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Bill of Sale Tips

By John Cailey
Posted: 03/26/2003

Form

So you found this awesome 1963 Plymouth Max Wedge Sport Fury convertible and the guy only wants $35,000 for it! Of course the guy only accepts cash. How do you proceed?

Every purchase or sale should be reflected in writing! This need not be a lengthy legal document, but should include at least each of the following.

1. An indication of the agreement to buy and sell the vehicle.
2. A full description of the vehicle and the V.I.N. (1963 Plymouth Sport Fury Convertible – XX111111111)
3. The full purchase price and sales conditions and terms
4. The identity and signatures of the Buyers and Sellers.
5. The Date of the agreement
6. Sellers Warranty of valid title. No title – No Deal – No Matter What!
7. List of other items not on the car that might be included in the deal such as spare parts, tires, documents and original receipts ECT…
8. Any Financial terms such as deposits, balance due and payable, time for payment, check or cash etc…
9. Any contingencies – “Agreement to be void and deposit refunded unless all listed owners sign transfer of title with in five days”.
10. Any warranties – include such items as matching numbers, actual mileage.

The Bill of sale attached to this tech tip might not be a lawyers dream, but it likely will be considered to be a legal binding and enforceable contract for the sale of that car. This it obligates the buyer to pay and the seller to deliver. Keep in mind that these are bare minimums. Other terms and considerations should be included on a deal by deal basis. This is strictly meant as a guide to help you thorough the Sales/Purchasing process.