How to Prepare a Bill of Sale in Rhode Island
Are you planning to sell personal property privately and safely in Rhode Island? Do you know what you should do to protect your honor and the buyer's ownership rights? If you are wondering if that is even possible, then it appears that luck is on your side because we have everything you need to know about the document that not only proves the sale but also transfers property ownership legally. We are talking about the bill of sale.
A bill of sale (BOS) refers to a legal instrument that used to record the sale of personal property and to transfer ownership rights and responsibilities for the item on sale from the seller to the buyer.
While you could write down some sort of agreement between you and the buyer, and even sign it off, there is no guarantee that you have entered the details of the sale correctly and so, the document may not be viable in court in the event of a dispute. A BOS offers better protection because it has all the details of the item on sale and the information of the parties involved in a structure that is approved across the state.
To get you started, you need to get the downloadable and free bill of sale form in Rhode Island, and then populate the fields appropriately. But, that is not all: You need to ensure that you are filling out the right type of BOS for completion of the transaction legally.
Since you will have to download different types of forms for different assets on sale, an understanding of the types of BOS available and their unique requirements is essential.
How to prepare a BOS for the sale of motor vehicles in Rhode Island
The first step is to download the free Rhode Island bill of sale from an online site like the DMV. Rhode Island's DMV requires a complete BOS form for a buyer to receive their title and for the registration of the vehicle. Therefore, you need to make sure that your form has all the necessary details including:
The name and mailing address of the seller and the buyer. The names given should be the full legal name as it appears in the driver's license or the state ID. And, the acceptable address is the mailing address and not the P.O Box address.
Since the main parties legally recognized in a BOS are the seller and the buyer, it is important for these parties to sign the document to signify the agreement and completion of the sale.
But, before you sign anything, the seller: the party that draws the BOS, will have to indicate the date that they created the BOS, the purchase consideration agreed among the parties and the terms of the pay. The expected date of the payment should also be indicated as should the details of the traded item for trades or conditions of gifting when giving out the item as a gift.
The purchase consideration should be put down in words and then in numbers.
It is also recommended to include a seller's disclosure in the BOS. The seller's disclosure represents the seller's statement that all the details provided are accurate. It is also a statement that highlights the flaws of the vehicle on sale, as well as the parts that may need repair.
In addition to all that, information to differentiate the item on sale is crucial. This means that you have to describe the vehicle on sale in detail. Note down the vehicle's odometer reading, the number of cylinders, the vehicle identification number, the make, model, body type, and the year it was manufactured. The state of Rhode Island also requires you to indicate the type of fuel used by the vehicle and its major color.
Though you don't have to notarize the document, you may want to take that as the final step for the use of the BOS registration of the vehicle and for the BOS to stand as evidence in the court of law.
How to sell a horse
A BOS for horses will help you sell a horse if you are a breeder or if you are unable to care for the horse as you should. Since this process culminates in transferring the ownership and the obligations for the horse from the seller to the buyer, you may want to ensure that the document is airtight - it should have every little detail of the transaction.
On the other hand, the buyer of the horse protects themselves by asking for a health examination before the sale to ensure that they are getting a horse in good condition and if they buy it even with the defects, then they know what they are getting into, and the seller will not be liable in future.
Though it is not mandatory to request for a pre-sale health examination, when requested, the seller asks the buyer to put down a deposit to prove their seriousness. This security deposit should be put down in the BOS and any conditions to it, such as forfeiting the amount of the security deposit after a specific date, should be noted in the Bill of sale.
Both parties will also need to input their identification details in the BOS. These details include their full legal names and their mailing addresses.
The BOS should also have information on the purchase consideration, and it should be indicated if the transaction is a trade or if the seller is gifting the person named as a seller.
To identify the horse, a full description will be needed. The description will include the horse's name, date of birth, gender, breed, color, and the registration number. Notarization is necessary as well.
Lastly, both parties have to sign and date the BOS when satisfied with the details entered. At the notary public, the seller's and buyer's identification details will be verified, and the sale acknowledged.
How to sell a boat
Once you have the BOS form, enter your details and the details of the buyer (names and addresses), the purchase consideration, the date of BOS's creation, date of payment, the details of the trade, any other terms of trade, and the defects of the boat.
The boat's description comes in next, and here, you have to note down the type of boat on sale, the Hull ID, the type of fuel used, material of the hull, the motor's horsepower, the motor's serial number, odometer reading, length of the boat, make and its year. You also need to state the color of the boat and if the sale includes the trailer.
Finally, this document must be notarized.
What are you selling? You could download our bill of sale forms at no cost today in any city of Rhode Island.