How to Create the Best Bill of Sale In New Jersey
You may find yourself in a precarious position if you sell a valuable part of your property and fail to document the sale of the item and the subsequent change in ownership.
This is because if you sell a car which the buyer fails to register or it is used to commit a crime, there is no way you will prove that the vehicle is someone else’s responsibility. These and other possibilities are the reason why we recommend the use of a bill of sale, a foolproof and legally recognized document which shows that you sold that vehicle (or even traded it) and received something (money or otherwise) in exchange for the ownership rights and responsibilities.
But, for this document to act as proof, you have to ensure that it meets the set standards – the free bill of sale form in New Jersey downloaded should be filled in with details of the parties involved, as well as the details of the item you are selling. And, the BOS filled out should be specific to the item on sale.
But, before we look at the different types of BOS, how does this document different from the sale of goods agreement>
Well, the sale of goods agreement refers to the document signed between the buyer and the seller and then exchanged even before the item is paid for. When the sale agreement is signed, it means that the parties in the transaction agree that the buyer will pay the agreed purchase consideration at a later date during which the seller will grant the buyer the ownership rights of the property. But, the bill of sale is finalized after the purchase consideration is paid and both parties agree to the sale.
To the buyer, a BOS represents the proof of them purchasing the item in question, and it confirms that the buyer has paid the price asked by the seller. Also, the BOS cannot be used in the sale or transfer of real estate.
Creating a BOS for the sale of horses
In the state of New Jersey, you can sell a horse as a horse breeder to an interested party after you fill out a form with your details and the information of the horse on sale. You also need to write down the details of the buyer. Buyer and seller information includes the full legal names, the mailing addresses, as well as state identification ID numbers or the driver’s license numbers.
Regarding the details of the horse, you have to put down the color, date of birth, gender, registration number, and the name of the horse, if it has one. If the seller requests a health examination, they have to pay a deposit which is deducted from the final purchase price. It’s also important to note down the type of transaction – sale/ gifting or a trade.
After these details, the signatures of the seller and the buyer. Notarization is necessary for horse BOS.
Creating a BOS for the sale of Motor Vehicles
To sell a vehicle, you have to create a BOS with the vehicle’s description – the vehicle identification number, the registration number, color, make, year, and the model. The vehicle’s odometer reading is also required – the numbers given should be accurate. New Jersey’s Motor Vehicle Commission requires the BOS for title transfer and certificate of ownership or title. This also means that the document should be notarized for its validity and actual proof of its sale.
The vehicle’s warranty information, final sale price, and the notarized certificated of the seller and the buyer should be in the BOS, as should the county and the state the vehicle is purchased.
Creating a BOS for the sale of a boat
If you are looking to sell a boat, ship, or a yacht, you need to download the BOS form for watercraft in the state, and then populate the fields with the relevant information about the seller, buyer, and the watercraft on sale. The full legal names of the seller and the buyer, as well as the mailing addresses, should be put down.
The details of the boat as per the requirements by the state include its Hull ID, the vessel’s name, the manner of ownership transfer, the total interest transferred, width and length of the boat, and the selling price. The details of the boat’s builder, limitations, and warranties applicable should also be put down in the BOS. Note that this BOS should be notarized.
When creating this BOS, keep in mind that it must have a notarized US Coast BOS.
Which BOS are you looking for? Wherever you are in the state of New Jersey, you can get our free and downloadable bill of sale forms at no cost.