Why Do You Need a Bill of Sale in West Virginia?
A bill of sale refers to the legal document that proves the occurrence of a sale between two private individuals or entities and at the same time, it grants the buyer to put down their name as the new owner of the item purchased. The change in ownership often takes place in exchange for money, but in other cases, the transaction involved is a trade where the traded item holds the same value as the item on sale. The bill of sale is legally binding, and if disputes arise between the seller and the buyer, the court can use it as evidence.
While this document comes in handy in sales involving large items of great financial value, it is just as important when processing the sale of a used household item like a television, cooker, a lawnmower, or even a set of jewelry. Why? The BOS holds an incredulous power: once the seller certifies that the data provided about the sale and the item on sale is accurate, and the seller and the buyer sign off on it, it becomes irrefutable.
But, with great power comes great responsibility. It is the seller’s job to give accurate information, and it is up to the seller to take on the responsibilities or obligations that come with the item purchased. As proof of sale and proof of ownership, it is an essential document to have, even if all you do with it is to keep it in your files.
To add to that, a seller may require the BOS for tax purposes.
What does “as-is” mean?
A term you come across when buying personal property, “as-is” means that you are buying that item without any warranties and with all the flaws it may have.
Types of BOS
West Virginia’s BOS for Motor Vehicles
The first thing to do after you download our free bill of sale form in West Virginia is to date it. So, you should probably get the form once you have a buyer ready to buy the car. What this means is that if you have a seller who only shows interest and they don’t look ready to buy or want to process the sale, later on, you should consider getting a sale/ purchase agreement. However, note that the agreement is not final doesn’t represent a change of ownership, and it is not a proof of ownership transfer.
Next up, populate the fields of the BOS with the appropriate information. The crucial details of the BOS include the name and physical address of the seller and the buyer as they appear in the State ID or the driver’s license.
Also, enter the final selling price for the vehicle in dollars and words then numbers, the date of the payment, the terms of the trade (if any), and the relationship between the parties involved if the named item is given as a gift. Any terms of conditions relating to the sale should be in there as well.
The description of the BOS comes up next. Put down the vehicle identification number, the year of manufacture, make, model, odometer reading, and the color.
A seller’s disclosure is also appropriate. Use it to describe the condition of the vehicle and any issues it may have. Name those scratches too. These details absolve you and once certified, the buyer cannot sue you. Use the disclosure to divulge information of any liens and any other encumbrances applicable.
Note: while this BOS is not a mandatory requirement in the state, you may want to get our free West Virginia bill of sale form, complete and submit it to the DMV if the vehicle’s purchase price is below 50 percent its NADA Clean Loan Book Value, and if you are looking for its title within West Virginia.
To complete this BOS, the seller and the buyer should submit the copies of their driver’s licenses to the notary public where affirmation and acknowledgment take place. It is at the notary public that the seller and the buyer sign and date the BOS.
The General BOS
This represents the document that recognizes and officiates the transfer of ownership for jet skis, ATVs, televisions, laptops, lawnmowers, furniture, and jewelry, among others.
A complete general BOS contains the name of the BOS, the date it comes to life, the selling price of the named item, the terms of sale or trade, and the date of the payment. It also has the details of the seller and the buyer: name and physical address, as well as state ID numbers or the driver’s license numbers.
A seller’s disclosure is optional as is notarization. Finally, the document has the dated signatures of the seller and the buyer.
The BOS for Guns
Other than the name and addresses of the parties involved in the sale, this BOS contains the selling price, terms of the sale or trade, the date of its creation and the date of payment, as well as description of the gun. Under the description, enter the gun’s make, model, length, caliber, and the serial number.
If trading guns, descriptions of both guns are necessary.
What are you selling? Our bill of sale forms will simplify the process and safeguard your interests.