The bill of sale doesn’t constitute ownership on its own - only the title can do that. Although the bill of sale is not required for a privately purchased vehicle, it’s important to get or give a bill of sale when buying or selling an automobile to protect your interests and investment. When purchasing a car from a dealership in North Carolina, a bill of sale is required to document the sale. North Carolina Car (Vehicle) Bill of Sale Sales tax is based on the amount shown on the bill of sale as well as the current fair market value for the vehicle. Damage Disclosure Statement ( Form MVR-181)īuyers must also pay sales tax on their vehicles before the transfer is complete.Odometer Disclosure Statement ( Form MVR-180).Application for North Carolina Title ( Form MVR-1).Regardless of the circumstances under which a vehicle is purchased, the buyer will need to provide: The North Carolina DMV has outlined the requirements on its website. The documents required for the registration process depend on the context of the purchase. If You’re the Buyerīuyers have 28 days to title and register new vehicles in North Carolina. The information required matches what is typically noted on a bill of sale, including the buyer’s and seller’s personal information, the date of sale, a description of the vehicle, and the odometer reading. To transfer a title, the seller and buyer must complete information on the back of the original title and have it notarized. The North Carolina DMV has a guide to title transfers that lists the reporting requirements for sellers. Sellers in North Carolina must transfer ownership of a vehicle through a title transfer. Several additional documents are required before the transaction is official. After Purchasing a VehicleĪ bill of sale is not enough to complete a vehicle transfer in North Carolina. In the state of North Carolina, a motor vehicle that is incapable of operation or use and has no resale value is considered a “junk” vehicle and cannot be titled or registered. The buyer and seller will also want to retain a copy, so a total of three copies is required.įor all other transactions, it’s enough for the buyer and the seller to each keep a copy. It’s a legal requirement to provide a copy of the bill of sale for a motor vehicle transaction from a dealer to the state Division of Motor Vehicles (DMV). You may create your own bill of sale in any language you choose, but bills of sale in North Carolina can only be submitted in English for registration purposes. Additional Considerations Language Requirements For the seller, a bill of sale can protect them from liability related to how an item is used after the sale. It provides proof of ownership for the buyer, which can help avoid legal disputes. Why Use a Bill of Sale?īesides satisfying state legal requirements, a bill of sale can prove useful for several other reasons. You can draft your own bill of sale, but be aware that there are a number of requirements you need to satisfy in the state of North Carolina. While drafting a bill of sale is good, standard practice for the purchase of many big-ticket items, they are required for any vehicle purchased from a dealer in the state of North Carolina. PandaDoc documents offer the option for legal digital signatures.ġ. Digital signatures require a certified digital signature provider to be valid.
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