What Differentiates the Types of Michigan Bill of Sale Documents?

We sell assets in different classes, and so, it makes sense to create different types of bill of sale documents to process different types of transactions. While these documents have several similarities, they also carry many differentiating features. But, before we look at the different types of the proof of sale document, what is a bill of sale?

A BOS, is a written legal document which recognizes the exchange or the transfer of ownership from a seller of an asset to the buyer. While the document isn't a representation of the requirements, set the asset sales in the state of Michigan, finance and legal professionals recommend its use as a personal record and proof of legal ownership of an asset. The document recognizes the seller and the buyer as the parties involved in the sale.

Despite the importance of this document to the buyer, the seller is the one who has to create the BOS. To do this, we recommend downloading a free Michigan bill of sale form online.

So, now that we know what to do to get the BOS, which are the elements that differentiate the BOS and which are the common inclusions?

Common Inclusions

Date: As soon as you download your free bill of sale form in Michigan, you should put down the date you've downloaded (created) the document. This also applies if you're writing down all the details of the BOS. The other important date is the date that the seller intends to pay for the asset and the date that the seller expects the payment. Also, the date that the final transaction takes place should be indicated.

Signatures: buyer's and seller's signatures should be indicated.

Personal information: this includes the full legal names of the seller and the buyer and other identification and verification information like the addresses, the driver's license numbers, or the state identification numbers.

All the terms and the conditions for the sale or trade. If the item is gifted to the buyer, it should be mentioned. The traded item should also be named.

Purchase price: put down in words first and then in numbers.

Seller's disclosure (optional): the seller uses this document to note if the item has defects or not and what the defects are. The disclosure is also used to mention that the item is sold "as-is" so that the buyer doesn't buy the item expecting a warranty. The Golden Rule applies, but if you should include this provision, information in the disclosure should be accurate to prevent getting charged in court.

Lastly, both parties named in the Michigan BOS should sign and date the document.

• Differences / Types

• • The Bill of Sale for Horses

If you are a horse breeder, you will have to prepare several BOS documents to process the sale of the branded animals. From the buyer's research and the fact that they've resolved to buy a horse from you, you need to ensure that the process runs effortlessly. Armed with the BOS form, put down the details above. To make the document valid for the sale of the horse, you need to put down the unique features of the horse (this is the inclusion that differentiates this BOS from the others, besides the name).

Some of the features of the horse include the name (if named), the age/ date of birth, breed, gender, registration number, and color, among other features.

Under the disclosure for the price, you need to note that a request for a pre-sale examination requires putting down a deposit deductible from the final price.

• This document should be notarized.

• • BOS for the sale of Guns

• Once you download the specific form, fill it out with the details noted under the common inclusions above. Under the section for the item's description, input the gun's caliber, make, model, type, and the serial number. If the transaction is a trade, take note before both parties sign and date the document.

• • BOS for motor vehicles

• The standard details above indicated, go ahead and describe the vehicle on sale in detail. Here, indicate the VIN, model, make, year, odometer reading, and the color. Though it's not necessary for the registration of the vehicle after the sale, ensure that you fill out the odometer disclosure statement for your protection.

• • Michigan's BOS for Watercraft

Important information for this document, besides the common inclusions include the make, model, registration number, hull ID, year of its last decal, date of completion of the sale, and whether a trailer is included or not. Note that you have to register the trailer if it weighs more than 2500 pounds.

For commercial purposes, include the empty scale weight, business name and address, as well as the weighmaster's signature.

Which BOS do you need to process? We've got you covered as our bill of sale forms are downloadable and accessible to everyone in Michigan at no cost. Download your today.