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Published : Wed, Sep 19 2018 :4 AM.
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Item Description: This may be simple or detailed, depending on the item for sale and state requirements. For example, when selling a vehicle, you usually need to include the vehicle identification number (VIN) and odometer reading. If you are selling a horse, you’ll need information about registration and breeding.
If the item happens to be insurable, you may need to provide documentation to prove that you are the legal owner of an item, or that you are no longer in possession of the item. A Bill of Sale, if completed correctly, can be used as proof of ownership.
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Using a Bill of Sale is recommended even when selling or trading items with friends or family members because of the documents power to show proof of ownership. For example, if a parent gifts or sells their vehicle to their child, the child will need a Bill of Sale to prove their ownership of the car so they can get it registered and insured.
A bill of sale is an important part of any vehicle sale; however, it is not the only thing you will need to consider. No sale is final until you complete a title transfer. Without this step finalized, the seller may be liable for fines and violations associated with the car. As a buyer, BE SMART. Do not get saddled with a lemon. Order a vehicle history report to know for certain you are buying a gem.