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It is also a good idea that the seller keep a copy of the Bill of Sale, and the buyer keep the original. We always suggest locking up your bill of sale in a filing cabinet or safe, where a combination or key is needed to access, and also making a digital copy. If lost, you won’t be able to apply for registration, won’t be able to prove ownership if someone claims the vehicle is theirs, and you may have some difficulty selling the item. What Should the Buyer do with the Bill of Sale?Īfter you have made a purchase and received an executed bill of sale the first thing you should do is put it in a secured location. A contract to complete an illegal act is not binding.
#Bill of sale template mn free#
Our free bill of sale format in word doc is intended for the offer of an auto or vehicle. While an Auto Bill of Sale is the most usually required bill of sale structure, you would by and large utilize one for any expensive exchange (e.g. The contract is also valid only if it is lawful. Bill of sale is widely recognized as the report of exchange of responsibility for auto, vehicle, or car from the vendor to the purchaser. Usually in a numeric and written form.Īcceptance: Signatures of both parties on the bill of sale.Ĭompetent Parties and Legal Intent: Both parties entering the contract must be competent (age, mental capacity, and not impaired or forced). May also include conditions of the sale for the buyer and the seller.Ĭonsideration: The amount of money being exchanged. Offer: The agreement to exchange the vehicle for an amount of money.
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Each state has different rules for what they consider a valid bill of sale, but a contract itself must abide by the following general rules: What Does a Bill of Sale Need to be Valid?Ī bill of sale acts as a contract between the buyer and seller of the car. It can also protect you from future liabilities involving this vehicle and from persons making a claim of ownership. When buying or selling any of these items a Minnesota Bill of Sale helps document the time, price and details of the transaction, but also stipulates the condition, mileage, hours, type, and warranties of the item. Other less common items includes ATVs, dirt bikes, UTVs, golf carts, snowmobiles, moped, lawnmowers, and even farm animals. The most common items which require a bill of sale are cars, boats, motorcycles, and trailers however the list is virtually endless when you consider all of the items that we buy and sell everyday. When the purchase is atypical or from a private seller, a receipt may not be available so you must look to a Minnesota Bill of Sale in order to document the transaction. Usually this is in the form of a receipt which documents the goods purchased, the price and date. Whenever making a large purchase or sale it is always prudent to get evidence of the transaction.