An Indiana bill of Sale is a legal document drafted in the state of Indiana which establishes a legal connection between the buyer and the seller when a transaction takes place. The document is put on the table and signed by both the parties according to the number of items or the type of items. The document which has been drafted helps in any kind of discrepancies that might arise as a result of this transaction. Some states do not need this but some do and drafting this will ultimately benefit both the parties by virtue of acting as a protective cover for them. It does help in transferring the legal title to the buyer from the seller. It helps the buyer when he/she has to register the good with the state. In addition to this, if it requires notarization the parties should make sure that the bill is signed in the presence of a notary.
Rules for the Bill of Sale
It definitely provides you with a legal cover and it should be provided to the buyer, when asked for. Let’s take a look at the contents of the bill.
It should contain:
- Date of sale of the commodity.
- The make and model of the vehicle.
- The year of manufacturing of the vehicle
- The Vehicle Identification Number (VIN)
- Price of the vehicle for which it is being sold.
- Whether the vehicle is a gift or not.
- All the relevant information about the warranty of the vehicle.
- Details of the buyer: Full-Name and address.
- Details of the seller: Full-Name and address.
- The signature of the seller
These shall form the core content apart from an official undersigning from the seller that all the information is true. It will be accompanied by the buyer’s signature which needs to be done according to the notarization procedures.
Let’s take a look at the various type of bill of sale.
Vehicle bill of sale for Indiana
Buying and selling a vehicle needs you to popularly draft a bill of sale to give the transaction a formal tag. The bill of sale should be prepared by incorporating the information which have been given in the above section. The necessary documentation is a very necessary thing which needs to be done right. Driving license or their state ID number of both the parties should also be there in the bill.
In addition to the information provided, a bill of sale for a vehicle should also contain the odometer readings along with other details such as any defective parts which the buyer should look into. The condition of the vehicle should be mentioned. It’s smog-output, type of usage of the vehicle are some of the information which should be included.
DMV bill of sale for Indiana
The Department of Motor Vehicles in Indiana provides a Bill of Sale for those people who want to sell their good or to say transfer their ownership to other people according to their preference. Though under the ambit of the law, it is not a compulsory process but is recommended to ward off any discrepancies that might occur in the future. The state of Indiana provides a bill of sale form No. 44237 which needs to be filled up. To know more about the classifications of motor vehicles which needs this, you have to visit the website of Bureau of Motor Vehicles.
Auto bill of sale for Indiana
A bill of sale, signed between a buyer and a seller, helps to establish a relationship of a transferor and the transferee of the ownership of the motor vehicle. This document should be in possession of both the seller and the buyer for future use, as and when needed.
The document contains certain crucial information about the vehicle which is being documented. This information includes disclosure of vehicle odometer, the payment details, the pollution report and other relevant details. The details pertaining to any changed parts or defective parts in the vehicle shall be included in this document for the purposes of the buyer.
Motorcycle bill of sale for Indiana
Buying or selling a motorcycle in Indiana requires you to make all the right documents which should be notified by the right authority along with all the relevant details which shall be a testimony to the transaction that has taken place between the parties concerned. The document shall contain the title of ‘Transfer of Title’.
Apart from this, a bill of sale should also be made for the vehicle’s record of its usage and its condition when it is being sold. Recording such details shall make the buyer aware of all the details of the vehicle.
Boat bill of sale for Indiana
When selling a boat or a vessel, you need to prepare a bill of sale for the required transaction between both the parties. The bill of sale shall contain the required information along with the signatures of the parties in the presence of the notary is required. This shall bring into action the act of transferring the ownership of the concerned boat or vessel.
The required information which needs to be there in the bill of sale is the make and model of the boat, the Hull ID, the odometer details for usage details along with the title number of the boat. Apart from this, the details of the trailer, if provided, are to be enclosed. In this case, notarization is a must.
Car bill of sale for Indiana
A bill of sale for a car shall help establish the legal relationship between the buyer and the seller. This shall give the parties the due credibility of the transaction and help them in case of any discrepancies that might occur. The bill of sale needs to be duly signed in the presence of a notary officer to bring into action.
The ‘Transfer by Owner’ document, which shall be signed, shall contain details of the car which include the make and model of the car, its usages, its odometer reading, details of the changed parts or the defective parts and other important details.
Trailer bill of sale for Indiana
This bill of sale is to be prepared for the buying and selling any kind of movable unpowered vehicle which can be towed around. The transfer document of such a vehicle is to be duly signed by both the parties to give the transaction its legal title.
Proper information regarding the trailer needs to be disclosed when the transaction is taking place. This information includes the type of trailer, its load capacity, its usage information, any kind of financial arrears on the trailer and other information. The document should also have any warranty details, if there. This need not be signed in the presence of a notary.
Thus, these are the kind of commodities for which a bill of sale is prepared for the proper transfer of title between the parties.