Bill Of Sale
What is a Louisiana Bill of Sale?
A bill of sale is a legal document that validates the transfer of ownership from the seller to the purchaser. When looking to buy a car, purchasers should first consider creating a motor vehicle bill of sale before quickly handing over any cash in exchange for keys. A bill of sale form can be a generic form that adheres to state guidelines, or your state may have a specific form available through the Division of Motor Vehicles.
For practical and legal reasons, a DMV bill of sale can save the purchaser a lot of headache; mainly the document ensures the new owner of the car has proof that the specific vehicle was purchased from the previous owner or dealership. Many states require this form to obtain a title for the vehicle, as well as a registration. However, a bill of sale does not take the place of a car title. Some states also use this form to determine sales and use taxes based on information contained in the sale document, such as make, model, year and mileage.
Is a Bill of Sale Necessary in Louisiana?
The state of Louisiana provides a motor vehicle bill of sale online, and encourages both sellers and purchasers to obtain a motor vehicle bill of sale. Obtaining a bill of sale as a purchaser allows you to prove ownership of the vehicle in the event that it is necessary. However, the seller must also provide the current title to the purchaser at the time of the sale, in order for a title transfer and registration to take place. Both parties should sign the title.
Bill of Sale Information
As a purchaser or a seller, information that should appear on the DMV bill of sale includes:
- The name and address of the seller and the purchaser
- Amount paid to the seller
- Accurate odometer reading
- Vehicle Identification Number (VIN)
- Make, model, year, series number, body type
- Date of sale
- Seller and purchaser signatures
It is also a good idea to have the bill of sale notarized to confirm the dates and signatures on the document.