A Bill of Sale is a legal document which is required to complete a sale. In the state of Colorado, a bill of sale form is governed by 42-3-115, Colorado Revised Statutes. To keep a record of the sale both the buyer and the seller need to sign a bill of sale.
How to Write : Colorado Vehicle Bill of Sale Form
- First, fill in the dollar amount for the price of the vehicle to be sold. This is the amount agreed upon by both the parties in exchange of the vehicle.
- Next, proceed to fill the buyer’s name and address. This information is of importance to the seller to know about the person whom he is selling his vehicle to.
- Next comes the vehicle information, which is another important aspect of the bill of sale form. The details of the vehicle must be specified clearly and correctly. This includes the year, make and model and the VIN (Vehicle Identification Number) of the vehicle. Make and model refers to the manufacturer while year states the model year. Enter these details correctly before proceeding to the next part.
- Next is the concluding part, which requires the signatures of both, the seller and the buyer. Along with their signature, they need to mention the date and time of the sale right next to their signature.
- Read the sections under 42-3-115, Colorado Revised Statutes which are given at the bottom of the form. They describe different scenarios in which the buyer may operate the vehicle on the highway before registering it.
The details in the bill of sale serves the buyer as a record of the sale and seller related information which he/she could find useful later. The bill of sale alone does not complete the sale. To complete the sale and prove the ownership of the vehicle you need to transfer the title to its new owner. A bill of sale is a document that proves the seller has sold his vehicle to the buyer for a dollar amount specified in the bill of sale. A copy of this is maintained by both the parties (buyer and seller).