A bill of sales for used vehicle is a document that has a lot of significance. It proves that there has been a transaction involving the said vehicle, and that the title or ownership has been transferred from the seller to the buyer in exchange for money. Keep in mind that whether you are selling or buying a car, you should have such a document in place in order to avoid confusions and hassles in the future. Here are some of the important things that a bill of sales for used car document is supposed to include.
Vehicle description
This needs to be accurate, and the make, model no, year of manufacturing, color of the car etc should be mentioned in the document. The vehicle that witnesses a change in ownership must be identified in the document carefully, so that there is no confusion about the car that is undergoing a title transfer.
VIN
It is the Vehicle Identification Number, a unique identifier that serves to help people identify a vehicle from other similar cars out there. It is true that similar models and cars with similar appearance can be seen in many places. The VIN is what helps distinguish similar vehicles from each other. It should be included in an Arkansas bill of sale.
Odometer reading
This indicates how many miles the car has been driven for, and should be accurate. The odometer should not be rolled back, in order to show that it has traveled for less number of miles, so as to fetch a higher price from the buyer indicating less depreciation and wear and tear.
Liabilities
This includes mentioning whether some financial obligation is there against the car, and whether the buyer needs to settle some dues on the vehicle in order to be able to make it free of all kinds of monetary encumbrances. Any buyer would actually like to purchase a vehicle without any lien against it, so as to save on unnecessary expenses in the future on the car.
The Vehicle information should have all possible facts related to the vehicle that need to be included in the document.
