A semitruck bill of sale documents the transfer of ownership of a semitruck to the buyer. You can find a bill of sale for any type of vehicle or other sales, but a semitruck bill of sale will specify the type of vehicle and new owner. A bill of sale is only given after the purchase is complete as proof of sale. Here’s what you need to know.
What Is a Bill of Sale and Why Is it Important?
A bill of sale certifies a large transaction, like the purchase of a semitruck or other vehicle. The bill of sale removes any liability for the seller and proves the buyer’s ownership. A bill of sale details the transaction record. Both the buyer and the seller keep a copy of the bill of sale for tax purposes.
Unlike a purchase contract or sale agreement, a bill of sale is only created after the purchase is complete. Find what you need to know to draft a bill of sale below:
6 Steps for Writing a Bill of Sale for a Semitruck
You can draft your own bill of sale or hire a lawyer to draft one for you. You can find templates online that make it easier to build a bill of sale. Whichever method you choose, the main elements of a bill of sale are covered below:
List Buyer and Seller Names
Both the full legal names of the buyer and the seller are required. Some contracts will also require the buyer’s and seller’s legal addresses, while others only require the name.
List the Date of Sale
The date of the sale is the date the sale was initiated. If you create the semitruck bill of sale on the same date as the purchase, you would put the current date.
Provide Contact Information for the Buyer and Seller
Contact information for the buyer and the seller in a semitruck bill of sale will include phone, address, email or other means of communication. While not all forms of communication are always in the bill of sale, at a minimum the address and phone number are included in the signature area.
Include All Details of the Semitruck
All the details are perhaps the most important for a semitruck bill of sale. You’ll need to include the vehicle identification number (VIN), make, model, fuel type, body type, mileage and notes of any other relevant points.
The buyer will need to acknowledge the odometer reading is correct and the other details are correct before signing.
Add the Agreed-Upon Sale Price
The agreed-upon sale price will also be included, and confirmation that the payment has been made in full.
Review everything thoroughly. The buyer and seller need to confirm the payment about the vehicle details and their personal details to ensure that the semitruck bill of sale is valid.
Provide a Statement for the Sale Agreement
A statement of sale agreement should show the agreement of sale and transfer of title, including the date of the purchase contract and the date of the final sale. A sales agreement clarifies the terms of the transaction. It is the same as a purchase agreement and is usually signed prior to the sale.
Things to Keep in Mind When Writing a Bill of Sale
When writing a bill-of-sale agreement, you’ll want to make sure you follow the basics. For example, the vehicle description needs to be accurate and complete, buyer and seller contact information should also be complete, and you can’t forget to sign it. To give the semitruck bill of sale more legal weight, you can consider signing in front of a notary to have the bill of sale notarized. Here’s a detailed breakdown of what not to forget.
Up-to-Date Contact Information
Accurate information is important in case there is an issue with the sale or title transfer. Likewise, in case the buyer is questioned on the bill of sale, accurate contact information can help authorities verify its authenticity. Up-to-date contact information is also important in case the vehicle was sold with any type of warranty or guarantee.
Accurate Vehicle Description and Details
Accurate vehicle description is essential, as inaccurate information could invalidate the sale or the bill of sale. Be sure to check the odometer reading and confirm it matches the information on the bill of sale, along with the make, model and other vehicle details. This is especially important for the buyer when they use the semitruck bill of sale to prove ownership.
Don’t Forget to Sign and Date
Without the signatures and date, the bill of sale is invalid. For that reason, it’s important that both parties sign and date the semitruck bill of sale.
Where to Find a Semitruck Bill-of-Sale Template
Many versions of semitruck bill-of-sale templates are available online. The ones available at free printable legal forms offer options by state, or you can try the ones available on sampleforms.com. Don’t assume that because you downloaded it online it will have everything you need. Check the semitruck bill-of-sale template against the information here, and if in doubt, consult a lawyer for further clarification.
Summary of Semitruck Bill-of-Sale Key Points
A semitruck bill of sale needs a few key elements:
- Full legal names of buyers and sellers
- Date
- Vehicle details
- Sale price
- State of sale
- Contact information
- Signatures
You can handwrite a bill of sale, but you should consider getting it notarized. You’ll need a bill of sale whether you’re using commercial fleet financing to buy an 18-wheeler or you’re looking to sell a semitruck or semitruck parts. Being comfortable creating a semitruck bill of sale will protect you as either the buyer or the seller.
FAQ
Yes, it is possible to handwrite a bill of sale as long as it includes all the elements mentioned above. While printed or digital bills of sale are more common, handwritten bills of sale, as long as they are properly signed and dated with all accurate information, are also valid.
A bill of sale does not have to be notarized, but it’s a good idea to get it notarized to protect both the buyer and the seller from scams and ensure a smooth transfer of ownership.
Generally, the title will be transferred right away, but if it is being held by a bank or other financial institution, you can drive with a notarized bill of sale for 60 days as proof of sale. This varies by state. If in doubt, check with your local department of motor vehicles.
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