Maryland Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note
What this document covers
The Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note is a legal document that formalizes the sale and purchase of a vehicle. It provides evidence of the transaction, detailing the terms of the sale, including any payments made over time, and includes an odometer statement to comply with legal requirements. This form is essential for both buyers and sellers to clarify ownership and financial agreements that may exist as part of the vehicle sale.
Main sections of this form
- Bill of Sale: Specifies the buyer, seller, purchase price, and details about the vehicle being sold.
- Odometer Disclosure Statement: Confirms the vehicleâs mileage and compliance with federal and state laws regarding odometer readings.
- Promissory Note: Outlines any financing terms, including down payments and payment schedules for the vehicle.
When to use this form
This form should be used when completing a sale of a motor vehicle where the buyer may make a down payment and pay the remainder of the purchase price over time. It is particularly important for transactions that involve a vehicle's title transfer and financing agreements.
Who needs this form
This form is suitable for:
- Individuals buying or selling a motor vehicle.
- Buyers seeking financing options for their vehicle purchase.
- Sellers retaining a security interest in the vehicle until full payment is received.
Instructions for completing this form
- Identify the parties involved: Enter the names and contact information of the buyer(s) and seller(s).
- Specify the property: Fill in the vehicle details, including make, model, year, and VIN.
- Detail the financial terms: Enter the purchase price, down payment amount, and financing terms in the Promissory Note.
- Complete the Odometer Disclosure: Record the mileage and indicate whether this reflects the actual mileage.
- Sign and date the document: Ensure that all parties sign in the required areas and that the document is notarized if necessary.
Does this document require notarization?
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to include accurate vehicle identification details, such as the VIN.
- Not properly disclosing the odometer reading or failing to check applicable statements.
- Leaving signatures incomplete or not having them notarized when required.
Advantages of online completion
- Convenience: Easily download and complete the form at your leisure.
- Editability: Customize the form to meet specific sale terms before printing.
- Reliability: Access legally vetted documents drafted by licensed attorneys for your peace of mind.
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FAQ
Year, Make, and Model. Vehicle Identification Number (VIN) Date of Transaction (Sale Date) Sale Price. Names/Addresses/Signatures of both Buyer and Seller.
You will need the title, signed over to you; the MVA Bill of Sale, if required; the passing inspection report; proof of insurance; and the titling fee.
Step 1: Get the vehicle inspected. In Maryland, sellers are required to get a vehicle safety inspection by a licensed Maryland inspection station. Step 2: Organize and gather all related vehicle documentation. Step 3: Bill of Sale. Step 4: Transfer the title. Step 5: Remove your plates and cancel your insurance.
Write the title "Bill of Sale" at the top of the paper. Write the buyer's full name and address under the title of "Buyer." Write the seller's full name and address under the title of "Seller." Write down the year, make, model, color, current odometer reading, and Vehicle Identification Number from the vehicle.
A description of the vehicle, including the year, make, model, vehicle style, and Vehicle Identification Number (VIN) Printed names and signatures of the buyer and seller. Date of the sale. Total cost of the vehicle.
The date of the sale. A description of the car, including its: Year, make and model. The selling price of the car. If the car is a gift or partial gift, you should still create a bill of sale. Warranty information. The full names, addresses and signatures of the buyer and seller.
You will need a notary, witnessing both the buyer(s) and seller(s) signatures, if you present a bill of sale to complete your transaction.A notarized MVA Bill of Sale200b (form # VR-181) is needed if the sale price is less than the vehicle's book value and the vehicle is 7 years old or newer.
You will need a notary, witnessing both the buyer(s) and seller(s) signatures, if you present a bill of sale to complete your transaction.A notarized MVA Bill of Sale200b (form # VR-181) is needed if the sale price is less than the vehicle's book value and the vehicle is 7 years old or newer.