A car sale can be used to transfer ownership of a vehicle from the seller to the buyer. There are pros and cons to making an auto-bill of sale as opposed to buying a state-specific professionally drafted one on the internet for less than 10 dollars. Because the majority of bills of sale do not contain an "Odometer Disclosure" form that is mandated by law in the United States, it causes problems for both buyers and sellers as we will discuss later.
How do you write the bill of sale of an old car and the dangers to stay clear of
This is the case for a used vehicle that is offered "as-is" and without warranty.
- The first step is to include the State and County in which the vehicle is being sold.
- The second is to include buyer's and seller's names as well as addresses.
- The transfer and sale clause must include the price in writing and numbers, and the vehicle's details like the following: model, make and body type, year and the identification number of the vehicle. (VIN)
- The warranty of owner clause
- A disclaimer of any other warranties clause
- Other terms and conditions of purchase, if there are any.
- Signatures and names of both the parties.
- The date of signing the contract.
Which are risks and ways to stay clear of them?
Documents for written bill of sale and those that are free to download on the internet almost always have mistakes and are often incomplete. They also rarely include the "Odometer Disclosure" forms that is legally required under federal law. These massive errors usually result in these common situations:
- The purchaser alters the reading of the odometer in the future , and then sells the vehicle to get an increase in price. The buyer who bought the car discovers this , and it's difficult to determine if the illegal modification was made by the seller in the first place or by the original buyer. The act of rolling back the odometer is a federal offence.
- The buyer is not happy with the vehicle or has issues with it later on. In the absence of an adequate 'disclaimer or other warranties' clause could make the seller to be held accountable in the judge of law.
The scenarios listed above are typical but it's impossible to cover every scenario.
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