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:
Names
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.
Warranties
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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