Protecting Your Interests in Personal Property with a North Dakota Bill of Sale
As long as personal property is concerned, you need to have proof of purchase. The proof should be well documented in a document that can be used in the court of law. This is necessary whether you are buying new or used property. Why do we think that documentation of sale or purchase of personal property is crucial? Well, there are many, but the ones that take precedent include:
You need that documentation in your records should anything happen to you and your children or beneficiaries want to know all the assets you own.
The sale documents are also needed for taxation purposes and will be required when Uncle Sam needs proof to prove your innocence in the event of a fraud case
As a seller, the documentation will also protect you from liability if the buyer fails to meet the obligations of the assets - e.g., a car whose parking tickets are unpaid. Speaking of protection: you need to know that the document prepared may protect you from getting sued if you sign a seller's disclosure statement and if you indicate all the known flaws of the item on sale.
On the buyer's end the documentation ensures that they have the rights to possess the property and so, they can get the item's ownership title in their name.
Lastly, documentation is necessary for the sake of records. Even is a dispute doesn't arise, it is good and wise to have a document with proof of ownership.
Benefits out of the way, which document are we referring to, exactly? Well, the benefits above are in reference to a bill of sale or a BOS.
A bill of sale represents the legal instrument which proves a sale and the subsequent transfer of ownership for named item from the seller to the buyer. The BOS, accessible to the seller after they download the respective free North Dakota bill of sale form (there are many types), recognizes the seller and the buyer as the parties involved in the transaction and if filled out correctly, it is legally viable. The only catch is that you have to use the right kind of bill of sale and the seller and the buyer have to sign off on it, in some cases, in the presence of a notary public.
In North Dakota, you have access to different types of BOS among them:
The BOS for horses
Whether you are a horse breeder, a horse owner, traveling out of state and unable to care for the horse, or if you are an individual unable to take care of the horse for any other reason, you may sell him or her to an interested person at an agreed price, as long as the horse is not dying.
While the Golden Rule applies, mentioning the exact condition of the horse is required. But, to ensure that a buyer doesn't get a raw deal, most sellers request comprehensive health examination before the sale. And for the seller to avoid running losses, they request the buyer to pay a deposit for the examination. This information is put down in the BOS.
The conditions of this security deposit are also entered in the BOS and most cases, the buyer doesn't get the entire security deposit when they fail to pay the rest of the money by a certain date. In other cases, it is stated that the security deposit is forfeited should the buyer fail to go through with the purchase.
In this free bill of sale form in North Dakota, the full legal names and mailing addresses of the seller and the buyer are also put down. Note that the details of the horse must be in the BOS - you don't want to be accused of selling a black horse while you sold a brown one, would you? So, to protect your interests, the details of the horse in the BOS will include their date of birth, breed, gender, name, registration number, and any other descriptors deemed appropriate.
The BOS should also have details of the transaction (cash sale, trade, or gift), as well as the terms and conditions of the sale or the purchase.
Before completion, the buyer(s) and seller(s) should sign off on the BOS in the notary public.
BOS for the sale of motor vehicles
To sell your old car, you have to create a bill of sale to document the sale and the transfer of ownership. In the BOS, seller's and buyer's details are invaluable and necessary as are the details and the terms of the transaction. The purchase price should be indicated in numbers first and then in numbers while the traded item should be named and described if a trade is involved. To absolve yourself from any wrongdoing, you might want to sign a seller's disclosure with the flaws of the vehicle on sale.
Details of the vehicle needed in the BOS include the vehicle identification number, make, model, year, and the odometer reading. The DMV issues a Form SFN 2888, the BOS for motor vehicles, which serves as proof of ownership before registration of the vehicle.
Both parties have to sign and notarize the BOS to finalize the sale
Sale of Guns
Other than the name and addresses of the seller and buyer, the gun's serial number, make, model, year, and caliber should be indicated, as should the terms of trade and traded item.
Would you like a BOS in North Dakota today? Whichever city you reside in, you can download our bill of sale forms at no cost.