The transfer of ownership of an article is almost always accompanied by an official drawl of a deed that passes the ownership of the article from the seller to the buyer.
For a fair and clear transfer of ownership, the terms of transfer of ownership must be appropriately documented. In the state of Maine, the legal document that serves as proof of purchase or sale of a motor vehicle is referred to as the Maine vehicle bill of sale.
How to Register a Vehicle in Maine?
If you would like to drive a vehicle on the roadways of the state of Maine, you must ensure that it is properly registered. If you are a new resident of the state with a vehicle registered in another state, you will need to get it registered in Maine within 30 days.
If you have purchased a car, it is recommended that you not depend on your dealer, if you have one, for the registration process. To register you need to pay a visit to your local BMV location in person, with all of the following documents:
- The bill of sale clearly states the amount of price at which the vehicle was bought.
- The white and yellow copy of your registration application.
- The Manufacturer’s Suggested Retail Price (MSRP) sticker or a copy of it (compulsory only if the vehicle is brand new).
- Proof of valid auto insurance.
- Maine state Driver’s license.
- A title that has been signed over to you by the previous owner of the vehicle in case the vehicle was purchased from a private party.
- Title of the vehicle signed over by the previous owner (compulsory only if the vehicle is newer than 1995).
- Proof of payment of excise tax (if you have already paid it).
- Prepare to make the following payments if they apply to your case including Maine Sales tax which is 5.5% of the sales price of the vehicle, excise tax, license plate fees, title application fee of $33 (only for vehicles newer than 1995).
What Is Included In a Maine Vehicle Bill of Sale?
A typical Maine Vehicle Bill of sales will require you to fill in the following fields:
- Date of transaction
- Seller(s) Name(s) in Print
- Seller(s) Address
- Buyer(s) Name(s) in Print
- Buyer(s) Address
- Price of the vehicle
- Vehicle Identification Number (VIN#)
- Seller(s) Signature(s)
- Seller(s) Name(s) in print
- Buyer(s) Signature(s)
- Buyer(s) Name(s) in print
How to Sell a Car in Maine?
In the state of Maine, transfer of the ownership of a vehicle must be accompanied by the transfer of title from the previous owner to the new owner. If you intend to sell your car privately to a buyer you must:
- Provide the buyer with the vehicle's official title and a bill of sale with the vehicle's selling price and mileage clearly stated.
- Make sure that you have your title with you before selling your car. Under no circumstances does the State of Maine provide instant titles. There will be a waiting period that can cost you a buyer.
- If you cannot find your title, visit the local BMV office, or Maine BMV website and apply for a duplicate title.
- Read the title over to make sure no lienholder is present.
- Sign your title over to the purchaser.
- Create a bill of sale for the buyer, as per the requirement of the state of Maine. Ensure that all the requisite information regarding the seller, vehicle, and its sale is entered and is correct. Sign the bill of sale.
- Give the title, bill of sale, and lien release to the buyer.
- Make sure that when the buyer takes the car, your Maine plates are no longer attached to it.
Here are some tips for you:
- Ensure that your insurance company is notified about the ownership change of the vehicle as soon as possible.
- Accept payment only in the form of cash or a guaranteed cheque.
A comprehensive Maine Vehicle Bill of sale can spare you a lot of trouble amid a vehicle transaction. In order to get a proper Maine vehicle bill of sale template, visiting CocoSign’s library can be one the best solutions for you.