West Virginia Sample Letter for Mutual Release and Bill of Sale
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How to fill out Sample Letter For Mutual Release And Bill Of Sale?
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FAQ
To apply for a vehicle title transfer in West Virginia, you need: A completed application for certificate of title (form DMV-1-TR) The current vehicle title that is signed by you and the previous vehicle owner. A notarized bill of sale (form DMV-7-TR) Proof of a valid West Virginia car insurance policy.
The new owner can then apply for title, if the vehicle is a gift, then the fee to transfer the title into their name will be $15. Although the transaction is a gift, the original owner's plates cannot be used by the new owner. They must either have a valid plate in their name to transfer or purchase a new plate.
If the vehicle is purchased from an individual and the purchase price is below 50% of the current NADA Clean Loan Book value, a notarized bill of sale must accompany the application for title, or the tax will be assessed on the NADA Clean Loan Book value.
Otherwise, bills of sale generally include some or all of the following information: Date of purchase. Buyer and seller's contact information. Purchase price. Description of the sold item. Guarantee that the asset is cleared of any liens or claims. Ongoing terms, such as warranties. Signatures of buyer and seller.
Can a bill of sale be handwritten in WV? Anyone can write a bill of sale in West Virginia. As long as the bill of sale is signed by both the buyer and seller, it can be legally binding.
Does a bill of sale have to be notarized in West Virginia? Yes. The seller and buyer need to complete and sign the West Virginia's official bill of sale, form DMV-7-TR, in front of a notary.
Both the original owner and the entity receiving the vehicle will have to complete an Affidavit of Transfer of Ownership Without Consideration (DMV-5-TR) which will have to be submitted with the title.
Note: The bill of sale can be a handwritten statement signed by both the seller and purchaser.
