What is a Michigan Vehicle Bill of Sale Form?
If you are thinking about buying or selling a vehicle and giving your trading legal recognition, you should go for a bill of sale form. It deals with all the transactions that are part of an agreement between the buyer and the seller.
The vehicle bill of sale secures both parties' rights if any issue pops up in the future, and then any party can claim their request on the grounds of a legal basis. This form safeguards the right of both parties in many ways. However, the bill of sale and the conditions varies from state to state.
When we talk about Michigan, it requires the bill of sale and some other documents that help you transfer a vehicle’s title and registration from a previous owner to someone new. This form has all personal and further transaction details that both parties agreed upon.
What are Included in a Vehicle Bill of Sale Form?
A vehicle bill of sale form has a few things that need to be added to it, so before you go through the process of signing, it is significant that you ensure that you have all the things in your mind that you are supposed to fill in the form.
Remember that this is the most crucial phase because all the things you will add in the form after discussing them among both parties will remain in the contract until one of the parties says otherwise as the deal doesn’t expire to ask for amendments legal consideration.
While filling a vehicle bill of sale form, you need to add an odometer disclosure statement, original certificate of title, valid Michigan driver’s license; completed application for Michigan vehicle title, in case the vehicle is transferred from some other state; mention the registration fees; proof of insurance with the information as follows: personal injury, property, damage protection, motor vehicle power of attorney, if a representative will act on behalf of the vehicle owner in any titling or registering matters.
Apart from that, you are supposed to add the personal details of both the buyer and the seller, like their names, contact numbers, addresses, VIN, hull number, the full description of the vehicle, including the color, year, make, model, the price in which you are both parties agreed upon for the vehicle to be sold.
There is no need to write the information about your vehicle's number plate if it is personalized. The buyer has to make a new one for the vehicle. Remember that you can make changes after discussing the possible conditions between you before signing the agreement.
How to Write a Michigan Vehicle Bill of Sale Form?
While writing a vehicle bill of sale form in Michigan, you need to keep in mind a few things. Make sure that you know the state's rules and fill the form later, because if you don’t know them beforehand, then there is a huge possibility of you making an error.
While writing a vehicle bill of sale form, fill in all the details like the names, contact information, and signatures of both parties, the buyer and the seller, warranty information, the make, model, year, color, the condition of the vehicle. The sale of date and the price you sold it, the transaction mode of the full payment, and lien information.
If you give the vehicle to someone as a present, you need to write it in the form. Any changes at this stage can be done, but you are legally authorized to follow the terms and conditions after you are done signing the document.
How to Buy or Sell a Used Car?
Buying or selling a used car comes along with some specific things to keep in mind. You need to ensure that you follow them if you want to go for the best deal. If you’re going to buy a used car, it is significant to look for all the possible options.
Go for online forums and ask around in your groups to find out which options you have to look forward to. Compare the prices if you are searching for the best quotes online, so you could have this idea of what comes under your budget.
You need to put an ad online and let your friends, family, and colleagues find potential buyers for you for selling. Placing an advertisement on various online platforms helps you in finding the buyer as early as possible.
If you are thinking about selling or buying a Michigan vehicle, then it is significant to go for a bill of sale form to ensure your safety and protection at different levels. Go for it in case you never tried one before. We hope that you will find this article helpful and use this information in your best interest.