This forms package contains a Bill of Sale, Odometer Statement and Promissory Note. It is for the situation where the Buyer may be making a downpayment and paying the balance over time.
Bill Sale Automobile Template With Lien Holder
State:
Maine
Control #:
ME-00431-C
Format:
Word;
Rich Text
Instant download
Description
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FAQ
To conduct a private car sale with a lien, first contact the lien holder to determine the payoff amount. Ensure that you document the payment and obtain a lien release. A Bill sale automobile template with lien holder is invaluable in this scenario, as it provides guidance on including critical details about the lien and safeguards both you and the buyer through formal agreements.
In Canada, selling a car with an existing lien is not illegal, but it can create complications. The new owner might face challenges in registering the vehicle, and the lien holder can reclaim the car if the debt isn’t settled. To protect yourself and the buyer, consider using a Bill sale automobile template with lien holder that includes stipulations about the lien and outlines the responsibilities of both parties.