As all sale transactions in the USA are recorded, the sale of a motor vehicle within the state of Minnesota should also be legally recorded and hence the Minnesota Motor Vehicle Bill of Sale form is filled, to record the transfer of ownership of the vehicle from seller to buyer. The form includes a few terms and conditions and they are mentioned in the document itself.
How to Fill the Bill of Sale Form:
- Begin the form by entering the amount being paid for the motor vehicle in US Dollars ($). After this, enter the full legal names of both parties – seller followed by buyer.
- The next segment is for describing the motor vehicle in question. Enter the make of the vehicle, model/series, year of manufacture, color, VIN # (vehicle identification number), style, title number and exact odometer reading at the time of sale.
- The next are some clauses. The seller acknowledges a receipt of an amount of money (enter the amount in US Dollars) and enters the amount of days in which title transfer and full payment will take place.
- Next, enter the amount of days the seller is allowing the buyer to come and inspect the vehicle along with his/her independent mechanic.
- If in case the sale isn’t completed, the seller should enter the amount of the down payment he will be retaining to cover efforts and advertising costs.
- The seller acknowledges that the odometer reading is 100% true to the best of his/her knowledge and also acknowledges that there are no hidden defects to the best of his/her knowledge.
- At the bottom, the signatures of the buyer and seller are needed, as well as date of signature. The full name and signature of a witness is also required.