Why It Is Risky to Buy a Used Car Without a Bill of Sale?
Are you thinking of buying a car? In that case, you need a document which can be completed in just a matter of minutes, and can verify that a transaction occurred – with a transfer of the ownership title of the same. It can save you a lot of money and plenty of worries and hassles in the future. Read and find out why it can be risky for you to buy a vehicle without first signing a car bill of sale in Arizona, and how having one in place can actually help you out.
Documents the relevant vehicle information
A typical bill of sale form actually helps identify a vehicle and can document specific details about the car that is being sold to you. It can have relevant details about the car that you are purchasing, such as:
- Model number
- Vehicle Identification Number (VIN)
- The price it is being purchased at
- Names and addresses of the buyer as well as the seller
- Signatures of both parties
- Seller’s statement
- Odometer Reading
The condition of the vehicle at the time of sale can also be noted in this document. The seller can state whether he includes some warranty – such as a limited warranty – for the car. If he is not going to offer any warranty and is selling the car “As-Is”, he can also state that in the Bill of Sale document.
Legally valid transaction
With a Bill of Sale in place, you can also abide by the laws in your state. In most of the US states, there is a need to show a Bill of Sale before a title transfer of a car can be carried out to your name. It must be done as quickly as possible, so as to ensure that the car is also insured properly. Before you are able to resell the car, you must also have a legal title for it.
This kind of document can also keep you safe from various kinds of fraud, which may occur at the time of private sale or purchase of vehicles. Odometer fraud is something that occurs quite often. In this case, the odometer is found to be rolled back – in an attempt to exhibit that it traveled for less distance. It is done in the hope of fetching a higher cost. When you note the reading of the odometer during the time of car sale, and record it, in case of a legal problem you can prove your own innocence fast before the authorities. You can find free car bill of sale free template available online, which can be customized for use.
Thus, with a bill of sale document, anybody who buys or sells a car can get multiple layers of protection. This paper serves as a written record of the sale, as legally required in many states in the US and elsewhere. It can be filled up in less than a minute. If you are planning to buy or sell a car in a private transaction, you need to make use of a professional bill of sale form in order to keep yourself protected. You can easily download any professional bill of sale form from the internet, and use it as-is or customize it for your own use.