Archive for November, 2009

Automobile Bill of Sale

Wednesday, November 25th, 2009

The bill of sale emerged as a way to minimize the incidence of fraud, as well as limit the potential for illegally seizing property. The present basic format for the bill of sale has its origins in the 19th century, and came about as a means of complying with regulations that were intended to prevent abuse of existing laws regarding the acquisition and holding or property, primarily land.

Essentially, the bill of sale today is a document that is drafted by the seller, and is couched inn verbiage that is intended to document all the pertinent details of the sale. Central to the structure of the bill of sale is the names and identifying data related to both the buyer and seller. This will always include the legal name of the buyer and the seller, and may also include the permanent physical addresses of both parties. A brief description of the item that is being sold will also be included.

In the event that there are any identifying marks, such as a signature of the manufacturer or a serial number, that data is usually included in the bill of sale. A third essential component is the price of the item that was agreed upon by both parties, whether the remuneration is money or in exchange for some other asset. The bill of sale is considered complete and binding at the point in which both the buyer and the seller sign the document.

Basics of the Motor Vehicle Bill of Sale

Wednesday, November 25th, 2009

When you buy or sell a motor vehicle, you’ll need a bill of sale. This serves as a legal receipt from the buyer to the seller documenting both the change in ownership and the purchase price. Florida has specific requirements about what a bill of sale must contain.

Invoices are not acceptable as a bill of sale. The bill of sale must be a separate document used to transfer the title of the vehicle.

The following information must appear on the bill of sale:
Name of purchaser.
Complete address of purchaser. Must be street address; a P.O. box is not acceptable.
Date of sale.
Complete vehicle description, including vehicle identification number (VIN), make, model, year, series number, and body type.
Lienholder created at time of resale.
Date of lien, if applicable.
Name of seller; if dealer, then seller must be the licensed name.
Complete address of seller; P.O. box is not acceptable.
If seller is a dealer, then dealer’s state and county business license number must be on the document.
If seller is a dealer, the following statement must be stamped or imprinted on the document: “Penalty of $1.50 due if not transferred within 10 days.”
Vehicle odometer reading at time of sale.
Signature of seller or authorized representative.
Notary public seal identifying the seller and his signature.

You’ll usually be provided an appropriate bill of sale if you buy from a dealer. Be sure that you get a bill of sale when you buy a car; you’ll need it before you can title and register the vehicle in your own name.

Conditional Bill of Sale

Wednesday, November 25th, 2009

The conditional bill of sale refers to any assignment or transfer of personal chattels to a person by way of security for the payment of money. The conditional bill of sale creates a security in favour of the grantee of the bill whereby the grantee is given personal right of seizure giving right to a security interest of a possessory nature.

It should be noted that there are other forms of security over goods such as a pledge and contractual lien which also only give right to a security interest of a possessory nature.

A good example of a conditional bill of sale is where a creditor gives a loan and has transferred to himself, as collateral or security for the loan, the title of the goods or other personal property of the debtor. The physical goods or other property however remains with the debtor.

An absolute Bill of Sale

Wednesday, November 25th, 2009

A bill of sale is A document that shows the details of a sale. Your dealership will prepare a bill of sale to document your purchase.

Absolute bills of sale, which do not represent any form of security whatsoever, are simply documents evidencing assignments, transfers and other assurances of personal chattels, which are substantially no more than mere contracts of sale of goods covered by the common law of contract and the sale of Goods Law.

What is a bill of sale?

Wednesday, November 25th, 2009

A bill of sale is a legal document made by a ’seller’ to a purchaser, reporting that on a specific date, at a specific locality, and for a particular sum of money or other “value received”, the seller sold to the purchaser a specific item of personal, or parcel of real, property of which he had lawful possession. It is a written instrument which evidences the transfer of title to personal property from the vendor, seller, to the vendee, buyer.

The term “bill of sale” originally referred to any writing by which an absolute disposition of personalty for value was effected or evidenced. A common feature of such dispositions is that the owner mortgagor remains in possession and exercises all the attendant rights of ownership, which may be so overwhelming as to induce a third party to accept the same chattel as a security for a grant, albeit without notice of the first mortgagee. This scenario made the bill of sale a veritable tool of fraud.

The evolution of various bills of sale laws was to curb the use of the bill of sale as a means of defrauding innocent persons. The first of such being the Bills of Sale Act, 1854 which was repealed and re-enacted by the Bills of Sale Act 1878 which was almost on all fours with the 1854 Act. Further developments led to the enactment of the Bills of Sale Act 1882.

A bill of sale has been defined as a legal document made by the seller to a purchaser, reporting that on a specific date at a specific locality and for a particular sum of money or other value received, the seller sold to the purchaser a specific item of personal property, or parcel of real property of which he had lawful possession . The Black’s Law Dictionary on its part defines a bill of sale as “an instrument for the conveyance of title to personal property, absolutely or by way of security”. According to Omotola the bill of sale is “a form of legal mortgage of chattels”. Bullen and Leake and Jacobs define a bill of sale as “a document transferring a proprietary interest in personal chattels from one individual (the “grantor”) to another (the “grantee”), without possession being delivered to the grantee”.

In essence, a bill of sale is a written instrument showing the voluntary transfer of a right or interest or title to personal property, either by way of security or absolutely, from one person to another without the actual physical possession of the property leaving the owner and being delivered to the other party. It is clear from the definitions above that the bills of sale are essentially of two types: The absolute bill of sale and the conditional bill of sale.

Protect Yourself with a Bill Of Sale Form

Thursday, November 19th, 2009

If you’re buying or selling an automobile, vehicle, or car, you need an auto bill of sale, vehicle bill of sale, property bill of sale form.  Its vitally important for protection, especially personal protection. Selling or buying property or a vehicle can be confusing and stressful enough, without the added worry associated with not knowing your rights.  Protect yourself with a Bill Of Sale.


Whether you are a buyer or seller, you can protect yourself with legal documentation through a professional Bill of Sale form.ou are a \
 

Make sure that when you do enter into a purchase agreement with someone for your car, vehicle, automobile, motorcycle, boat, or other property, that both parties know their rights. Make sure to protect yourself with a professional and legally binding document.