Montana Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note
About this form
This form package contains a Bill of Sale for an automobile or vehicle, including an Odometer Statement and a Promissory Note. It is specifically designed for scenarios where the buyer makes a down payment and pays the remaining balance over time. This unique combination ensures the sale is documented accurately and legally, differentiating it from standalone Bill of Sale forms which may not address financing or odometer disclosure needs.
What’s included in this form
- Bill of Sale: A legal document transferring ownership from the seller to the buyer, detailing the purchase price and vehicle information.
- Odometer Statement: A required statement confirming the vehicle's mileage at the time of sale to comply with federal law.
- Promissory Note: A written promise for the buyer to repay the seller over time, including details about down payment and payment scheduling.
- Signatures: Signed acknowledgement from both parties to confirm the transaction and its terms.
- Notary Public Section: Required if notarization is necessary, to validate the signatures and the transaction.
When to use this form
This Bill of Sale for an Automobile should be used when you are selling or buying a vehicle, especially when a buyer requires financing through a promissory note. It is particularly applicable in transactions involving used vehicles where the seller retains a security interest in the vehicle until the payment is completed. Additionally, it is essential for documenting the odometer reading to prevent fraud.
Who should use this form
- Individuals buying or selling a vehicle and need a formal record of the transaction.
- Buyers who intend to make payments over time and require financing arrangements.
- Sellers wanting to secure their interest in a vehicle until the full price is paid.
How to complete this form
- Identify the parties: Include the names and addresses of the buyer and seller.
- Specify the vehicle: Fill in the make, model, VIN, year, and body type of the vehicle being sold.
- Enter financial details: Clearly state the purchase price, down payment amount, and financing terms in the Promissory Note.
- Complete the Odometer Statement: Indicate the current mileage and check the appropriate statement about mileage accuracy.
- Obtain signatures: Have both the seller and buyer sign the Bill of Sale and Promissory Note in the designated areas, ensuring they are witnessed by a notary public if required.
Does this document require notarization?
This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.
Mistakes to watch out for
- Failing to fill out the odometer statement correctly or omitting details can lead to legal consequences.
- Not securing signatures from both parties may render the document invalid.
- Forgetting to notarize the document if required by state law.
Benefits of using this form online
- Convenience: Access and complete your form digitally without the need for in-person visits.
- Editability: Easily modify details before finalizing the document to ensure accuracy.
- Reliability: Forms drafted by licensed attorneys to ensure compliance with legal standards.
Main things to remember
- This form is essential for documenting the sale of a vehicle, especially when financing is involved.
- Always complete the odometer disclosure accurately to comply with legal requirements.
- Ensure the form is signed and notarized to avoid issues during the transfer of ownership.
Form popularity
FAQ
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.
Where it asks for sale price, you can simply write gift. Both parties will also need to sign the title to make it official, and some states require this to be done in front of a witness. If you own the vehicle outright but can't find the title, your local DMV can issue a replacement.
Writing the Bill of Sale On the bill of sale template, where the dollar amount is listed, write gift in the allotted space. You'll need to note the date of sale, the car's identification number, make, model and the number of miles on the odometer at the time of the transfer.
Louisiana. Maryland. Nebraska. New Hampshire. West Virginia. Montana.
Can a bill of sale be handwritten? If your state does not provide a bill of sale form, yes, you can handwrite one yourself. As long as the document includes all of the necessary parts of a bill of sale and is signed by both parties and a notary, it is valid. Some states require a bill of sale while others don't.
Yes, you are required to have a Montana bill of sale to register a motor vehicle. In fact, the State of Montana requires you to use their bill of sale. It must be notarized. You'll also need the vehicle's title or, if you've moved from another state, the registration certificate from that state.
Can a Bill of Sale Be Handwritten? A bill of sale is a legal document that verifies you have sold your car and provides basic information about the vehicle or any other item and the terms of the sale.As, with any legal written document a bill of sale can be handwritten.
Complete the back side of the title and fill in all required fields. Get the title notarized before giving it to the buyer. Work with the buyer to complete a bill of sale and have it notarized (with your signature and that of the buyer). Give the buyer a lien release.
Alabama. Arkansas. Colorado. Connecticut. Hawaii. Idaho. Maine. Nebraska.
