Vehicle Bill of Sale Template
What is a Bill of Sale?
A bill of sale simply means a legal document which records the sale and purchase of a personal asset such as a vehicle. For example, if you enter into a sale contract to buy a vehicle, a bill of sale can be drawn up which will record that the ownership of the vehicle is passed on to you in exchange for consideration.
What does a Bill of Sale contain?
Bill of sale contains information about the asset that is being sold or purchased. For example, a vehicle bill of sale will contain information about the year of make, model, color, mileage, etc. In fact, any minor detail connected with the vehicle such as insurance, warranty, whether there is the unpaid loan against it, etc. will be disclosed. Bill of Sale will also contain the names of both the parties i.e. the buyer and the seller.
Why do you need a Vehicle Bill of Sale Template?
One of the most common areas where Bill of Sale is drawn up on a regular basis is during sale and purchase of vehicles. While having a Bill of Sale is not a legal condition for carrying out the transaction, it is still recommended to have it drawn up so that the person buying the car has complete information about the vehicle and has a legal document to prove the ownership.
A vehicle bill of sale template is a kind of ready-made legal document where you would simply have to fill in blanks to describe the vehicle and other details of the arrangement. A template not only makes it convenient to draw up a bill of sale but also a lot less expensive.