Maryland Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note
About this form
The Bill of Sale for Automobile or Vehicle, including Odometer Statement and Promissory Note, is a legal document used to transfer ownership of a motor vehicle from a seller to a buyer. This form package not only documents the sale but also includes an odometer statement, which declares the car's mileage, and a promissory note if the buyer is financing part of the purchase through installment payments. This comprehensive package ensures both parties fulfill their legal obligations during the transaction, distinguishing it from a simple bill of sale.
What’s included in this form
- BILL OF SALE: Identifies the seller, buyer, purchase price, and detailed vehicle information.
- ODOMETER DISCLOSURE STATEMENT: Attests to the accuracy of the vehicle's mileage at the time of transfer.
- PROMISSORY NOTE: Outlines the terms for any financing arrangement, including payment schedule and penalties for default.
- NOTARY SECTION: Requires signatures from both parties and a notary for legal validation.
When to use this form
This form should be used when selling or purchasing a motor vehicle, especially if the buyer is making a down payment and financing the remaining balance over time. It is applicable for private sales or transactions occurring between individuals, ensuring all details around the sale are documented correctly and legally.
Who needs this form
- Individuals or businesses selling an automobile or vehicle.
- Buyers looking to purchase a vehicle with a financing option.
- Parties involved in a vehicle transaction where odometer disclosures are required by law.
- Anyone needing a legally binding document to finalize the sale of a vehicle.
Completing this form step by step
- Identify the parties involved, including full names and contact information of the seller and buyer.
- Specify the vehicle details, including make, model, year, and VIN.
- Determine the purchase price and any down payment, as well as the terms of the promissory note.
- Complete the odometer disclosure by accurately reporting the vehicle's mileage.
- Both parties should sign the document in the presence of a notary public.
Does this document require notarization?
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
Common mistakes to avoid
- Failing to accurately disclose the vehicle's odometer reading, which can lead to legal repercussions.
- Omitting required signatures or not notarizing the document, rendering it invalid.
- Not specifying payment terms clearly in the promissory note, causing confusion later.
- Providing incorrect vehicle information, which can complicate titling and registration.
Benefits of completing this form online
- Convenient access to the form anytime and from any device, making it easy to complete at your own pace.
- Editability allows users to input specific details without the need for repetitive paperwork.
- Reliability in format and compliance with legal standards, ensuring the document's effectiveness.
- Quick download process, saving time and reducing the need for in-person visits.
Form popularity
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.
