How to Write a Bill of Sale for Monthly Payments on a Carby Jesa Lynn
To transfer a car title over to the buyer, you must have a bill of sale. According to the Connecticut Department of Motor Vehicles, the bill of sale must contain specific information about the vehicle, such as make, model, Vehicle Identification Number, name of the buyer, name of the seller, among other information. Having a bill of sale gives the car buyer proof of purchase, helps the seller in cases where liability may come into question and details how and when the buyer will make the payments.
Write the title "Bill of Sale" at the top of the paper. Print the date including the month, day and year, under the title.
Write the buyer's full name and address under the title of "Buyer." Write the seller's full name and address under the title of "Seller."
Write down the year, make, model, color, current odometer reading, and Vehicle Identification Number from the vehicle.
List the full purchase price of the vehicle. Include the details of any payment arrangements in this area of the bill of sale. Write down any monthly payment amounts agreed to and the duration of the payments, include the date when the vehicle will be paid off and monthly payments will stop.
Leave space at the bottom of the bill of sale for the buyer and seller to sign and date the document. Make a copy of the bill of sale to keep for your records. Give the original to the buyer.
- Contact your local Vehicle Registration office and ask if a generic bill of sale is acceptable in your state. Find out if your state requires a generic bill of sale to be notarized.
- Check to see if your state requires additional forms to properly release you from liability after the sale of your car.
- Do not hand over a bill of sale until all upfront payments have been made.
- The Department of Motor Vehicles is a state level government agency; the requirements and regulations will vary by state.
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