The Importance of the Bill of Sale in Washington DC
If you have been wondering where and how to sell that car or that furniture as you gear up for that big change in your life, then you are in the best place. While this article will not give you ideas for where to sell that gadget at a fair price, this article will inform your decisions regarding your records and how to ensure that the sale remains under the protection of the law. To do that, you will need a document called a bill of sale.
The bill of sale (BOS) is the definition of your protection from liability. It represents a legally recognized document that shelves a seller from any form of liability once they sell an item. The BOS is not only a proof of the sale or the purchase but the proof needed to signify the shift of ownership for an asset from a seller to a buyer, permanently.
This document is valid as evidence in court because the seller and the buyer, the legal parties to a BOS, sign off on it. Note that the seller agrees to sell the named item at a price though you may consider a trade too - it is acceptable.
While the Golden Rule applies, the human race isn't one you can trust entirely. That means that a seller may have to include a statement indicating the flaws of the named item to the best of the seller's knowledge. By accepting to buy that item regardless of the faults, it becomes clear that the buyer knows what they are getting into so that they cannot sue you later on. As they say, trust is an expensive commodity: in this case, the price you pay is the seller's disclosure.
But, the seller's disclosure, and sometimes the buyer disclosure is not all you need to close off the deal and to make the document legitimate: you need to know the kind of BOS you are preparing and the details of the item on sale. The seller and the buyer details come in naturally for identification.
But first, you need the relevant free Washington District of Columbia bill of sale form; which luckily for you, is available at no cost on our site. Every form downloaded should have the date that the BOS comes to life.
And now, the reasons why the bill of sale is important:
It grants the buyer the right to own that property
A seller uses the BOS to file for sales tax
It protects the seller from any liability because all items on sale processed using the BOS go on sale "as-is." That means that the item is on sale without any warranties.
It absolves the seller from shelving the responsibilities or obligations associated with the sold piece of personal property
You could use the BOS as evidence in court should a dispute arise
So, which are the main types of BOS in Washington DC
You could use that free bill of sale form in Washington District of Columbia to sell a horse, furniture, jewelry, a vehicle, guns, and even boats, among others.
BOS for Horses
This BOS makes it known that you, the seller, are no longer the owner and the caregiver of a horse and that the new owner has to take on all the duties of caring for the horse once they sign the document. In this proof of sale document, you have to enter specific details irrefutable in court to protect your interests and the interests of the buyer.
So, once you have the form, you should go ahead and enter the date that the BOS becomes active. After this date, put down your name and your physical address, enter the details of the buyer too. Name and addresses will form the basis of identification if a conflict arises so, the seller and the buyer should enter these details as they appear in the State ID or the driver's license.
Next up is the purchase consideration for the horse. Indicate the agreed purchase price. If the buyer requests a pre-sale health examination, the seller should ask for a deposit deductible from the final selling price, if the buyer adheres to the terms and the conditions of the security deposit. When putting down the selling price for the horse, be sure to start with the amount in words and then in numbers. The BOS should be in US dollars. If the transaction is a trade, name it. Indicate the date of the payment too.
The next step involves describing the horse chosen by the buyer. Enter the horse's name (if named), the age (date of birth), breed, registration number, gender, and the color. If it has other unique features, note them down.
To close off the deal, the seller and the buyer should sign the BOS. Signing may take place at the notary public where the details of the BOS go through affirmation, and the BOS acknowledged
The BOS for Motor Vehicles
A requirement by the DMV. To sell your used vehicle, get a BOS and enter the date you create it. You also need to indicate your name and address, as well as that of the buyer. Next up, enter the purchase consideration, the type of transaction - trade or cash sale or gift, and the terms and conditions of the deal.
The car's description is up next. Enter the odometer reading, the vehicle's identification number, make, model, year, color, title number, and body type. You may need an odometer disclosure statement.
Then, enter the date of the payment.
A seller's disclosure may come in handy if the car has some defects and you don't want the buyer to sue you for not mentioning the known defects early.
The last step is to date and signs the BOS. You may need to do this at the notary public, especially if using this document to register and to get the title for the vehicle.
The BOS for motorcycles
The difference between this BOS and the one for motor vehicles in the description. You have to enter the details of the manufacturer, the make, model, identification number, manufactured odometer reading, year and the color.
It has the agreement date. Even though the seller doesn't have to take it to the notary public, witnesses from either party should sign off on it.
So, what are you selling? Would you like to prepare a BOS today? Get started with our range of bill of sale forms available at no cost and to everyone in the state of Washington District of Columbia.