How to Complete a Bill of Sale in Ohio: A Guide for Buyers and Sellers
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If you are ready to sell a vehicle, piece of personal property, or another valuable asset, consider creating a bill of sale. While a bill of sale in Ohio is not required in most situations, it is beneficial and can protect you and your buyer from fraud or provide evidence of the sale if there is a legal issue.
Overview of the Bill of Sale in Ohio
A bill of sale form is a document that records details of a transaction. It serves as proof of the transfer of ownership from a seller to a buyer. Within the document, you can find details of:
- The parties involved
- The item for sale
- The purchase price
- Any conditions each party agreed to during the sale negotiations
The most common use of a bill of sale is for vehicle purchases, both for commercial and private sales. Many states require the document to get a vehicle title and registration, but Ohio does not in most instances.
The state only requires the Certificate of Title filled out by the seller — a notary public must certify the certificate. The buyer must also provide proof of auto insurance in Ohio.
When Is a Bill of Sale Required in Ohio?
In Ohio, a bill of sale is rarely required, but the state recommends one for vehicle sales. A notarized bill of sale can make the vehicle registration process easier and help expedite the transfer of asset titles.
The state does require a bill of sale when buying a vehicle from an out-of-state dealer or seller. You'll also need the Manufacturer's Certificate of Origin, an odometer disclosure statement, and a completed Bureau of Motor Vehicles (BMV) 3774 form.
Essential Information To Include in the Ohio Bill of Sale
The information in a bill of sale usually varies depending on the item sold. For example, a simple bill of sale for an inexpensive item bought at a garage sale will not need the same amount of detail as a bill of sale for a car in Ohio.
That said, a bill of sale for a vehicle transaction is a fairly standard document. The typical bill of sale should include the following:
- Buyer and seller information
- Vehicle details (color, make, model, VIN)
- Purchase price and date of the transaction
- Signatures of the buyer and seller
- Any liens or existing claims
The document should also contain a section describing any ongoing terms, such as warranties. The buyer will also need an odometer disclosure statement and an emissions inspection report to register the vehicle and obtain a title. They will also need to pay the title and registration fee.
Legal Significance of the Bill of Sale
Knowing who you can trust isn't easy when buying from private or unlicensed sellers. While a background check can help, it is unnecessary in most transactions. A bill of sale in Ohio is the best way to protect yourself during a motor vehicle or other property purchase.
A bill of sale provides several benefits for buyers and sellers, including:
- Proof of ownership
- Legal recognition of the sale
- Evidence of transfer of ownership
- Confirmation of no liens or claims on the property
The bill of sale can make the title transfer process easier, allowing you to get a title certificate with less hassle. It can also act as evidence in legal disputes, allowing for quicker resolutions.
Besides having a bill of sale to protect you from future issues, you should also consider auto insurance in Ohio to protect your car and yourself in the event of property damage or an accident.
How To Complete the Ohio Bill of Sale Form
A Deputy Registrar License Agency office can help you fill out a bill of sale in Ohio. An office representative will walk you through the process so you can easily use a standard bill of sale form.
To complete an Ohio bill of sale form, you only need to fill in the blanks with all the relevant information. Remember to date the document and sign it.
You can also have your Ohio BMV bill of sale notarized. Notarization can help with the registration process because it legitimizes the sale. A notary public is a legal and licensed professional who walks each party through the bill of sale agreement, ensuring they understand what they're agreeing to. The notary also acts as a witness during the signing.
Finalize Your Bill of Sale Today and Secure Your Car Insurance for Peace of Mind!
Once you notarize and complete your bill of sale in Ohio, it is time to protect your new investment. Cheap car insurance in Ohio can provide you with financial peace of mind. Check out EverQuote to compare several policies and quotes from some of the top insurance providers in Ohio.