very important document you may need is a new vehicle bill of sale. This document is commonly used for a wide range of transactions including car sales, trucks, equipment, and machinery. Without such a document, you would risk a number of things that may lead to costly disputes. To know more about this, let us discuss this further below. Also, if you need to prepare this document, check out our free new vehicle bill of sale samples that are available for download on this page.
10+ New Vehicle Bill of Sale Samples
1. New Jersey Motor Vehicle Bill of Sale
2. New Vehicle Description Bill of Sale
3. New Motor Vehicle Bill of Sale
4. New Vehicle/Vessel Bill of Sale
5. New Vehicle Bill of Sale
6. Bill of Sale for New Motor Vehicle
7. New Motor Vehicle Record Bill of Sale
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11. New Bill of Sale for Automobile Vehicle
What Is a New Vehicle Bill of Sale?
To make sure you are buying the right vehicle for your family or for your personal use, it is important to do your research, canvass car dealers for the prices and availability of the vehicle of your choice. Buying a brand new vehicle can be a costly affair, so this is why it is vital to have everything prepared before finalizing the sale. And once you’ve set your sights on the vehicle, remember to always ask for a new vehicle bill of sale. This is a legal document that outlines the terms of the agreement between the buyer and the car seller. In some cases, a bill of sale is needed to register new cars, thus car sellers have the need to issue such documents during the purchase and sale of the vehicle.
How To Prepare a New Vehicle Bill of Sale?
A new vehicle bill of sale records the transaction and would serve as an invoice and receipt. This would also outline any guarantees or agreements attached to the sale. And this would relieve the seller from any future liabilities in case the car is involved in an accident. Whether your state or city does not require a bill of sale, it is still advisable to issue one for the protection of both parties. So to start working on a new vehicle bill of sale, you should include the following details in this document.
I. Names of Both Parties
The names of both buyer and seller must be included in the document, as well as their addresses and contact numbers.
II. Vehicle Description
List identifying information about the vehicle, such as the model type, year, color, and brand.
III. Odometer Reading
This is important to include the current odometer during the time of sale and record the mileage.
IV. Payment Details
The amount of the vehicle, how the payment was made (in full or installment—describe the agreed-upon terms), and the mode of payment (cash, check, or credit) should be written in the document.
V. Terms and Conditions
Make sure you have completely stated the terms and conditions of the purchase and sale of the new vehicle in the document for example you do not guarantee the condition nor do you offer warranties.
Ensure that both parties sign the document and the date of the bill of sale.
Will a Bill of Sale Hold Up in Court?
A bill of sale is sort of like a receipt, so there is no way to truly enforce it. But it can serve as evidence if any dispute arises between both parties.
How Long Is a Bill of Sale Good For?
It is advisable to hold or keep the document for a year or so. Or until whatever you bought depreciates, or perhaps you can keep a copy for future references.
Can You Write Your Own Bill of Sale?
If your city or state does not provide an official form then you may make one yourself. As long as the document includes all of the necessary parts of a bill of sale and is signed by both parties and a notary, it is valid. Some states require a bill of sale while others don’t.
A new vehicle bill of sale will help protect both parties from any future liabilities in the future. So make sure it is complete and well-crafted.
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