Why is the Iowa Bill of Sale Timeless?
For as long as man can remember, there has been an innate need to document any sale even before money was a medium of exchange. Therefore, it wouldn’t come as a surprise if someone told you that the even when barter trade was the main means through which people traded, these people developed a way of recording transactions, especially when dealing with items of great value. Supermarkets and grocery stores use receipts to record sales, not only for purposes of tax but, the piece of paper generated transfer the ownership and the rights to the item from the buyer, the store, to you, the buyer.
On the other, if you’re interested in selling that laptop bought a few months back or the dogs you breed, you will have to give the person buying that property a document that serves as the proof of the sale for you and proof of purchase to the buyer. This, in a nutshell, is the essence of a bill of sale.
If you’re confused, know this, a bill of sale (BOS) refers to the legal document which represents and recognizes the transfer of ownership rights to a property from a buyer to a seller. It is a legally binding document, and the state of Iowa recognizes it as proof. You can present it in court in the event of a dispute over the item.
Being legally binding, you may want to note that the document recognizes two parties, the seller, and the buyer. As a legal document which can be notarized, and as long as people buy things from each other, used or new, the BOS will be in existence for a very long time. And, thanks to technological advancements, this document is now, more than ever, verifiable and trusted in business transactions and sales.
How do you use the BOS?
To use it, you have to fill a free Iowa bill of sale form and then input the details of the item on sale, as well as the details of the parties involved in the transaction. Note that the seller and not the buyer draws this document.
But, how can you trust the details input by the seller? First, being legally binding, no one in their right mind would want to incorporate false information. At the same time, there are specific BOS documents which require the incorporation of a certified seller’s disclosure. What this means is that the seller admits to having entered accurate information in the form and they agree that they’ll be liable if it’s found that the details were inaccurate.
Types of BOS
Since the sale of a horse, gun, motor vehicle, boat, or household items and electronics require entry of different information in the free bill of sale form in Iowa, you’ll come across different types of BOS forms and subsequently, varying types of BOS documents. And, even though it isn’t a legal requirement to create, complete, and certify a BOS, you have to fill the right type of document for your records and tax reasons. Note that in cash sales, this document is all you will have to prove that you gave out ownership rights to an item or that the item you bought belongs to you despite the absence of a cash trail.
Iowa BOS for motor vehicles
The names and addresses of the seller and the buyer are the standard details of all kinds of BOS. In addition to the basic information which also includes the state ID number or the driver license’s numbers, the BOS for motor vehicles should have specific information that relates to cars. These details include the vehicle’s registration number, the correct odometer reading, its make, model, year, and even the color.
The BOS will also have important information like the date that the document comes to life, the date of payment, and the date that the BOS is finalized. The other details in this document are the purchase price (in words first and then in numbers) and the buyer’s and the seller’s signatures.
This document is necessary for the registration of the motor vehicle soon after its completion. Therefore, it should be final before it’s presented as proof of purchase should the authorities question the buyer.
Note this: even though the buyer signs the BOS, in Iowa, the seller is the only party required to sign the BOS in the presence of a notary public. This is different from what happens in other states where: if the document is notarized, it should be done in the presence of the seller and the buyer.
What Makes the General BOS in Iowa?
To sell household items or personal property of value like a laptop, a television, or a bed, you require a general BOS. While it doesn’t have to be notarized, you have to write down all the unique details of the item on sale in the section of the general BOS form requiring the description of the item. The description includes information like the item’s registration or the serial number; it’s color, the size, model, make, year, shape, and even its length or material it’s made of.
Other than the description, enter the unique details of the seller and the buyer. These details include their full legal names, the state ID or driver’s license number, and addresses (state, city and zip code).
The Seller’s disclosure is also essential as it highlights the defects of the item on sale before the sale is completed. The purchase price of the item should also be indicated, first in words and then in numbers.
This general document proving the sale should also indicate whether the sale is an actual sale, a trade (indicate the traded item), or if the buyer gets the item as a gift. Conditions of sale should also be included in the BOS to free the seller any liability in the future.
Finally, you need to know that the document is only valid after the buyer and the seller sign it and include the date of the sale.
BOS in Iowa’s Boating Scene
Besides the seller’s and the buyer’s details, the purchase price, conditions of sale, and the type of transaction, you have to give boat-specific descriptions like the Hull ID, the make, model, odometer reading, the registration number, and whether the motor and the trailer are included. To finalize the BOS, the seller must sign the form.
Which BOS do you need today? Get our free bill of sale forms online from any city in Iowa, at no cost. Don’t forget that it lasts forever!