A Michigan bill of sale is vital to any resident who wishes to purchase or sell a motor vehicle to another individual. The bill of sale form provides a number of necessities such as protection, important vehicle information and a proof of sale. It is also important that you understand what a vehicle bill of sale should include in order to obtain its maximum benefit and protect you against any potential issues the vehicle may have following the sale. Not only will you find more information on bill of sale forms in the sections that have been provided below, but you can also get a comprehensive bill of sale package here.
What is a Bill of Sale Document in Michigan
A bill of sale is an important document that provides a variety of benefits including protection for both the seller and buyer as well as a record of the motor vehicle sale. While a bill of sale for car or a motorcycle bill of sale is not legally required within the state, it is highly recommended that you obtain one for your own protection. Before signing an MI bill of sale form, you should learn more about what a standard bill of sale contains and what you should always do before you sign.
Why You Should Use a Bill of Sale Contract in Michigan
While a bill of sale is not legally required in the state of Michigan when buying or selling a vehicle, it is still an important document that deserves your consideration. Potential vehicle buyers and sellers commonly search for a bill of sale online, due to the protection that it offers. Fortunately, you can get a comprehensive bill of sale package here for your added convenience.
While an MI DMV bill of sale provides protection to both the buyer and seller, in most cases it provides even more protection to the seller. A seller who is able to present a completed and signed bill of sale form will not be held liable for any parking violations, tickets or damages that result from the vehicle. The bill of sale may also protect the seller from any potential disputes with the buyer should anything go wrong with the vehicle due to a preexisting mechanical issue that was disclosed and notated within the bill. In these cases, the buyer could not later claim that you hid the mechanical defect. The state recommends that you hold onto your vehicle bill of sale for a minimum of 18 months for these reasons.
A vehicle bill of sale also confirms the sale and supports a transfer of ownership of the motor vehicle. For the buyer, this means that the seller cannot later claim that his or her vehicle and title was lost or stolen. For the seller, a bill of sale can provide additional protection should the buyer not report and register the vehicle in their name at the Secretary of State Office.
Lastly, the bill of sale form will include additional information on the motor vehicle in question, making it a useful tool for keeping track of vehicle information. This can be particularly useful to the seller, should he or she ever need to handle any final steps involving their sale.
What a Standard Bill of Sale in Michigan Includes
If you have decided to utilize a bill of sale for a vehicle purchase or sale, it is crucial that you understand what will need to be included in the document.
At a minimum, the Michigan bill of sale template should include the following information:
- The make, model, body style, color, and vehicle identification number associated with the vehicle in question
- The date of the sale
- The names and addresses of both the buyer and the seller
- The current odometer reading
- The selling price of the vehicle in question
- The drivers license number of both the seller and the buyer
- Any additional information about the sale, such as known mechanical issues
Additionally, the bill of sale form should be signed by both the vehicle’s seller and buyer. It is vital that you ensure that all of the outline information has been provided within the vehicle bill of sale in order to avoid any issues later on that are presented due to a lack of information. Fortunately, you can get a comprehensive bill of sale package here that will meet all of these requirements.
What to Do Before Signing a Bill of Sale Agreement in Michigan
Now that you have successfully completed a Michigan bill of sale with the buyer or seller of the vehicle, you may be wondering if there are any additional steps or precautions you should take before you sign. The answer is yes. Before signing any bill of sale contract, be sure to do the following:
- Ensure that the mileage that is listed on the bill of sale matches that of the vehicle’s current odometer reading
- Verify the vehicle identification number, or VIN, along with vehicle information such as the make, model, and color. Make sure all of these details match the vehicle in question
- Visually inspect the vehicle or attempt to have a mechanic review it to ensure that there are no preexisting issues
- Always read the bill of sale in question thoroughly
Additionally, be aware of a request to sign a blank or incomplete bill of sale form or any other suspicious arrangement. Lastly, be prepared. Don’t rely on the other individual to present a bill of sale in MI, rather, ensure that you prepare ahead of time in order to have the level of protection that the bill provides and save yourself potential hassle.
With such an important piece of documentation, why take any unnecessary risks? Do not risk making a mistake in drawing up a bill of sale form as you can get a comprehensive bill of sale package here.