What is Vehicle Bill Of Sale?
A vehicle bill of sale is a legal document that proves you have transferred ownership of your vehicle to someone else. The vehicle bill of sale should include the date of sale, a description of the vehicle, the mileage at the time of sale, the number plate number, the sales price, any warranty information, and the full names and addresses of both the buyer and the seller.
Why is a vehicle bill of sale required?
A vehicle bill of sale certifies that the buyer is the legal owner of the vehicle. It is one of the crucial documents that prevent misunderstandings between the buyer and seller and confirms the buyer's ownership while attempting to obtain motor insurance. The car bill of sale assists you, as a seller or buyer, in accounting and tax reporting.
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When should you use a vehicle bill of sale?
Anyone buying or selling a vehicle must use a Vehicle Bill of Sale, which protects both the buyer and the seller legally. When preparing a vehicle bill of sale, it is critical that both parties sign it. For their records, each party should preserve a copy of the sale bill.
