Bill of Sale Auto Law & Legal Definition
A bill of sale is a document that transfers ownership of an asset from a seller to the buyer, a basic agreement for sale of goods, and a sales receipt.
What is included in an auto bill of sale form?
Most auto bill of sale forms include the following information:
- Amount of consideration paid for the transfer of title and date of purchase.
- Name and address of seller(s).
- Name and address of buyer(s).
- Specific information about the automobile being sold: make/model of the vehicle, VIN number, etc.
- Signature of the seller(s).
- Odometer Disclosure Statement as required by federal and state law.
- Signature of a notary public.
What information is required to be listed in the Odometer Disclosure Statement?
The Odometer Disclosure Statement requires the following information:
- The seller must disclose the current reading of the odometer and warrant that to the best of his/her ability this reading reflects the actual mileage of the vehicle being transferred to the buyer.
- The make/model/body type of the vehicle.
- Name and address of the seller.
- Name and address of the buyer.
- Signature of a notary public.
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