Retail Installment Contract Vs Bill Of Sale With Notary In Minnesota

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Multi-State
Control #:
US-002WG
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Word; 
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Description

A retail installment agreement is an agreement signed by the Purchaser involving a finance charge and providing for the sale of goods or services. Federal and some State Laws (Consumer Credit Protection Acts) require the disclosure of what the Purchaser is being charged for the credit he/she is receiving. These disclosures include such things as the amount being financed; finance charges; the annual percentage rate; and the number of payments and when due. However, such disclosures are usually only required when a person regularly extends consumer credit (e.g. more than 25 times in the preceding calendar year).



This form is for a casual seller who does not enter into such transactions on a regular basis. It can also be used in commercial transactions (e.g., credit that is not being extended primarily for personal, family, or household purposes).



The Purchaser in this form grants the Seller a security interest in the collateral being sold. A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation. The Seller requires the Purchaser to secure the obligation with the personal property being purchased so that if the Purchaser does not pay as promised, the Purchaser can take the collateral back, sell it, and apply the proceeds against the unpaid obligation of the Purchaser.

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FAQ

An installment contract is a single contract that is completed by a series of performances–such as payments, performances of a service, or delivery of goods–rather than being performed all at one time.

No. When you privately sell a car in Minnesota, the bill of sale does not need to be notarized. Some buyers and sellers do so anyways as it can add another level of protection to both parties.

A bill of sale isn't the same as a sales contract. A sales contract is drawn up and signed before a transaction. It lays out the terms of the transaction before buyer and seller come to a final agreement.

Whereas a sales contract is used prior to the exchange of goods, a bill of sale is used during or after the exchange of goods to transfer ownership of the goods from the seller to the buyer.

Whereas a sales contract is used prior to the exchange of goods, a bill of sale is used during or after the exchange of goods to transfer ownership of the goods from the seller to the buyer.

Dispute Prevention: A notarized bill of sale strengthens your case in case of ownership disagreements, as it provides a documented and impartial record of the transaction.

Sometimes, a power of attorney (POA) might be used if the seller cannot be present. The POA is a legal document granting someone else the authority to act on the seller's behalf. The appointed representative, the agent or attorney-in-fact, can then complete the notarization process.

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Retail Installment Contract Vs Bill Of Sale With Notary In Minnesota