This forms package contains a Bill of Sale, Odometer Statement and Promissory Note. It is for the situation where the Buyer may be making a downpayment and paying the balance over time.
Tennessee Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note
State:
Tennessee
Control #:
TN-00431-C
Format:
Word;
Rich Text
Instant download
Description
Definition and Meaning
The Tennessee Bill of Sale for Automobile or Vehicle is a legal document that serves as proof of the transfer of ownership of a motor vehicle from the seller to the buyer. This document includes essential details such as the vehicle's make, model, year, and VIN (Vehicle Identification Number), which identifies the specific vehicle being sold. It is often accompanied by an Odometer Disclosure Statement and a Promissory Note if applicable. The odometer statement ensures transparency regarding the vehicle's mileage, while the promissory note can outline payment terms if the vehicle is financed.
How to Complete a Form
Completing the Tennessee Bill of Sale for Automobile or Vehicle involves several key steps:
- Fill in the purchase price of the vehicle.
- Provide the names and addresses of both the buyer(s) and the seller(s).
- Complete the vehicle information, including make, model, year, body type, and VIN.
- If applicable, detail any terms of the promissory note, including payment amounts and schedules.
- Ensure that both parties sign the document in the presence of a notary public.
Take care to write clearly and accurately to prevent misunderstandings or disputes in the future.
Who Should Use This Form
This form is essential for anyone involved in the sale or purchase of a motor vehicle in Tennessee. Specifically, it is beneficial for:
- Individuals selling their cars wishing to transfer ownership legally.
- Buyers who want proof of ownership to register the vehicle with the state.
- Parties involved in financing a vehicle sale, requiring clarity on payment terms.
Using this form helps both parties formalize the transaction and provides legal protection regarding ownership rights.
Key Components of the Form
The Tennessee Bill of Sale for Automobile or Vehicle includes several important sections:
- Transaction Details: Contains the seller, buyer, and agreed purchase price.
- Vehicle Description: Details like make, model, year, body type, and VIN.
- Odometer Disclosure: Confirms the vehicle's mileage at the time of sale.
- Promissory Note: Outlines financing terms if the sale involves payment over time.
- Notary Section: Confirms the signatures of the parties in a legally binding manner.
Each component plays a crucial role in ensuring the transaction is secure and valid.
What to Expect During Notarization or Witnessing
During the notarization process for the Tennessee Bill of Sale for Automobile or Vehicle, you can expect the following:
- The notary public will verify the identities of all parties involved.
- You will need to present valid identification.
- The notary will witness the signing of the document and may require you to sign in their presence.
- Once completed, the notary will affix their seal and signature to validate the document.
This step ensures that the bill of sale is legally enforceable and protects both parties in the transaction.
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How to fill out Tennessee Bill Of Sale For Automobile Or Vehicle Including Odometer Statement And Promissory Note?
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FAQ
A promissory note is often included in a mortgage, student loan, car loan, business loan, or personal loan agreement. If you're loaning someone a large sum of money, you'll likely want a legal record of it. Therefore, promissory notes can be used in personal transactions as well.
PURPOSE: Federal and state law require both seller (transferor) and buyer (transferee) to accurately state the mileage of any used motor vehicle, with a manufacture year of 2011 or newer, in connection with the transfer of ownership whether sale, trade-in or exchange.
What is mileage discrepancy? A discrepancy means that we have readings on the National Mileage Register that are inconsistent with the mileage you have entered.
An odometer is a device that is used for measuring the distance traveled by a vehicle.Digital odometers differ from mechanical odometers in that a computer chip is used to track mileage. The current mileage will be digitally displayed. A vehicle may also have a trip meter or trip odometer.
Is a promissory note legally binding? A promissory note should contain all of the terms and conditions associated with the agreement between the issuer and the payee. It's only valid if it involves an exchange of money.
Also, if your car is valued at under $3,000 or is at least 30 years, you can simply fill out the Certificate of Ownership Form to get a new title. Other paperwork may be required, such as a notarized bill of sale.Not sure if you need a TN Bonded Title?
Not actual mileage means WALK AWAY. Not actual mileage means this vehicle could have 100,000 miles more than the odometer indicates. It's the same as saying "true mileage unknown.
No, a Tennessee bill of sale is not required to register a motor vehicle. You need a certificate of title and an odometer disclosure statement. If you cannot find the title, you must complete an Application for a Duplicate Certificate of Title.
An odometer disclosure statement is simply a declaration of a vehicle's mileage as indicated by its odometer, and if whether or not it's an accurate reading. If you've ever sold a car you've actually completed a generic odometer disclosure statement.