The Power of a Bill of Sale in South Dakota
Are you selling a used item and looking for ways to make the sale legal and safe? Would you like to transfer legal ownership of that personal property legally to prevent issues with the law? Well, you have come to the best place. We'll guide you on the sale and recommend some steps you should take to protect yourself.
The best part is that we will help you regardless of your location within the state of South Dakota. So, regardless of the city of South Dakota do you call home, we will guide you and give you seamless transactions. All you need is an internet connection and voila, a free bill of sale form in South Dakota.
But first, what is a bill of sale? A BOS refers to a legal instrument which is used to verify purchases of personal property between private individuals. You may also think of it as a document that legally proves that the seller of the named item transferred their ownership rights and obligations to the buyer in exchange for money.
It is a receipt, but in this case, it is used when someone wishes to sell large assets like cars, televisions, branded animals like horses, a ski, a PlayStation, or a gun which is under their name rather than the retailer's name
Besides proving the legal transfer of ownership, it is also a great tool used for tax purposes as it determines how much sales tax you owe Uncle Sam. By signing the BOS, the buyer agrees to take up the named item, warts and all, and in the process, they release the seller for, any liability. The BOS also protects the seller and the buyer in the event of a dispute that may arise in future. Sounds a lot like a document you need, doesn't it?
While you can write your own BOS, we recommend getting a free South Dakota bill of sale form as it has sections to guide you on the details needed to complete the BOS. As a legally binding document that could be presented in court as proof, we recommend that you double check the information in the document and also ensure that both parties sign the form. You should also make copies of the BOS before you hand over the original document to the buyer. Knowing these details upfront will protect you later.
So, which are the main types of BOS in South Dakota and what powers do they have
The Power of South Dakota's BOS for Boats
You may have to notarize this document because it outlines the details of the sale and the subsequent transfer of ownership. The reason why both parties have to appear in the presence of the notary public is that this BOS is necessary for the registration of the boat and for the new owner to get the boat's title under their name.
The details that make this BOS complete include the boat's hull ID, title number, odometer reading, the registration number, the main color and material of the hull, its make and model, and the year it is manufactured.
If you are selling the boat with the trailer, you have to indicate the length, make, model, and the color of the trailer. And, if the outboard motor is up for sale as well, you should indicate the motor's serial number, horsepower, year, make, and model. You also need to list the accessories of the boat in the description.
Other than the boat, you need the details of the buyer and the seller: names and mailing addresses. Also, note the purchase consideration and the terms of the trade if any.
Lastly, the dated BOS should be signed by both parties and the date of signing placed against the signatures.
The Power of the Motor Vehicles BOS
You can sell a used car and not worry about paying the parking ticket if the buyer abandons or fails to register the vehicle thanks to a signed BOS. Once signed (and in some cases notarized), the seller has no liability for the vehicle. To make it better, a seller can prepare a seller's disclosure listing the defects or flaws of the vehicle. As long as the buyer signs off on the BOS with the disclosure, the buyer cannot sue the seller. But, other than filling out and certifying the seller's disclosure, what other details are needed in the BOS?
The BOS should have the date it comes to life and the date the purchase consideration is paid. It should have the amount of the purchase consideration, the names, and addresses of the seller and the buyer, as well as any other terms of the sale. If the transaction is a trade, it should be noted as it should be done if the seller is giving out the vehicle as a gift.
Under the vehicle's description, input the VIN, make, model, year, color, and odometer reading. The DMV recognizes Form MV-016 as the motor vehicle BOS in South Dakota.
The final purchase price and the dated signatures should be in the BOS.
You may need it to register the vehicle.
The Power of a Horse BOS
As long as it holds the details of the seller and the buyer and the horse's (name, breed, gender, date of birth, registration number, color, and name). You also require the purchase price (including the terms of the security deposit), and the dates (creation and payment). The seller and the buyer should put down their dated signatures on the BOS to make it complete. This document may require notarization.
So, what are you selling today? Our downloadable bill of sale forms are at your disposal, at no expense.