It is a legal document which records the transfer of ownership of an asset to the buyer for consideration of money. It is commonly used to record the sale of various personal property, e.g. aircraft, autos, motorcycles etc. But it can be used to record the sale of personal property like horse and furniture as well. It is usually drafted by the seller and contains the details of the transaction.
Why is a Bill of Sale Needed?
Most states in the country need a BOS as proof of purchase when buying or selling a car or other vehicle or animal like a horse. A bill of sale is commonly used when selling or purchasing an item of value. For an item of lesser value, it depends on the seller whether he wants to take time to draft a bill of sale. If you are the buyer and want a bill of sale, you can bring one, even though the seller provides it.
Motor Vehicle Bill of Sale
Creating a Car Bill of Sale Oklahoma
Various details have to be provided when you are preparing a car bill of sale Oklahoma in a step-by-step manner:
- Location of Sale– Select the state where the sale will take place. If the parties are from different counties. Use the state in which the car is located.
- Buying Price– Provide the price which was paid to buy the vehicle. Include the full price and any previous down-payments that were made to secure the vehicle.
- Name and Address or Parties– It helps in identifying the parties and their street addresses. One of the party is called the ‘seller’, and the other is called the ‘buyer’. The seller sells the vehicle to the buyer for price consideration. Only the title-holder is permitted to sell the car. It means if a married couple is selling the vehicle, but the vehicle is in the name of a wife, only the wife should sign the bill of sale.
- Vehicle Details– You will have to describe the vehicle you are buying or selling entirely. The location should include the county and the state where is the vehicle is currently located. What is the make of the vehicle? The details of the model and body type. The vehicle identification number is the vehicle’s unique identifier. It can be easily located in the dashboard, the steering column, the vehicle’s firewall, driver side door or the passenger side post.
The seller must give warranties that it owns the car and that no other party has any interest in it. In case there is no other warranty, the vehicle is offered on an as-is basis. The buyers have to take a note of this provision. If the car has problems, the seller is disclaiming it by way of this paragraph. The bill of sale may have additional clauses:
- Inspection– It contains the summary of the recent mechanical inspections. If the vehicle is inspected within the past few days, the details of it should be provided. The seller should also disclose any defects.
- Delivery– It explains how, where, and when the buyer should pick the vehicle. Provide the date on which it should happen.
- Title Conveyance– It indicates that the title to the vehicle will be given to the buyer on the day which it receives it. The seller also makes a promise to sign every document which is needed to effectuate the title transfer.
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