If you’d like to sell an asset and protect yourself from liability in the process, a bill of sale is all you need.
What’s it exactly? Well, a bill of sale or a BOS refers to a legally binding document used to transfer the ownership of an asset from one party (the seller) to another (the buyer). In the state of Idaho, like other states, there exist different kinds of BOS documents, and you could use it for anything you wish to sell, as long as it’s valuable. Like the receipt you get from the grocery store, the BOS is proof of a sale and an official document for the transfer of ownership. A buyer uses it as a proof of purchase. However, the seller is the one who initiates the process and the one who has to fill out a free bill of sale form in Idaho.
This proof of sale document is a legal requirement because it transfers the ownership rights of a named item. When filling out your free Idaho bill of sale form to facilitate the sale of the dining table or your old fridge, you are documenting your ownership interests to the interested buyer. It is, therefore, essential that you and the buyer sign a dated bill of sale while keeping a copy of the document as proof.
So, which are the main types of bill of sale accessible and acceptable in the state of Idaho?
There exist BOS documents for the sale of items like boats, motor vehicles, boats, furniture, and firearms, among others. However, before we check out the types of BOS used, all of which hold unique elements, here are some of the common inclusions for the documents.
All proof of sale documents contain:
The legal names of the buyer and the seller in full
The legal mailing and physical addresses of the buyer and the seller
The state ID or the driver license numbers of the seller and the buyer
signatures of both parties.
Types of BOS
Idaho's General BOS
Any resident in the state of Idaho planning to sell household items or personal property like a television, a laptop, furniture, or a tablet, and one wishing to record the sale to protect their interests will have to fill out a general BOS form. But, despite being general, the document holds the unique details of the item on sale. So, other than the identification details of the seller and the buyer, the general BOS requires information about the property: it's registration or the serial number, the model, make, year, color, size, and any other information specific to the item in question.
Once these basic details are input in the form, you'll have to enter the purchase or the trade price. The latter applies when you are getting something else for the item on sale. On the other hand, if you're selling the item for cash, then you indicate the purchase price; first in words and then in numbers.
The next step is to include the date of the expected payment, especially if the payment is expected on a different date from the date the BOS is created. And, the date of the sale should be included in the bill too.
Note: the details of the trade should be indicated if you're engaging in a trade.
The other important element of the general BOS is the seller's disclosure. The disclosure represents the document that outlines any known defects of the item. The BOS is only final if the buyer signs off on the seller's disclosure.
You also need to know that despite the legal requirement for the signing of the dated BOS by the seller and the buyer, notarization isn't a necessity.
Just remember to keep an extra copy of the completed proof of sale document for your records.
Using the Motor Vehicle BOS in Idaho
Since you don't want a buyer to say that the vehicle you sold them had features of defects you know weren't there or being forced to pay some tickets after you sell your old car, you have to get a document recognized by the law to transfer the ownership of the car to the buyer. The BOS for motor vehicles in the state makes this possible as it holds the car's title number, the width, length, vehicle's registration number, its weight, make, model, and the vehicle's year. You might want to add the color of the car as well as its design in the BOS.
Also, Idaho's Department of Motor Vehicles requires you to list whether the car was rebuilt from salvaged parts, if it's a previous brand, repaired, and if it was reconstructed.
The other important detail in the BOS for motor vehicles is the inclusion of the vehicle's odometer readings- you have to note that the readings given are accurate. If the car lacks an odometer or if the odometer's readings exceed the set mechanical limits, or if the readings are exempt, you should be careful to indicate these details.
The law also requires you to include the actual (true) selling price along with the sale's date as you should the lienholder's name and address.
Like the general BOS, the motor vehicle BOS should have the seller's disclosure - the section of the BOS stating that the seller has disclosed all the defects of the car and the known brands which are associated with the car. So, the disclosure indicates that the odometer readings are true. It also certifies that the seller agrees to sell the vehicle at a price listed.
Unlike other states, the seller must give their release of liability statement to the buyer within 5 days after the sale.
What all these conditions mean is that by signing the BOS, they give accurate information and if caught in a lie, then, they're charged in court.
On the other hand, when a buyer signs the document, they are certifying their awareness of the odometer readings as well as the fact that the seller has to inform them of all the brands placed in the car. The buyer also agrees to apply for the vehicle's title in 30 days after the purchase, or they risk getting punished.
Selling Firearms using a BOS in Idaho
To sell firearms in the state of Idaho, the BOS is necessary. This document proving the sale of the gun will contain: the full legal names and the addresses of the buyer and the seller as well as their date of birth and the driver's license registration numbers.
The document should also have the date that the document is created.
In the firearm section of the BOS, you have to indicate the name and the make of the gun, its serial number, caliber, make and the model.
Whether it's a trade or a purchase, you have to indicate its dollar amount, first in words then in numbers.
The payment date for the gun will also be needed.
Note that you have to note any conditions of the sale. Also, you cannot sell guns to minors under the age of 18, without a parent's consent. At the same time, you cannot sell to gang members or someone planning to give the gun to a gang.
Finally, the BOS must be signed and also dated by sellers and buyers.
A BOS is necessary for the registration of motor vehicles as well as boats. It is, therefore, vital for you to have the document when buying anything from sellers. To simplify things, our bill of sale forms are available online at no cost and to everyone in Idaho.