Every single day across the United States, tens of thousands of new and used vehicles alike are purchased. Since motor vehicles aren’t cheap, both professional car sales hubs and their private owners-and-sellers bring along various documentation to prove who they are, who owns the vehicle being sold, that the vehicle isn’t stolen, and to help establish records. Bills of sale, also known as reports of sale to some people, are documents that contain two parties’ agreement to sell an asset to the other party. Let’s look into what makes bills of sale so important here in the United States.
Reports Of Sale Are More Valuable Than The Ability To Transfer A Title’s Owner
As you know, dealerships and private owners who sell vehicles need to transfer their ownership rights to buyers via title transfers. A title is simply a document awarded to people who purchase vehicles so the government knows who purchased them. Assume that you buy a vehicle and the seller fails to send the title over in your name a full week after the date of sale. As long as you have a valid report of sale, the government will seize the title for you.
Bills Of Sale Help Protect Buyers And Sellers From Bad-Intentioned Criminals
Valid bills or reports of sale effectively offer a variety of legal protections to their users. Some people who are in need of a quick pickup of several thousand dollars is to fix up a nearly-broken used vehicle and sell it for as much as possible without representing its faults.
Governments Can More Easily Assign Punishments To People Ticketed With Driving Offenses
You’ve most likely seen traffic cameras mounted on light poles, signs, and elsewhere. The only way that the providers of such technology can find exactly where your vehicle is registered is via its license plate. Without a bill of sale, registering your purchase or sale of a vehicle isn’t going to take place in the vast majority of states.
Whether you’re in Maine or king county car tabs, you need to get a legitimate bill of sale for your vehicles.