Virginia Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note
What is this form?
The Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note is a legal document used to record the sale of a motor vehicle. This form package includes a Bill of Sale, an Odometer Disclosure Statement, and a Promissory Note, which outlines the payment terms in situations where the buyer makes a down payment and agrees to pay the remaining balance over time. It serves as proof of ownership transfer and provides legal protection for both the buyer and seller during the transaction.
Key components of this form
- Details of the parties involved: Names and addresses of the buyer(s) and seller(s).
- Vehicle information: Make, model, year, body type, and VIN of the vehicle being sold.
- Odometer disclosure: A statement about the current mileage and any discrepancies.
- Payment terms: Details of the purchase price, down payment, and financing through a promissory note.
- Signatures: Required signatures of the buyer(s) and seller(s) along with a notary public seal.
State-specific requirements
This form complies with the general requirements in Virginia, including necessary statements about odometer readings and the formalities of the sale process. However, confirmation of specific local laws may be necessary to ensure completeness.
When this form is needed
This form is essential when selling or purchasing a vehicle, especially when payments are structured over time rather than a full upfront payment. It is used to formally document the transaction, protect both parties' rights, and comply with legal requirements regarding vehicle ownership transfer and odometer disclosures.
Who this form is for
- Private sellers and buyers of motor vehicles.
- Individuals making a down payment for a vehicle with subsequent installment payments.
- Persons needing to disclose odometer readings as per federal and state laws.
How to prepare this document
- Identify and enter the names and addresses of both the buyer(s) and seller(s).
- Specify the details of the vehicle including make, model, year, and VIN.
- Document the purchase price and any down payment in the designated fields.
- Complete the odometer disclosure statement by providing the current mileage of the vehicle.
- Ensure all parties sign the form, and select a notary to validate the signatures.
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.
Typical mistakes to avoid
- Failing to fill out the odometer disclosure accurately.
- Not including accurate vehicle details, which can lead to disputes.
- Forgetting to have the document notarized when required.
Benefits of completing this form online
- Convenience of downloading and completing the form at your own pace.
- Editability to ensure all details are accurate and meet your specific needs.
- Reliability from forms drafted by licensed attorneys to ensure legal compliance.
Form popularity
FAQ
In Virginia, a bill of sale is not necessarily required. However, the state DMV does provide the Vehicle Price Certification, or Form SUT 1, to provide the requisite proof of purchase price necessary to register and title a vehicle that is over 5 years old.
Photo ID. bill of sale. Proof of insurance. Inspection Certificate. A title signed over to you. Proof of residency that matches your ID. Be prepared to pay all titling and/or registration fees.
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.
Alabama. Arkansas. Colorado. Connecticut. Hawaii. Idaho. Maine. Nebraska.
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.
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"
Louisiana. Maryland. Nebraska. New Hampshire. West Virginia. Montana.
Sign your vehicle title over to the buyer/recipient. Hand over the title to the buyer / recipient. Remove your license plates from the vehicle. Notify DMV that you have sold, traded or donated the vehicle. Notify the insurance company that you sold, traded or donated the vehicle.
An original copy of a sales contract, or proof of purchase, which could be a letter, bill of sale, receipt, or tax invoice, showing the seller's details, the buyer's details, the date of the sale, the selling price or market value of the car, whichever is higher, and the car's registration and VIN numbers.
