The seller should also retain a copy as it can provide evidence that they are no longer liable for the vehicle. The buyer may present the document to the DMV in order to disclose the purchase price and pay the necessary sales tax when registering the vehicle. Other states may not require the execution of this agreement, but it is still suggested to fulfill as it can be very beneficial to have a physical record on hand. In some states, it is mandatory that all individuals taking part in the sale/purchase of an automobile carry out a bill of sale. (It is important that both parties keep a copy as a safeguard in case of any future discrepancies.) BY STATE Once all the data has been recorded, both the buyer and seller will provide signatures to complete the document. Some of the vital particulars that the form requires is the vehicle’s details (make, model, year, etc.), participant contact information, and purchase price. Users will report certain aspects of the sale within the document, creating a tangible record of the transaction. The motor vehicle (DMV) bill of sale form is put into practice when a person wants to convey ownership of their pre-owned automobile to another individual for a sum of money (the vehicle may also be traded or gifted).
