All those who are selling or buying something in the state of Maryland need to generate the Maryland bill of Sale to legalize the transaction. It is a major component in the U.S. for the exchange of goods for money. It has to be generated for buy or sell of anything from motor vehicle to real estate. It shows the state how many goods were sold in the year and helps in the adjustment of taxes. It also records other details like the age of the goods, quality, repair history and so on which helps to identify the condition of the goods.
Getting the bill is not too difficult. It is easily available on the website for free download. It also helps establish the current ownership of the good which can be very useful information in case of damage, theft or accident.
The bill proves that the seller has willfully transferred the ownership of its asset or good to the buyer and does not own that particular asset or good anymore. It is a legal agreement that states that the sale proceedings were also legal. The common requirements to validate a bill are as follows:
- There should be 2 parties involved and the sale transaction should have taken place in the state of Maryland.
- The bill should have been acquired from the website or government office and the details should be filled.
- The information mentioned in it should be completely correct.
- It should be signed by both the parties in the presence of a notary and then submitted to the respective department.
- The bill should contain details like price of the asset or good, purchase details, method of payment, personal information of both the parties, description of the product, seller disclosure, signatures of buyer and the seller as well as a notary stamp.
Vehicle bill of sale for Maryland
The MVA or the Maryland Motor Vehicle Administration requires a bill when a vehicle which is equal to or less than 7 years old are sold or bought in the state of Maryland and its sale value is lesser than the book value as per National Automobile Dealers Association. For vehicles that are more than 7 years old and are sold at a price higher than the book value, there is a provision of a customized bill which can be submitted to the MVA. It helps maintain a record of the current owner of a particular vehicle with the government which is primarily used for taxation.
DMV bill of sale for Maryland
According to the MVA, of a vehicle sold for a price lesser than the book value, then the bill should have a reason for price deduction. It should also contain information like the vehicle description in detail, odometer reading, sale price, date of transaction, payment method, vehicle model, make, year, style and such other details and along with that, it should also have a name, address, and signatures of both the parties. The bill needs to be signed before a notary. The state of Maryland accepts legal documents only in English, so if it is in a different language then it should be translated before submission.
Auto bill of sale for Maryland
Every vehicle you own needs to be registered with the Maryland Motor Vehicle Administration if you live in the state of Maryland. Now the registration depends on the method of purchase. If you buy a vehicle from an auto dealer then, the auto dealer does the paperwork and submission of BOS for you. but if you buy an automobile from a private party, then you have to submit the bill after the purchase is made. This will help transfer the ownership of the automobile in your name. just make sure you do not sign the bill before you are in front of a registered notary.
Motorcycle bill of sale for Maryland
Just like any other form of a motor vehicle, while buying a motorcycle from a private party or a dealer that does not do the documentation for you, you need to submit a BOS for motorcycle with the MVA. It has all the details of the motorcycle and signatures of both parties with the notary. With so many motorcycles on the streets of Maryland, it is essential to update the latest owner details of every vehicle for various purposes like taxation, tracking for damage, theft, insurance or accident. It makes sure no one else except you can claim the ownership of your motorcycle.
Boat bill of sale for Maryland
As it is for various vehicles, a BOS is required for the sale and purchase of a boat too. By the requirements listed by Maryland's Department of Natural Resources, the bill must have the hull ID, length and width of the boat, manufacturing year, manufacturer details, motor serial number, model number, horsepower, the manufacturer details of the motor, boat type, hull material, power details of the boat, propulsion system details of the boat and so on. Also, it should have the US Coast Guard documentation number or the registration number.
Car bill of sale for Maryland
Form VR-181 is the form number which you will need to create a BOS for car sale. The form has space to fill in all the relevant details like VIN, make, model, year, car type, price of the car, power of the car, length, width, weight, odometer reading, color and so much more. It also has a space to fill in the personal details of the seller as well as the buyer. Then, as stated before, sign in the block given for notarized signatures. The form can be downloaded from the MVA website for free.
Trailer bill of sale for Maryland
The trailer BOS is made when any kind of structure that can be towed by another vehicle is sold or bought in the state of Maryland. All such big structures are included under the trailer. Though these trailers cannot be moved on their own, they do have their individual identification number. This bill must include all the details like the identification number, type, make, model number, measurements, purpose, and even the license plate details. The trailer can be used for storage or for transporting other vehicles and boats. But the sale of a new or old trailer requires a BOS.