Retail Installment Contract Vs Bill Of Sale For Vehicle In Virginia
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Because a bill of sale is a legally binding document, when drafting a bill of sale, it is very important to comply with your state's requirements and these requirements can vary by state.
A motor vehicle bill of sale is required when selling a car, motorcycle, or other motor vehicle in the state of Virginia. Each document includes information such as vehicle details, model year, vehicle identification number, body type, and odometer reading (odometer disclosure statement).
There's no legal requirement to create a vehicle bill of sale in the state of Virginia—it's not technically required for the vehicle registration or titling processes. However, we recommend creating one to officially record the to record the transfer of ownership officially.
To transfer a vehicle title in Virginia, you typically need the original vehicle title, a vehicle bill of sale, identification, the Application for Title and Registration (Form VSA 17A), any lien release if applicable, and an odometer disclosure statement for vehicles under 10 years old.
If you have recently purchased a vehicle from a dealer and that dealer is processing the work for you, it may take up to 30 days for the dealer to process your transaction and for the vehicle to appear in your DMV record.
In most cases, the contract is legally binding between buyer and seller as long as the bill of sale follows guidelines required in the state where the sale or transfer takes place.
In the absence of fraud, the sale of a vehicle in Virginia is a done deal upon signing the contract, and the vehicle cannot be returned within three days because the consumer has changed his/her mind. The sale is final in the absence of fraud or duress.
However, there are some protections under the Virginia Consumer Protection Act (VCPA) for used car buyers. This law prohibits deceptive acts or practices including the misrepresentation of goods, like vehicles, which might apply if the dealer knew of defects and did not disclose them.
In an “As Is” sale, if you do not get the AS IS statement on the front of your buyer's order, and do not get the Buyer's Guide, you have 30 days to cancel the sale. In this case, you may return the car and get back most of the payments you made.
