Bill Of Sale
What is a New York Bill of Sale?
Buying a car can present its fair share of excitement, but buyers beware of the appropriate paperwork, including a motor vehicle bill of sale, that can make the purchase a little easier. One of the first documents to consider is the bill of sale. This is a legal document that confirms the transfer of ownership from a seller to a purchaser, or from a dealership to a purchaser.
With the DMV bill of sale, purchasers have a form of a receipt, as well as documentation that can be presented to obtain a title and registration for the vehicle. Generic bill of sale forms are available, or they can be created. Each form should include the names and addresses of the seller and purchaser, the date of the transaction, the amount paid, and relevant vehicle information. The vehicle description should include the Vehicle Identification Number (VIN), year, make, model, body type and odometer reading. Various states have more specific guidelines on the information that should be included on a motor vehicle bill of sale.
Is a Motor Vehicle Bill of Sale Necessary in New York?
The state of New York Department of Motor Vehicles encourages individuals purchasing a car from a private seller to obtain a motor vehicle bill of sale in addition to obtaining a signed copy of the Certificate of Title (MV-999) and sales tax documents. This allows the purchaser and seller to be protected from complications with vehicle registration and taxes upon completion of the bill of sale.
Bill of Sale from a Private Seller in NY
When purchasing a car from an individual, the DMV bill of sale should contain the following information:
- 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
This generic bill of sale should be signed by both the seller and purchaser and notarized to create an official document in order to register the vehicle in the new owner’s name.
Bill of Sale from a New York Dealership
If you are purchasing a car from a dealer, the New York Department of Motor Vehicles requires that the Form MV-50 (Retail Certificate of Sale) be completed in order to legally document the transfer in ownership from a dealer to an individual. The MV-50, serving as an alternate motor vehicle bill of sale, is necessary to obtain a title and registration by the purchaser.