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Are you planning to buy a pre-owned vehicle? You should remember that you must secure an auto bill of sale form, and this must be done whenever you’re buying or selling a car privately.
A bill of sale form is very important because it contains the car’s purchase price which is needed for tax assessment. It also includes the odometer reading at the time of sale (this is important if you want to prevent any odometer fraud such as mileage tampering). This is also the proof of purchase and it documents the transaction that is made. If you’re the one who’s selling a vehicle, this form will be the proof of the legal transfer of ownership.
There are several details that need to be included when either buying or selling a vehicle. One of the most important is the car description; this includes the make, model, and the vehicle identification number. The names and addresses of bought the seller and buyer should be written on the document as well. To be able to have a complete and accurate auto bill of sale form, it is advised that you use a professional copy or version of this contract.
Most states require you to have this document for your automobile in order to complete your car registration. The vehicle that you’re buying won’t be registered if there is an important detail missing on the sale form, so you must make an effort to study it carefully on any purchase.
You must take the time to fill up an auto bill of sale form; it will be worth it in the long run. It will not take long for you to fill up this contract but the security it provides will be unmistakably significant; it protects the buyer and his/her investment from any fraudulent activity that is quite rampant nowadays.
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Source: http://ezinearticles.com/?Auto-Bill-of-Sale-Forms-and-Pre-Owned-Vehicles&id=4468267
