The Michigan Bill of Sale is a legal document that transfers the ownership of the good from the seller to the buyer. Whenever a large purchase or a sale is made, the seller gives a receipt of the transaction made which has the price, date and item details on it. But when the item is purchased from a private seller meaning a second-hand item, in such a case there is no receipt. Thus, a bill needs to be made to record the transaction.
Making the Michigan BOS helps document the item details, price, payment details, buyer details, seller details and warranty of the item. It could be made for any kind of item like a car, dirt bike, land mower, pet animal, golf cart, moped, snowmobile, ATV, farm animals, trailer or even a boat. The general rules for the bill remain the same even though the item changes.
Requirements of the BOS
A BOS is a great way to certify that a buy and sell transaction is being made. But legally documenting the details need a specific format and following of certain rules. It is relatively simple but the details mentioned in the BOS should be all true. The requirements are as follows:
- Any template you use should have a place to write the name, addresses and other personal details of both the parties.
- The details of the item being transferred should be there on the bill like registration number, shape, size, weight, color, year of manufacturing, current status, insurance status and so on.
- The bill should also have all the financial details of the transaction like amount, mode of payment, tax involved and such.
- Lastly, there should be a place where both the parties sign in front of a notary.
Vehicle Bill of Sale for Michigan
The vehicle BOS for Michigan is also known as the Form TR-207 and it attests the sale and purchase of a vehicle in Michigan. All the required information present in this form or the bill proves the transfer of proprietorship of the vehicle. To drive a vehicle on the streets of Michigan legally, it needs to be registered with the state and should have insurance. And to register your vehicle with the state of Michigan, you first need to prove your ownership of the vehicle through the BOS.
DMV Bill of Sale for Michigan
After you buy a vehicle in Michigan, you have to register it with your local DMV so that you can drive it legally. For that, you need to fill the form which helps the seller sign over the title to you. This bill by the DMV must have the following details:
- Personal and contact information of both the parties
- Details of the vehicle like the identification number, model, year of manufacture, make, color, shape, size, etc.
- Insurance details of the vehicle
- Odometer reading
- Photo ID of the parties
- Proof of tax payment
- Transaction financial details like the amount, mode of payment and so on
Auto Bill of Sale for Michigan
It is physical evidence that a new or used automobile was sold in Michigan to a particular seller. It gives proof that both the parties are of legal age, have the mental capacity to enter a legal contract and residents of Michigan state. After the sale proceedings take place, the buyer needs to register the automobile in 15 days. The state of Michigan prefers that both seller and buyer appear before the local SOS or the Secretary of State office together to give evidence of the sale. If the buyer cannot appear in person, an agent with Power of Attorney has to be there.
Motorcycle Bill of Sale for Michigan
It is a legal document that proves that a motorcycle has been bought by you and from now on you are the owner of this motorcycle. This proof of ownership is essential for you to have if you want to ride the motorcycle on the streets of Michigan. The BOS has a detailed description of the motorcycle, buyer, seller and transaction details which will help you register the title of the motorcycle in your name. Of course, the bill has to be notarized before it can be presented as a legal document.
Boat Bill of Sale for Michigan
The boat BOS is the document that records the key elements involved in the sale proceedings of a boat in the state of Michigan. The bill has all the details including what sum of money was paid for the sale, how it was paid, the personal information of both parties involved, and all the details of the boat with motor description. If executed properly, this bill becomes enough proof to establish proper ownership of the boat. Signing such a document protects the buyer against any unlawful usage and claim on the boat in the future.
Car Bill of Sale for Michigan
When a car, new or used, is bought or sold in Michigan, the parties involved need to sign the BOS or the Form TR-207. This bill has all the car details, buyer details, seller details, payment details and the proof of no-fault auto-insurance as required by the state of Michigan. After this bill is signed, the car becomes legal to drive on the Michigan roadways. To complete the registration and titling of the car post sale transaction, it is necessary to produce this bill in front of the local SOS office.
Trailer Bill of Sale for Michigan
Form TR-207 is also needed when a trailer is bought or sold in Michigan. Trailers are huge and quite expensive. When a transaction is made and a lot of money is paid for the ownership of such a trailer, it is necessary to establish the legal ownership. It saves the buyer from a future fraud or damage made due to illegal ownership claims. Also, since the trailer has their own unique license plates, registering it is necessary to tow or transport a trailer. The notarized and signed copy of the bill should be with both parties – buyer and the seller.