Arkansas Bill of Sale Form
An Arkansas Bill of Sale Form is a document used to legally record ownership transfers. It clearly shows that a property has changed hands between a buyer and a seller in Arkansas.
Arkansas Bill of Sale Types
As-Is
Vehicle
Why Do You Need an Arkansas Bill of Sale Form?
A Bill of Sale is not a compulsory legal requirement for personal property transactions in Arkansas. However, it is advisable to always have written evidence that can be legally enforced.
For motor vehicles, the Arkansas Bill of Sale, often Form 10-313, which includes an Odometer Disclosure Statement, is needed. The buyer uses this to transfer the title and register the vehicle to the buyer. It is processed with the Arkansas Department of Finance and Administration (DFA) Office of Motor Vehicles (OMV).
It provides essential details such as the;
- Vehicle's identification number (VIN)
- Current odometer reading
- Agreed-upon sale price
According to Arkansas Code § 4-2-201, the sale of goods above $500 must be followed up with a contract. This requirement makes a Bill of Sale necessary in Arkansas before a property transfer can be enforced.
Common Uses of an Arkansas Bill of Sale Form
The document can be useful in many ways:
|
S/N |
Uses |
Description |
|
|
Liability Transfer |
Documents a complete handover of all liabilities to the buyer |
|
|
Proof of ownership |
Details the transfer of ownership of an item |
|
|
Records and documentation |
For title transfers, registrations, insurance, and future sales |
|
|
Legal Requirement |
Compliant with all state and federal regulations |
|
|
Dispute settlement |
Prevents future disputes regarding the details of the sale |
A Bill of Sale is not a legal requirement in Arkansas, especially for personal property sales. However, it is best to record the transfer with a written document when it comes to items of high value.
A Bill of Sale for a vehicle in Arkansas, often Form 10-313, must have identification details of all parties involved. These include full names and addresses. It must also have the vehicle's details, like the identification number, model, year, and make.
In most instances, a Bill of Sale does not have to be notarized in Arkansas. Although some states demand it for vehicle sales, the Arkansas bill of sale sections do not require notarization.
In Arkansas, the buyer takes the form to a local Arkansas Department of Finance and Administration (DFA) Revenue Office. Other required documents include proof of insurance and personal property tax assessment.