Insist for your Car Bill of Sale and Save Yourself from Future Worries
Have you made up your mind on the brand and model of your next car and have also arranged the finances? Buying a vehicle is definitely a big investment and requires meticulous financial planning. But even after every details regarding to car purchase has been taken care of, there is one important step that should never be missed, and that is getting your car bill of sale from your seller.
A car bill of sale, just like any other bill of sale, is a document, issued by the car seller to the purchaser containing details about the purchase – the company, model, price, date and time of purchase. It is treated as a legal document which signifies the transfer of property. Though in some countries, a bill of sale is not mandatory, it is better to insist for one from the sellers, just to make sure that there are no legal troubles in future. After all, we don’t want to get into trouble for something which we purchased with our own money.
A bill of sale indicates that the owner mortgager is in complete ownership, and before strict laws were introduced, they were often used in cheating and frauds involving third parties, where the object in mortgage was sold off or put on mortgage again without informing the owner of the mortgaged object. But after 1850s, the introduction of strict laws somewhat curbed the frauds associated with bills of sale. But, fraudsters continue to find gaps and loopholes in them and use them for their own interests.
In spite of these loopholes, a bill of sale is considered as a legal proof of your purchase and it is always better to have one for your purchase, especially if it something as big as a vehicle. Even if the sellers assure you that there is absolutely no need for a car bill of sale, remember that you have the full right to insist for one. It is interesting to note that legal sellers, will never complete any transaction without a valid bill of sale. So, if your seller is reluctant to give you one, there is reason to worry. Just as it is important to you as a purchaser, it is also important to them as sellers, as any mismatch in the bills of sale can lead to legal disputes and depending on the seriousness of the dispute, these matters could be dragged to courts where it might take years to settle the case.
It is always better to get acquainted with what a bill of sale actually looks like. It looks like a form with the vehicle description and the identification number of the vehicle. It also contains the details of the buyer and the seller, the finally agreed selling price and the place where the transaction was completed. The terms and conditions and the warranty are also quite important in the bills of sale, so don’t forget to check those before accepting the bill of sale from the seller. After all, it is always better to be safe than sorry later.
Sample Bill of sale template from google.