As per Investopedia, the bill is a legal document that certifies the sale or transfer of property or a good from one party to another. In this scenario, the West Virginia bill of sale holds a legal standing certifying that a transaction has taken place between two parties. Further, it provides evidence that one party has transferred the right of ownership to another party.
This document holds a legal value and can be used by the court to decide ownership in case of a dispute between two parties. In order to simplify the matter, you can also consider the receipt as a bill when you buy anything from a supermarket. Hence, it is a document with which you can claim your ownership.
However, the bill is used in some high-level transactions that include the sale, transfer or even the trade of a car, a boat, motorcycle or other such items that hold substantial value.
Rules of a BOS in West Virginia
Being a Federal Nation, the States in the USA are free to curate their own legislation and execute the same with due process. In West Virginia, the BOS is directed by the State legislature and has divided the chapters for the accurate implementation of the BOS with regards to different transactions. There is one single BOS form that is applicable in the state and it is named as DMV-7-TR.
Amendments to the bill are the prerogative of the Legislature which can either add new conditions or remove the same after following a due process.
Both the seller and the buyer in the State need to affirm to the transaction of trade or sale purchase. Also, a few of the types of BOS require the notary’s attestation before they could become a legal document.
The following are the essential elements of a completed BOS in West Virginia:
- Name, signature and the residential information of the parties (buyer & seller)
- Date of purchase, make or model of item in question
- The date of sale
- Price at which the item is sold
- Notary attestation.
Vehicle Bill of Sale for West Virginia
In West Virginia, both the seller and the buyer need to have a bill certificate to certify the transaction. This is done by a BOS that in turn has to be attested by the Notary. Also, in this State, if you as a buyer has bought any vehicle at less than 50% of its loan book value, then a BOS becomes mandatory without which you will have to pay the tax that is set according to the loan book value of the vehicle.
DMV Bill of Sale for West Virginia
The DMV BOS in the state holds important in the sale and purchase of a used vehicle. This transaction between two parties requires a BOS. More importantly, this piece of evidence is beneficial for both the parties as it ensures the right of ownership of one party and the release of liability of the other. However, you need to obtain Title transfer to confirm the ownership rights in West Virginia. This is because a mere bill of sale does not authenticate ownership.
Auto Bill of Sale for West Virginia
An Auto bill in this state is an essential document for when one person sells any kind of vehicle to another party. The requirement to get the BOS notarized is only essential in 6 States of the USA including West Virginia. Plus, you also need to ensure to attach the previous and new ownership title when submitting the final application to the DMV for the final step of the transaction.
Motorcycle Bill of Sale for West Virginia
Motorcycle enthusiasts do require the proper documentation whenever they buy a used a motorcycle. This is important to ensure that the previous owner or any other party does not claim ownership to your motorcycle. For this process, the Motorcycle bill has to be executed during the transaction. There are four major steps that complete the process of a new transaction in West Virginia. This includes an offer (agreement), the consideration (price finalized), signature of both the parties and final authorization of overseeing authority.
Boat Bill of Sale for West Virginia
Buying a boat in West Virginia requires every buyer to have a Bill in their hands. This is to certify the ownership rights along with the transfer of title which is certified by another deed. However, there is a difference in the process if you buy the boat from a dealer or a private buyer. Buying from a dealer means that the dealer has the onus to provide the ownership documents along with the bill. Apart from the BOS you also need to get all the essential documents from the previous owner in terms of insurance, odometer disclosure, vehicle information, registration details, and dealer information if you are buying from one.
Car Bill of Sale for West Virginia
A car bill in this state is similar to every other type of vehicle BOS. West Virginia has only one form that serves as the BOS certificate for all types of vehicles. For a car however you need to make sure that all the documents are present and that you have the required information before completing a transaction. While the bill of sale will cover all the details, there are however a few other steps that can double check like the ownership certificate of the previous owner, the tax information, and again the insurance information.
Trailer bill of sale for West Virginia
The Trailer BOS in West Virginia is implemented as per the State laws. Most importantly, with a bill, the buyer is assured of the right trailer condition and the overall description of the vehicle. This will ensure that both the parties are well protected from any kind of legal battles that may arise in the future.