Buying and selling an automobile is such a common practice. However, to avoid any dispute in the future it is always advised to generate a proper vehicle bill of sale.
A Michigan vehicle bill of sale serves as a legal transcript and a record in case of any future, irrelevant claim or any other responsibility. Notarization is still required. It's highly recommended to have a well-developed receipt (copy of sales bill) having complete details at the time of sale.
This sales receipt omits any obligation on the part of the seller in the case of any illegal activity, damage, or law violation. The purchaser is declared the sole righteous owner of the automobile, with all the doubts cleared before signing the bill.
How to Register a Vehicle in Michigan?
Michigan calls for the complete registration within fifteen days of purchase of a new vehicle. In case of an individual deal, it's highly recommended for both the Seller and buyer to visit the SOS office to complete the registration and transferring process.
This process ensures any future ambiguity and claim by both parties. However, the process turns much simpler when working with a dealership company or agency. All the responsibility of titling and registration rests on their shoulder.
Here is the complete detail of the requirements of a registration process:
- Buyer and Seller should be present in person. Signatures of both parties are mandatory. In the case of more than one Buyer or Seller, the presence of all must be ensured.
- Get the signatures of the lienholder (if applicable).
- Input vehicle identification number (VIN).
- Register odometer reading. Ensure correct mileage on the vehicle.
- Proof of MI no-fault automobile insurance.
- Verify the ID of both involved parties.
- Pay the registration fee.
What Is Included In a Michigan Vehicle Bill of Sale?
Michigan vehicle bill of sale offer is a simple yet multi purpose document. Here are the details of the bill and its requirements.
- Personal Information: This includes seller and buyer info, such as name, address, selling price, and signature.
- Vehicle Information: You should state type, model number, make, color, odometer reading in this part.
- Pricing Details: payment methods and date should be filled.
- Seller Disclaimer: The seller must verify all the more documented information and clear if any defects present in the vehicle being sold.
- Notarization: A notary verifies all the provided information. A state seal is then affixed on the final document.
What Are Seller's Responsibilities of Selling a Car?
While selling your vehicle, you should be focused, take part in all the registration, and transfer processes to avoid any complications in the future. Here are some responsibilities on the part of the seller:
- Accompany the buyer to the SOS office for the registration process.
- Maintain selling records for more than 18 months.
- Have the record of the year, make, model, vehicle identification number(VIN) of vehicle. Moreover, the name, address, state, city, ZIP, signature, and driving license of the buyer is also mandatory.
- Record odometer reading, selling price, and date.
- Do not forget to sign at the end of the document.
- Consider any liens if present. A special section for lienholder should be allotted for complete details.
- Never try to alter the title in any way. It will make the whole entries void.
- Remove the license plate from the vehicle.
- When the vehicle is sold, remove the insurance coverage.
Creating a hard copy of any deal or agreement is always the best way to keep records and avoid further issues, e.g., illegal activity, claims, returns, etc. However, it can become a hectic process if we are to write all from the beginning.
Therefore, to your ease, CocoSign provides an exceptional, convenient, and comprehensive template for Michigan vehicle bill of sale and various templates of different kinds of bills of sales.