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The bill of sale is a legal document that transfers ownership of the business from the seller to the buyer. It lists the assets being sold, their value, and any conditions of the sale.
The buyer can also use a bill of sale to prove ownership of the asset. This lets you register a boat, vehicle, or firearm in your name, which is legally required in Hawaii.
In order to properly sell a vehicle in Hawaii, you need to have the vehicle's title.
Duplicate Title Must complete the Application for Duplicate Title(PDF, 153KB) All legal owners must appear in person with a picture ID or have the duplicate title application signed in front of a public notary. Pay the $10.00 duplicate fee.
Parts of a Business Sale Agreement Parties. The names and locations of the buyer and seller will be clearly stated in the first paragraph or two of the contract. ... Assets. The agreement will detail the specific assets being transferred. ... Liabilities. ... Terms. ... Disclosures. ... Disputes. ... Notifications. ... Signatures.
Signing Requirements ? Both the buyer and seller must have their signatures notarized. Odometer Disclosure Statement (Federal Form) ? Private sellers must disclose the vehicle's odometer reading at the time of sale. The odometer disclosure is included in the bottom section of the bill of sale document.
In Hawaii, most standard vehicle title transfers are primarily completed on the title itself; however, a bill of sale is required when the person selling the vehicle is not named on the car's title.
Signing Requirements ? Both the buyer and seller must have their signatures notarized. Odometer Disclosure Statement (Federal Form) ? Private sellers must disclose the vehicle's odometer reading at the time of sale. The odometer disclosure is included in the bottom section of the bill of sale document.