Want to Avoid Legal Hassles? Go for Bill of Sale!
The bill of sale is a legal document which is used between the buyer and the seller to transfer the ownership in exchange for money. The ownership transfer takes place once the price is negotiated, and the purchase is complete. The document is proof that the sale or trade has taken place, and the payment has been made to the seller, and the transfer of the ownership is being completed.
Arkansas Boat Bill of Sale
Buying a boat is undoubtedly a step to great fun ahead. But before you can enjoy getting out on the water in the boat, you need to ensure that the sale has taken place legally and there are no legal issues. With a bill-of-sale, from the seller, you can do that. It legally transfers the ownership and also provide warranties about the boat for a buyer in Arkansas.
What is there in the BOS?
A boat bill of sale is more than a receipt or an invoice. While a receipt or invoice contains the necessary details, the boat bill of sale is more detailed than a receipt. The following information is included in it:
- Personal and Address details of buyer and seller.
- The date of the sale.
- Purchase price.
- Complete details of the boat which includes make, model, year, colour, its condition and the Hull Identification Number.
- Information about the accessories: trailer, life-jackets, cover etc.
- Any warranties that the seller is offering.
- Signatures of the buyer and the seller.
- If needed by the state, it has to be signed by the notary.
Warranties that come with Boat Sales
Such a warranty on the boat sale is the promise by the seller that the title of the boat is clear. And that there were no existing outstanding claims against the boat when the transaction took place. It gives the buyer protection so that if a claim arises which existed before the sale, the seller will be liable for the same.
Getting a Bill of Sale
When you purchase the boat, the seller will prepare the bill-of-sale. The template can be downloaded from a website in the US offering legal forms. When you buy a boat, a bill of sale is an important document that you will want to be sure to get. It is a proof of ownership, gives details of the warranties from the seller and is used by the state to transfer the title legally.
Getting Title for a Boat
Once the sale is completed, the buyer has to apply for the legal title with the state agency, which is responsible for the boat registration. It may be done by the department of the motor vehicle or some other agency.
You should check out the website of the state to find about registering the boat. Each state has its requirements and has its form and the fee. But you would be able to use the bill of sale as proof of purchase to get the title from the state.
Arkansas Bill of Sale for Car
Similarly, when you buy a car, you need to have a bill of sale for the same. Here are some of the details:
- Name, address, signatures of the buyer and the seller.
- Vehicle identification number.
- Date of Sale.
- The price paid by the buyer.
- Odometer reading details for vehicles less than ten years of age.
Finally,
Bill of Sale is an important document which is used for the title transfers. It’s a legal document and protects the interest of both the parties from any legal disputes.
