Things You Don't Know About The Bill of Sale in Oregon

Documenting the sale or the purchase of personal property until you have to deal with an incident that costs you money and even your good name. You may not agree with this yet, all you need to jump on board is one unfortunate incident. But, we don't want you to go through that, hence this article that explores everything you need to know about using a bill of sale in Oregon. But, before we look at the details, what is a bill of sale and what does it do?

A bill of sale (BOS) refers to the legal instrument which keeps a record of the sale of an asset/ personal property from a seller to a buyer. It also transfers the ownership rights and obligations to personal property from the seller to the buyer, legally. It must be in writing, and the seller draws it. As a legally recognized document, it could be used as evidence in a court of law.

To use it, a seller has to get a free bill of sale form in Oregon and fill out the details required in the blanks. The document is only complete after all the fields in the form are populated, the buyer and the seller sign off on it, and in some cases, after its notarization.

Though the free Oregon bill of sale forms have the same structure, you can only use specific types of forms to formalize sales of items like motor vehicles, boats, motorcycles, business, dogs, horses, or guns.

As a legally recognized and a binding document, it identifies the seller(s) and the buyer(s) as the main parties to the sale.

Like in every other state, the BOS comes to life when there is need to formalize a sale or sales between private individuals. It could also be used to record a trade or to record that the seller has given the 'buyer' the asset as a gift. If there are terms and conditions relating to the transaction, everything should be recorded in the BOS.

As mentioned above, there exist different types of BOS. However, before we go there, can you differentiate a bill of sale from a purchase or a sale agreement?

Well, if you are getting confused, note that the sale/ purchase agreement represents the document used to negotiate the transfer of ownership of an asset and it is drawn and finalized before the asking price for the asset is paid, and before the seller signs off their rights. That means that the agreement doesn't hold any proof of sale or transfer of ownership.

On the other hand, you have the BOS which proves that the buyer has paid the purchase consideration and that the seller has signed off their ownership rights for the item. The BOS is final, and it could be used as legal evidence, but the sale/ purchase agreement is not.

• What are The Standard Requirements of The Different BOS?

• • The name and address of the buyer and the seller. It may also include contact information. The address given should be the mailing address rather than the P.O Box address.

  • The purchase price and the details of the trade, if applicable

  • The date that the form is created and when the buyer pays for the item

  • The seller's disclosure - this absolves a seller and the buyer cannot sue the seller is the seller gives information about the flaws of the item on sale and the buyer signs off the BOS.

  • Dated signatures of the seller and the buyer

  • Notarization when the BOS is necessary for the registration of the property

  • The item's description. Often, this is what differentiates the types of BOS, besides the name or the type of asset.

  • Note that the purchase price should be in US dollars and it should be written in words then in numbers.

Types - The standard details are similar

• Business BOS

• • It has the business's state of incorporation

  • The address of the headquarters

  • Business assets, personal property, shares, and other interests

  • It must be acknowledged in the notary public

Note this: before the sale, the seller has to prepare documentation for the business. The important documents include the tax/ revenue records, insurance forms, a record of assets, business operation manual, list of employees and the details of the payroll, the financial statements, contracts, and non-disclosure forms.

Horse BOS

This has the horse's name, breed, age, gender, registration number, and color. It should be notarized. A health examination report may be necessary.

Motor Vehicle BOS

It has the vehicle's plate number, the vehicle identification number, title number, year, make, and the model. This form (Form 735-501) is necessary for the vehicle's registration, and it should be notarized.

So, which city in Oregon do you live in? Our bill of sale forms are accessible to anyone and at no cost, statewide.