Texas 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 critical legal document used to transfer ownership of a motor vehicle from one party to another. This comprehensive form not only details the sale transaction but also includes an odometer disclosure, which is required by law to disclose the vehicle's mileage, and a promissory note for any outstanding payments. It differs from simpler bills of sale by incorporating necessary financing details and warranties, making it ideal for private vehicle sales where the buyer may need financing options.
Key parts of this document
- Bill of Sale: Documents the sale details, including buyer and seller information, vehicle description, and purchase price.
- Odometer Disclosure Statement: Ensures compliance with federal and state law regarding accurate vehicle mileage disclosure.
- Promissory Note: Outlines the terms of any financing involved, detailing payment amounts, schedules, and consequences of default.
- Signatures: Requires signatures from both the buyer and seller, affirming the agreement and legal binding of the document.
- Notary Acknowledgment: Confirmation of signatures by a notary public when necessary, adding further legal authenticity.
When this form is needed
This form should be used during the sale of a motor vehicle when the buyer is making a down payment and will be financing the remaining balance. It is particularly useful when the seller retains a lien on the vehicle until the total purchase price is paid off. This form is essential for ensuring proper documentation of the sale and protecting both the buyer's and seller's interests.
Who should use this form
- Buyers and sellers engaged in the private sale of a motor vehicle.
- Individuals needing to document financing terms through a promissory note.
- Anyone who must provide an odometer disclosure as part of the vehicle transfer process.
- People looking to comply with legal regulations surrounding vehicle ownership transfer.
How to prepare this document
- Identify the parties: Enter the names of the buyer(s) and seller(s).
- Specify the vehicle: Fill in the make, model, year, body type, and Vehicle Identification Number (VIN).
- Detail the transaction: Enter the purchase price, down payment amount, and terms of the promissory note.
- Complete the odometer statement: Provide the current mileage and certify the accuracy of the reading.
- Sign the document: Ensure both parties sign and date the bill of sale and other relevant sections.
- Notarize if required: If applicable, have the document notarized to complete the process.
Notarization requirements for this form
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.
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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 accurately report the odometer mileage, which can lead to legal penalties.
- Not including all necessary details about the vehicle, leading to disputes later.
- Omitting signatures from either party, rendering the document invalid.
- Not completing the promissory note correctly if financing is involved.
Benefits of using this form online
- Convenience of downloading and completing the form at your own pace.
- Editability allows modification to meet specific transaction details without hassle.
- Reliability of having a legally compliant document prepared by attorneys.
- Immediate access to updates or changes in form requirements.
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FAQ
The date of the sale. The sale price. The full name and address of both the buyer and the seller. A general description of the vehicle, including its make, model, and condition. The vehicle identification and license plate numbers of the car.
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 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"
The state does not require the document be notarized, but it does suggest that both parties jointly visit the county tax office when the seller is signing over title to the vehicle.
The state does not require the document be notarized, but it does suggest that both parties jointly visit the county tax office when the seller is signing over title to the vehicle.
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.
Though standard form bill of sales are available online and from your local county tax collector's office, it's also perfectly acceptable to write your own.
Determine Your Car's Worth And Place An Ad. Document Your Vehicle's History. Have The Car Inspected. Fill Out The Title. Complete The Buyer's Application For The Title. Remove The Plates And Registration Sticker. Report The Transaction To The State.
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.
