South Dakota 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 used to officially transfer ownership of a vehicle from the seller to the buyer. This form package is comprehensive, including an odometer statement to disclose mileage and a promissory note for financing the purchase. Unlike a generic bill of sale, this document caters specifically to structured payments, making it ideal for buyers who may not be paying the full amount upfront.
Key parts of this document
- Bill of Sale: Formalizes the transfer of ownership of the motor vehicle.
- Odometer Disclosure Statement: Required information about the vehicle's mileage at the time of sale.
- Promissory Note: Details the payment terms and conditions if the buyer finances the vehicle.
- Signatures: Includes necessary signatures from both the seller and buyer to validate the transaction.
- Notary Section: Provides a space for notarization, ensuring legal authenticity of the documents.
Situations where this form applies
This form is useful in various situations, such as when a buyer wishes to purchase a vehicle but needs to make a downpayment followed by installment payments. It is also necessary when there is a requirement to document the vehicle's mileage at the time of sale and to provide a secure note detailing payment terms.
Who needs this form
This form is intended for:
- Individuals looking to sell their vehicle and ensure the transfer of ownership is documented legally.
- Buyers intending to purchase a vehicle under installment payment terms.
- Both private sellers and buyers seeking a clear record of the sale and any financial agreements involved.
Instructions for completing this form
- Identify the parties involved: Fill in the names of both the seller and the buyer.
- Specify the sale details: Enter the purchase price and downpayment amounts.
- Provide vehicle information: Complete the make, model, year, and Vehicle Identification Number (VIN).
- Fill in the odometer information: Document the current mileage on the odometer and any relevant mileage discrepancies.
- Sign and notarize: Ensure both parties sign the document and have it notarized if required.
Notarization requirements for this form
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 provide accurate mileage information on the odometer statement.
- Not having all required signatures before finalizing the sale.
- Leaving out the details regarding payment terms in the promissory note.
- Not notarizing the document when necessary for legal validity.
Why complete this form online
- Convenience: Easily download and print the form as needed, saving time and effort.
- Editability: Modify the document to fit specific transaction details without hassle.
- Reliability: The forms are drafted by licensed attorneys, ensuring legal compliance.
Legal use & context
- This bill of sale establishes legal ownership transfer from seller to buyer.
- It serves as a pivotal document in case of disputes regarding payment or ownership.
- Federal and state laws require proper odometer disclosure to protect consumers.
What to keep in mind
- The bill of sale is crucial for documenting vehicle sales and ensuring legal protection.
- The complete package, including the promissory note and odometer statement, provides a thorough solution for transactions involving financing.
- Notarization is a required step that adds legitimacy to the sale.
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FAQ
A bill of sale does not serve as proof of ownership. Only a title has that legal authority. Bills of sale serve as proof of title transfer, which buyers and sellers need for personal financial and tax records.
No, a South Dakota bill of sale is not required to register a vehicle. However, South Dakota does provide a Bill of Sale (Form MV-16) for your personal use for motor vehicle sales. You should also complete a South Dakota Application for Motor Vehicle Title & Registration (Form-0864 V 21).
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.
The information required on a bill of sale varies depending on the state. Generally, you must include the year, make, model, vehicle identification number and odometer reading or odometer disclosure statement. You will need to complete the seller section.Some states allow you to write "gift" instead of a sale price.
Alabama. Arkansas. Colorado. Connecticut. Hawaii. Idaho. Maine. Nebraska.
The full names and contact information of the buyer and seller. A statement that transfers ownership of the item from the seller to the buyer. A complete description of the item being purchased. A clause indicating the item is sold "as-is"
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.
Louisiana. Maryland. Nebraska. New Hampshire. West Virginia. Montana.
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.