Easily Create a Car Sale Receipt for Management

Car sale receipt for Management

so what is a bill of sale for a vehicle hello this is Dave at tile recovery.com and a lot of times the idea of a bill of sale comes up at the time of transfer or registration so let's describe what a good bill of sale is what it's used for and also what it doesn't do first of all bill of sale is not a legal ownership record that is the actual title so make sure if you're buying a vehicle that you actually have the title in addition to the bill of sale the title is what shows ownership the bill sale is just evidence of a transaction between two people that occurred separate from the legal ownership it does not document that the prior owner was legally entitled so if you have a bill of sale from you know John Smith that transfers you a car there's no proof that John Smith had ownership of that car to give to you unless he also has the title to go with it on the other hand the title by itself isn't any good to you either because if somebody just hands you the title it doesn't prove that they actually sold you the car so have a title and a bill of sale get it notorized if possible the notary on the bill of sale will prove that that person actually signed it uh some states require it you don't want to find out later that you needed that motorization even if you're not registering the car yet get the title in your name if you have that bill of sale in the title transfer it over so that way it's secured in your name on the bill of sale make sure there there's at least four or five piece of information that you get you have the seller's name that's transferring it to you you have your your name as the buyer you have a dollar amount uh that the vehicle sold for um a lot of times people put down just $1 to try to save on taxes it may not be that great of a strategy because the state's just going to use the book value anyways so put down the actual amount uh so that way it doesn't look like you're trying to um to get over on sales taxes because if you do that the state may scrutinize things a little more uh severely so uh make sure that you have that bill of sale with the uh buyer and sell's name the dollar amount the date that the transaction occurred make sure there's a signature of the seller at least um a notary if possible and if there is uh a different type of payment make sure you write down the type of payment was it paid by cash by check a credit card PayPal whatever it was make sure that information's on there so you can prove that payment was made uh when that vehicle was transferred remember that if you have a vehicle a towing company a DMV insurance company anybody who needs to know about your vehicle is not going to take that bill of sale by itself they're going to want to know that the title also transferred with the bill of sale a bill of sale is kind of like a receipt uh so if you just have a receipt without proof of ownership you may not be able to do all the things you need to do with that vehicle if you have more questions about bill of sales and how to use it and vehicle titling you can reach us at our website cartitles.com and we'd be glad to help