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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.
In simple terms, a bill of sale agreement is nothing more than a contract for the purchase of a vehicle between a buyer and a seller.In most cases, the contract is legally binding between buyer and seller as long as the bill of sale follows guidelines required in the state where the sale or transfer takes place.
The date the Rhode Island bill of sale is created should be at the top of the page. You'll need the legal name and physical address for both the buyer and the seller. Next, you'll insert the description of the item. The next provision is the terms of sale.
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"
Is a bill of sale required in California? While a bill of sale is not a legal requirement in California, it's a good idea to have one if you sell or purchase a vehicle. There is no specific form required, but the California Department of Motor Vehicles (DMV) has a bill of sale form.
A Rhode Island bill of sale for a motor vehicle doesn't need to be notarized, but you can have it notarized if you'd like to do so.
The Bill of Sale should include all the basic information about the car, such as year, make, model, VIN number, color; it must also include the purchase price.
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.
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.