Full Video Transcript
A bill of sale is a legal document which transfers ownership of an asset from a seller to the buyer. In the case of a motor vehicle, it must include information about the vehicle itself, the parties to the transaction, and the details of the sale. Specifically, it should specify:
the make, model, year, color, odometer reading and vehicle identification number of the car;
the buyer's and the seller's full names;
the purchase price of the vehicle,
any warranties or representations made by the seller; and
any other additional terms of the sale.
The bill of sale must be signed and dated by both the buyer and the seller. The bill of sale is then presented to the department of motor vehicles for registration, to insurance companies, and to others as the buyer's proof of ownership of the vehicle.