In New York (NY), the Bill of Sale form is needed when someone wants to sell an item or items and legally transfer the estate's possession to another individual. This paper also gives you proper warranties and legal security throughout the whole transaction process. It's especially useful when you want to trade or purchase some pricy objects, such as wheels, vessels, guns, or other varieties of properties.
In this article, you'll find all the important information about the Bill of Sale and forms, as well as how to draw it up properly.
NY Bill of Sale Conditions
In New York, traders and customers apply the Bill of Sale report when they want to legitimately finish the deal. It is most commonly utilized with high-price parts (e.g., wheels and vessels).
When to apply a Bill of Sale?
Drawing up a Bill of Sale contract provides protection against fraud and makes the transaction transparent in general. Thus, the Bill of Sale is desirable for both trader and customer. Thus, a paper signed by two parties creates mutual obligations and legal rights between them. It is a simple and common way to secure a trade involving a car or boat.
In the state of New York, it is possible to make a Bill of Sale form in any language of your choice. But to perform it successfully, it will be needed to be transcribed into English (if you want to use it as proof in possible litigation). Next, the translated copy requires to be approved by the notary public to ensure the correctness of the translation. You can avoid this optional process by drafting the document in English straight away.
For more detailed information, please, visit the NYS Department of State (DOS), Division of Licensing Services (email@example.com):
123 William Street, 2nd floor
New York, NY 10038
Working hours: Monday-Friday (9:00 am – 3:30 pm)
Salvage (junk) vehicles
According to the local laws of New York, you can register a repaired junk vehicle and title it for roadway use, but only if it passes a salvage vehicle inspection. Those examinations are essential for the cases of the stolen cars or relevant elements checks. Any title obtained after a salvage check will be labeled “Rebuilt Salvage,” except for wheels repaired before May 18, 1999.
It’s likewise necessary to provide the history of the repaired transport on the backside of the Certificate of Title so that it will have two signatures (of customer and trader). Or, you can simply draw up an MV-103 form, which is termed the Odometer and Damage Disclosure Statement. But you will still need to build a Bill of Sale, as the MV-103 document doesn’t liable for the transfer of property rights.
Amount of copies
Each Bill of Sale requires at least three copies (one for seller, one for buyer, and one for the Department of Motor Vehicles (DMV) if you’re trading cars or boats). You can print more copies for accountants and personal attorneys.
When the vehicle deal is over
To perform the transaction officially under the New York state laws, you ought to draw up a Bill of Sale.
When transferring the ownership rights, you want to:
- Make up the Bill of Sale form
- Fill in and sign the section of the ownership transfer
- Build the Odometer Disclosure Statement record if the vehicle is less than ten years old
- Make the Statement of Damage Disclosure on the back of your title;
- Draw up the Statement of Transaction (DTF-802) for the NY State Department of Taxation and Finance
Moreover, if you want to donate a vehicle to someone, you will still need to fill out a Bill of Sale. In this case, in the price section, you will need to specify $0. Besides, it’s prohibited to use the old titles when selling vehicles. If someone transferred the ownership to you earlier and they used the appropriate title, you’ll still need to create one of your own, with your name and the essential information on it. Some titles also necessitate being notarized depending on the particular states.
Individuals, who buy or get vehicles for free in the state of New York, should:
- Sign the Bill of Sale form
- Pay purchases tax or present evidence of exemption
- Register and title the newly obtained transports
Aside from the fact that you can make a new registration, you can also perform a transfer registration from a transport you already have. If you decide to transfer this registration, it’s important to remember that the original vehicle will no longer be registered under this document.
Essential details of the Bill of Sale form
This part of the document should contain all the personal information (full legal name, postal address, phone number, etc.) about the head trader or traders.
Like in the Seller part, all the actual information about the main or/and other customers should be entered.
To complete this section, provide all the data about the selling items (its full detailed description, registered serial numbers, models and makes, date, and state at the time of the trade, etc.).
- Terms and Conditions
In this part, both parties can describe and confirm any changes regarding the deal (including any kind of agreements or guarantees for “As-is” acceptance).
A Bill of Sale document with an “As-is” sign means that the purchaser accepts the item being sold in the present condition.
NY General Bill of Sale
A joint Bill of Sale forms the transfer of proprietary of any unregulated possession. It's required to contain all the relevant information about parties, and trade's object, for example:
- Date of the transfer
- Selling price
- Full description of the trading item
- Parties’ personal data
NY Vehicle Bill of Sale
New York state laws require that individuals, who are selling or buying a vehicle, should apply a Vehicle Bill of Sale form (original or the ones designed by the Department of Motor Vehicles).
Whatever form you use, it should contain:
- Date and price of the trade
- A year and make of the selling transport
- VIN of the trading vehicle
- Personal info and signatures of the parties
The purchaser must present to the DMV the original Bill of Sale document together with the title transferred. The buyer and seller can keep copies for themselves.
NY Firearm Bill of Sale
In New York, background checks are expected for private sales of almost all types of firearms (rifle, pistol, or shotgun), except for the sales between family members. An authorized trader can levy up to $10 for background checks.
If you’re not a New York City resident, you should apply for a NY state license to buy a firearm; in this case, you need to contact the county licensing officer. Only available to people of 21 years and older with no previous convictions or felonies. Be prepared that the application process takes four months or longer.
It’s not legally asked to form a Firearm Bill of Sale in New York, though it's very useful. Along with the paperwork you need to do (licensing and background checks), you can protect the deal by using the Bill of Sale form.
NY Boat Bill of Sale
- Date and price of the trade
- A year and make of the selling boat
- HIN (hull identification number)
- Personal data and signatures of the parties
The DMV Vehicle Bill of Sale is also valid for boats in New York, but still, you can create an individual record.
You can find the official Bill of Sale templates on our website. Feel free to download, print, and complete them according to the New York Bill of Sale requirements.
New York Vehicle Bill of Sale Form
A New York Vehicle Bill of Sale is a legal certificate, within the framework of which the owner of the vehicle must provide the purchaser with the object of the transaction (a car), having received a certain amount of money in return or not receiving it (if the car is given for free).
A document, signed by both parties and approved by the notary public, obliges the trader and purchaser to act in accordance with the rules that were described in the Bill of Sale. It guarantees the legal authority of the vehicle transfer transaction.
The NY Odometer Disclosure Statement (ODS or Form MV-103) is usually used when the car is up to 10 years old and weighs under 16,000 pounds.
A car owner has 180 days to register the transport and renew the registration every year. It can be done online or physically at any local DMV department.
Some New York regions allow their residents to apply the Bill of Sale online, but if the transport is going to stay in that particular area without online recording, it’s better to first familiarize yourself with the special requirements of the district DMV department.
Documents you will need:
- Bill of Sale form
- Valid driver’s license
- Form DTF-802 (Statement of Transaction)
- Form MV-82 (Vehicle Registration/Title Application)
- Form MV-103 (ODS)
- Written evidence of ownership
- Evidence of Insurance
- NY Motor Vehicle Power of Attorney