Saturday, August 24, 2013

Preparing your Car Bill of Sale

Bill of sale will be a solid document that one can draw up in the even when a car is bought or sold. It is relatively easy to draw up the said document but you have to realize that this is a really important document and it is imperative that you capture the necessary details for the document or else it may be considered worthless. Here are the details you would have to make sure that is included:

Obviously, you would need to make sure that you are able to include the names of those involved in the sale. Much like a contact, you will need to make sure that you are able to indicate who are the buyer and the seller. Make sure that you also include the address of the said individuals. Some state would require more than the name and address so you might want to look out for such.

The car
Of course what would be the bill of sale if you would not include car that is sold. You would have to be really thorough when you get the details of the car. Assuming that the car is pre-loved, you would have to indicate all identifying features of the car
  • Color
  •  Plate (assuming that the car is registered)
  •  Make and model year
  •  And other distinguishing marks

More specifically I am talking about the mileage of the car. This is determined through the odometer reading. It would be best to have this indicated in the presence of the 2 parties (buyer and seller) to avoid any ambiguity on either side. This is actually quite important considering how rampant odometer fraud is. According to recent studies, the US is experiencing billions of dollars in losses just because of this illegal practice. The indication of this piece of information in a document like the bill of sale will then allow you to prove yourself innocent.

This will of course indicate any specific warranties that are promised by the seller when the car is sold. This will also indicate the conditions for the warranty to be valid. If you are preparing this document as the seller then you must make sure that the details here are clear and concise because any ambiguity will only benefit the other party that did not prepare the document that is in question.

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