In most states in the USA, buying or selling of tangible assets that are 500$ or above in value, requires proper bills of sale. This is basically a document that offers detailed information about the asset that is changing ownership along with complete information about the buyers and sellers of the same, price, mode of payment and most importantly, warrantees made by the buyers and sellers. Please visit this website for more info about AZ DMV bill of sale.
A general bill of sale can currently be used at the time of selling / buying vehicles, luxury items, jewellery, pets and more.
Is a bill of sale legally binding?
This is one of those questions that are bound to arise in the minds of first time sellers and buyers. Given the fact that the bill of sale is created to protect the interests of buyers and sellers, it bears a significant legal connotation. Say for example, if a seller transfer ownership of a vehicle ‘as is’ which is clearly mentioned in the bill of sale, the buyer cannot drag the former to court for issues that may arise in the vehicle after the purchase process is complete. Here the bill of sale will legally protect the interest of the seller with focus on sold ‘as is’ clause.
In certain states, sale of vehicles require the bill of sale form to be notarised as well, which makes it more legally binding than those that do not require notarization. In case of disparities, a notarized bill of sale can be presented in the court as evidence.
How to make a bill of sale legally binding?
In order to make a bill of sale legally binding, it is necessary to include terms / conditions and clauses consciously and comprehensively and that too in tune with federal / state requirements. If you are a first timer, it is best that you refer to bill of sale template available with top online legal platforms and seek professional advice on the matter as well.
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