A bill of sale is a contract which is made for a car or other goods to be bought and sold. People use the sale agreement for centuries and this record of sale states a good is sold by a specific seller on a specific date, at a place for an amount of money. Earlier the sale agreement was prepared when people purchase goods such as horse, dog, boat and car. The legal document is made to fulfill two things, it confirms the transfer of title of a property and serves as an evidence of the contract. The legal document is commonly used to meet official requirements such as t register a car. The legal document can be used as an element of a loan. when you buy a car using installment payments , the agreement can be framed as bill of sale. The transfer of the title will not happen until you make the full payment of the loan.
Why one should use bill of sale
The bill of sale is a legal document which includes selling price, vehicle identification number, vehicle license plate number, date and location of transaction, name, signature & Addresses of both parties. Usually a seller needs this legal document for his own record, but the buyer would need the form to complete the title transfer and register the vehicle. One important reason, why we need this document is during the title transfer some motor vehicle agencies need this document to calculate the vehicle’s license fee.
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