Bill Of Sale
IA Bill of Sale
When you buy or sell a vehicle, a handshake isn’t the only thing you need, nor is the exchange of the cost for the vehicle. In fact, there are forms that are required from a vehicle sale or purchase which will identify, record, and verify the sale took place, saving you a lot of headache.
The IA Bill of Sale is a handy form to record all the information from the sale or purchase, giving you the verification needed to provide to the DMV or any other agency or even law enforcement if requested to verify that you are or aren’t the owner of the vehicle. Not all states will require that you complete the Bill of Sale, although one will be offered for all states, as well as generic Bill of Sale forms that are also able to be used. Even if you don’t need the form, however, you definitely want to have one completed for your own records just in case.
Iowa Bill of Sale Form
There are several names these days for the Bill of Sale, including the Buyer’s Acknowledgement, and Acknowledgement of Sale, but they are all the same. These forms include specific and important information regarding a sale, giving you the upper hand in any legal or civil matters that could involve the vehicle that is exchanged.
· Date of sale or purchase
· Cost of vehicle
· Buyer and Seller information
· Make and model of vehicle
· Mileage of vehicle
· VIN of vehicle
There may be more or less information included, depending on the sale that is taking place and the purpose for the form, which could be different from situation to situation. You can obtain a copy of the form from the DMV office, a notary public, or other organizations or agencies that deal with vehicles.
1. Obtain the Bill of Sale form.
2. Complete the form in the sections specified or appropriate.
3. Confirm all information is accurate.
4. Verify the VIN, make, and model of vehicle as this is the most important information.
5. Submit the form or keep for your own records.
The DMV may or may not require that you submit the form with the title during the title transfer, so be sure that you contact them by phone or even email before you decide not to bring it with you.
Even if you resort to a generic Iowa Bill of Sale, the form is seen the same and verifies the transaction over the vehicle that you took part in, whether the seller or the buyer.
Purpose of IA Bill of Sale
The Iowa Bill of Sale is useful to both car buyers and car sellers, as there are liabilities involved in a vehicle that you may not want to be involved in if the vehicle is no longer yours, or rights to the vehicle you should have as the owner. From transferring the title to receiving documents for the vehicle, including registration and others, you may need to prove when the sale took place, or show proof of ownership if you aren’t able to access the title at the time.
The Bill of Sale will never take the place of the title, but offers a clear and simple form to prove a vehicle sale took place and that your ownership of the vehicle is verified.