What Kind of Protection Do You Get from a Bill of Sale in Mississippi?
If you are selling a used a car, a horse (any other branded animal), old furniture, a boat, firearms, or even that old laptop, you have to put down the sale in writing, even if you don't expect loads of cash from the sale. At the same time, just because you're trading personal property with something else of equal value or because you're giving out that item as a gift doesn't mean that you should not document that transaction.
Why? Well, anything could go wrong days, weeks, months or years after the sale, and the buyer may create a situation that bites you back. You don't want to get sued or to lose more money in the future just by selling someone a dog and failing to put down the agreement in paper, right? By the look of things, luck is on your side. You can process the sale of a used item legally without any worry or repercussions, all thanks to a snazzy little document called a bill of sale.
A bill of sale (BOS) refers to a legal instrument used in the state of Mississippi to register the sale of an asset as well as the subsequent transfer of ownership to the named buyer. This legal document recognizes the seller and the buyer as the main parties to the transaction.
In the state of Mississippi, you may require a BOS to register the item bought hence the need for notarization of some of these documents. But, let's not get ahead of ourselves. Before we notarize anything, we have to download a free Mississippi bill of sale form. This form is your passage to a safe future, free of liability.
Once you have the form specific to the needs of the item on sale, then you can populate it with details of the item and other standard information required for the BOS to be valid.
So, which types of BOS documents can you prepare in Mississippi?
The General BOS in Mississippi - Is it as general as you think?
Though named the general BOS, this document only represents the official document used to record the sale of smaller and valuable assets like household goods. Using a general BOS, you can sell your old laptop, that bed, antique cookware, televisions, your home theatre, or even a bicycle, among others. Since this document seeks to protect you and the buyer from issues in the future, you have to meet the set requirements. These include:
The description of the item on sale: say you're selling jewelry, what's it made of, what color is it, if registered - what's the registration number or the serial number, the number of carats, and any other details specific to that item. And, if you are selling a laptop, what's its make, model, screen size, model, year, serial number, or the color?
For electronics, your free bill of sale form in Mississippi should have details such as the size, memory, hard drive space, and the brand. You also need to indicate if the electronic is sold with its accessories or not. These details, however trivial, will help you and the seller agree to or dispute any claim brought against either of you regarding the item in future. It also makes the general BOS less general.
You also need to input information about yourself and the buyer. Should disputes arise, can both parties be tracked and identified easily? So, how about the entry of your full legal names, state IDs or driver's license registration numbers, and the physical addresses - with the state name, city, and the zip code?
Type of transaction: if you're selling that item for cash, mention it and put down the purchase price in words first, then in numbers. If it's a trade, mention it including the detailed description of the traded item. You also need to indicate if you're giving out that item as a gift or not. The terms and conditions of the sale should not be overlooked either.
The other important thing to consider and enter in the form is the seller's disclosure. This is the part of the BOS where you state the defects that the item on sale has (if any), so you're sure that the buyer won't sue you later on because you did not divulge everything about the item on sale. So, even if the problem with the car is occasional, name it.
Finally, you have to sign and date the BOS. Being a general BOS dealing with not-so-valuable items, or items that require registration, notarization is not mandatory.
The BOS for the sale of motor vehicles in Mississippi
While a BOS isn't a requirement for the registration of vehicles bought from car dealers in Mississippi, you will need it to register a car from an out-of-state dealer. You also need it to show that the buyer has full ownership of the car. So, after disclosing any issues with the vehicle and after both parties sign off and date this document, you will be sure that you won't be liable for the car and you will have all the right information for taxation purposes.
To make it official, personal information of the seller and the buyer (full legal names and state ID number/driver's license numbers, and addresses) will be required for identification purposes. You also have to say if the transaction is a cash sale, a trade, or a giveaway. Terms of the sale should be noted. For a cash sale, you have to indicate the selling price in words then in numbers.
Next comes the details of the car. Put down its VIN, model, make, color, year, and any other unique descriptors. The odometer reading, alongside a complete odometer disclosure statement (Form 78015) or a complete Form 78023 and an Affidavit for a Corrected Odometer, if you corrected the device.
The last thing to do is to notarize the document - this is where you both sign the document.
The BOS for boats in Mississippi
Besides full legal names, addresses, or other identification details, the purchase price/ type of transaction, the BOS should have the boat's Hull ID, its length, registration ID, title number, the odometer reading, style, year it was built, model, and whether the trailer or the outboard motor are included.
You'll also have to finish a safety course if born after 1980. This document is needed for the boat's registration and should be notarized.
Which city of Mississippi do you reside in? Did you know that you can get any of our free bill of sale forms at no cost in any of the cities, today?