It outlines the vehicle's specifics, such as make, model, year, and vehicle identification number (VIN) 3. It establishes the date of the sale, which is essential for tax and registration purposes. The importance of a bill of sale cannot be overstated, as it performs several crucial functions in a private-party vehicle transaction. In some cases, a bill of sale may also be required in order to obtain insurance for the new owner.
A bill of sale provides proof of ownership and can be used to register the asset with the new owner with the appropriate authorities. The asset could be a vehicle, boat, piece of equipment, or any other type of personal property. A bill of sale is a legal document that records the transfer of ownership of an asset from one person to another.
