What is a Vehicle Bill of Sale?
A vehicle bill of sale is an important document that every Virginia resident must have when they need to register their vehicle or renew their motor license. The bill of sale is also useful to protect car buyers from the risk of fraud or when a misunderstanding erupts between a buyer and a seller.
It is also an important document to tender at the law court when you need to prove to the court that you are the legal owner of a used vehicle. The bill of sale for cars should capture important information like the full names of both the buyer and sellers, their addresses, transaction date, the amount involved, as well as, the signatures of both the buyer and seller.
To avoid the issue of fraud when you want to buy a used car from a friend, it is important to demand a bill of sale for the car.
Important Terms for a Vehicle Bill of Sale
A vehicle bill of sale consists of important terms, including the follow:
- Payment Terms:
- Signature of both the buyer and seller
- Signature of witnesses for both the buyer and seller
The personal information of the individual buying or receiving the vehicle from the seller.
A complete description of the vehicle being sold and its current condition.
A record of the amount of money paid or value received for the transaction.
A note of whether the vehicle is being sold as is or if there are any guarantees on the item.
A record of when the vehicle was sold.
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What Will the Car Bill of Sale Be Used for?
A car bill of sale is a hybrid legal document that is used for basically two purposes. It confirms transfer of title to (ownership of) the car and, in doing so, serves as evidence of a contract. For example, many states require that a vehicle bill of sale include an odometer reading; some states require it to be notarized.
Secondly, a vehicle bill of sale can help to prevent fraud and misunderstanding between you (the buyer) and seller. For instance, if the deal didn't go down well or or the vehicle developed a fault that wasn't captured on the bill of sale, any of the party may choose to approach a court of competent jurisdiction. The judge will use the bill of sale to settle the case in favor of the buyer or seller.
How to Write a Vehicle Bill of Sale in Virginia?
If you are a Virginia resident and you are struggling with how to write a vehicle bill, read on to find out how to do that with ease.
Start the vehicle bill of sale by declaring that you are the original owner of the vehicle. Mention the day you bought the vehicle and provide the vehicle’s details like the vehicle identification number, model, type, engine type, and transmission type.
Next, state your full names and address, and also leave a space for the full names and address of the other party. You may also want to state your contact details and that of the other party. Then, make provision for signatures of both the buyer and seller of the vehicle. Then, finally, leave room for at least two witnesses to sign the document.
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There you have it! A bill of sale for a car is a legal document that is binding between a buyer and a seller to show that a private transaction of a car occurred on a particular date. The document becomes valid only when a transaction has been completed.
There are lots of valid reasons why people should demand a car bill of sale when they intend to buy or sell a used car. The biggest reason of all is that the bill of sale for cars protects both parties against fraud. It also protects the buyer and seller when there is a misunderstanding that would leave to a law court. The judge would need a bill of sale for a car to settle the case.
Virginia Vehicle Bill of Sale FAQ
What paperwork do I need to sell my car in Virginia?
If you live in Virginia and you are looking to sell your vehicle, there are a few documents you need to have handy. Some of the documents include a photo ID, bill of sale, proof of insurance, inspection certificate, a title signed over to you, proof of residency that matches your ID. Additionally, be prepared to pay all titling and/or registration fees.
Is it illegal to sell a car without a title in Virginia?
Of course, it is illegal to sell a used car without a title in Virginia. As a matter of fact, the law requires that any person who sells, trades, exchanges, or barters a motor vehicle, trailer, or semitrailer in the Commonwealth without first having secured a certificate of title for it or without legally having in his possession a certificate of title for the vehicle issued to its is illegal.
What is sales tax on a used car in Virginia?
A sales tax on a used car is a tax paid to a governing body for the sales of vehicles. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on used vehicles is paid to a governing body directly by a consumer, it is usually called a use tax.
What items are exempted from sales tax in Virginia?
Generally, items like medicines, groceries, clothing, industrial equipment, medical devices are exempted from sales tax in the US state of Virginia. Aside from these items mentioned here, you are required to pay taxes on every other team.