A Peek into Types of Bill of Sale in Maine
If you have been looking for a document which proves that you sold an asset to your friend, sibling, or acquaintance, a document which the new owner of the asset (buyer) can use to prove that they are the legal owners of the purchased item, lady luck just smiled at you. To meet all your needs, we have a free Maine bill of sale form just for you. But, before we look at what goes into what bill of sale, a definition of the document.
In layman’s language, a bill of sale (BOS) refers to a document which transfers the ownership of property/ assets from a seller to a buyer. It’s a basic agreement for the sale of goods, some sort of sales receipt that recognizes a sale and the subsequent transfer of ownership to the buyer.
The document is legally binding, and it can be used in the court of law to prove the sale. Like other legal documents, the parties involved have to be identified: in this case, the parties for the BOS are the seller(s) and the buyer(s). Despite being a legal document, anyone can write it in plain English words as the words used describe the exact details of the sale.
The state of Maine also requires that the buyer and the seller keep extra copies of the document for their records and evidence should disputes arise later on. Note that the state doesn’t insist or make it mandatory for you to have the BOS notarized – this rule passed in February of 2018.
So, which are the main types of BOS in Maine?
The BOS for the sale of motor vehicles
If selling your car, you should get a BOS for use in the sale of motor vehicles. For this, you have to download our free bill of sale form in main and then populate the created fields with relevant information about the sale of the vehicle. The form will need information about you, the seller, as well as the buyer, the specific information about the car, and the terms of the sale/ purchase.
Some of the basic information required will include:
The amount of the consideration expected to be paid to facilitate the transfer of the vehicle’s title and subsequently its ownership. Besides the cost of the car agreed to by the seller and the buyer in words then in numbers, you also have to include the terms of the sale.
By terms of sale, we refer to whether the seller is getting money for the vehicle or if the transaction is a trade. Note that where the car is exchanged for something else, you have to name and describe the item you are trading the car for. The other form of exchange resulting in the change of ownership would be giving out the asset as a gift. When gifting the ‘buyer,’ you have to mention it in the BOS. Any conditions attached to the gift should also be stated in the BOS.
Names and addresses of the buyer (s) and the seller (s): This information will identify the parties involved and the details given will be used as evidence should disputes arise. So, other than the full legal names of the parties involved, their state IDs or the driver’s registration number should be named. It’s also important for you to put down the mailing and physical addresses of the parties involved – the state name, city, and the zip codes.
Specifications of the vehicle: here, you have to input the vehicle’s registration number, the make, its model, year of manufacture, and any other unique features like the color of the vehicle’s body. The interior features of the vehicle could also be stated especially if the material used is unique.
Signatures: to show that the seller and the buyer agree to the sale of the vehicle or its purchase. This way, any disputes that arise in the future can be proved wrong since the parties to the sale agreed to the sale of the item.
Odometer reading: this is the other important element of the BOS form used for the sale of motor vehicles. It has the odometer reading which represents the distance covered by the car in miles. But… how do you deal with sellers who lie about the odometer readings of their cars, you ask? Well, the state of Maine has instituted a system which ensures that the readings are accurate – the seller has to fill out the odometer disclosure statement. This statement should have the following details:
The current odometer reading as well as a warranty that the information given is accurate to the best of their ability. Therefore, they are transferring the actual mileage covered by the vehicle.
It also contains information like the make, model or the body of the car
Names and addresses of the seller and the buyer
The notary public’s signature.
Don’t forget that you’ll have 30 days to register your vehicle after completing the BOS.
How to use a BOS for Watercrafts
To facilitate the legal sale, trade, or the gifting of a BOS for boats, yachts, and ship, you need this BOS. The document will transfer the ownership of the watercraft before its registration. Considering the weight it carries, you have to include specific information about the buyer, the asset, and all your information especially because this asset is sold “as-is.”
Some of the important information you have to input in the BOS include the consideration the buyer is paying for the boat in words and then in words.
Dates: the specific date that the document is created should be in the form, as should the date that the payment is expected to be made. You also have to include the date that the document is finalized, probably in the presence of the notary public.
Personal information: this includes the name of the seller and the buyer, as well as their signatures. You also need to include your physical and your mailing address, including the state, city, and the zip code. These also apply to the seller.
Watercraft’s details: for this, you have to input the Hull ID, the consideration paid for the boat, the year, color, make, model, and its style. The accessories of the watercraft like the sinks, twin-engine, trailer, outboard motor, its length, and the presence or absence of showers, among other features, should be noted.
Since the BOS for watercraft is important in the registration of the boat after its sale, you should notarize it in the notary public.
This is the document you need to keep a record of the sale of household items, therefore, transferring ownership rights and interests to the buyer. It contains the name of the seller and the buyer, their addresses, description of the item on sale, purchase price, signatures, and the date of the BOS’s creation, payment date, and the date that the sale is finalized. Notarization isn’t compulsory.
Which city do you reside in within the great state of Maine? Did you know that you can get our downloadable bill of sale forms at no cost? Your copy awaits today.