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How to Legally Buy or Sell a Used Car
By David Fagan
It is important to complete an auto bill of sale form when selling or buying
a used car. For the seller, an auto bill of sale form provides proof that
title to the used car has been legally transferred. For the buyer, the auto
bill of sale form documents the purchase of the used car. The auto bill of
sale form should contain:
1. name and address of the buyer;
2. name, address and signature of the seller;
3. complete vehicle description, including the Vehicle Identification
Number(VIN);
4. description of trade-in, if any;
5. purchase price of the vehicle.
Auto bill of sale forms are required in many states to register the newly
purchased used car. These states usually require a state specific auto bill
of sale form that documents specific information such as the purchase price
for tax assessment or to obtain the actual mileage/odometer reading of the
used car. A generic auto bill of sale form will not be accepted in these
states. You will need to obtain a state specific auto bill of sale form.
To register a used car in other states, all that's required is that the
title assignment section on the title be completed and signed. Many of these
states have added to the title assignment section of the title the
information that was previously collected with separate documents (i.e.
odometer disclosure statement, sales price/tax statements, etc.). In these
states, an auto bill of sale form is not required to register the used car
and is used by the seller/buyer to document the initial sale/purchase of the
automobile.
A promissory note form is a written promise to pay money to someone. A
promissory note form can be used to create a legally binding agreement when
financing the sale of personal property, such as a used car. You can
complete a promissory note's payment schedule to fit your needs. You set out
the terms of the loan in a secured promissory note form: how much is loaned,
the interest rate, the rate of repayment and the security interest.
Click here to find your state's Auto
Bill of Sale Form & Promissory Note Form.
Legal Forms Bank.biz, download printable online legal forms.
About the Author
David Fagan is the owner of http://www.LegalFormsBank.biz and has been serving the online community for over 5 years.
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