Michigan Bill of Sale Form
A Michigan Bill of Sale Form is an official document that records ownership transfers. It documents the exchange of personal property between a seller and a buyer in Michigan.
Michigan Bill of Sale Types
As-Is
Vehicle
Why Do You Need a Michigan Bill of Sale?
A Bill of Sale is important for the following reasons:
- It serves as a traceable record
To have a traceable record trail, it’s best to have a Bill of Sale in Michigan. Although it is not a legal requirement, it is highly recommended.
- For the transfer of ownership
In the case of motor vehicle transactions, a Michigan Bill of Sale is needed to transfer the ownership title. It is also used for vehicle registration. This is done by the Michigan Secretary of State (SOS).
- It holds essential details
When filling out a Michigan Bill of Sale Form, diverse useful details will be collected. These include:
- Vehicle identification number (VIN)
- Sales price
- Odometer reading
- It can be a requirement
Depending on the kind of purchase, a Bill of Sale might be a necessity. Michigan law generally requires written contracts for any purchase at or above $1000.
Vehicle Bills of Sale in Michigan often require notarization. This gives an additional authenticity. It also prevents rejection due to irregular signatures, especially when transferring between counties.
Common Uses of a Michigan Bill of Sale
This document is used to show that:
- The seller no longer owns the item.
- Liability is now transferred to the buyer.
- The buyer has evidence of new ownership.
- The buyer has full rights to all future sales.
- The ownership transfer is legally compliant with state regulations.
- The buyer is responsible for registration and insurance records.
The extra level of authentication assures both parties involved in the transaction.
While a Michigan Bill of Sale Form is not compulsory for all kinds of personal property sales, it is strongly advised. This is because it serves as strong proof of ownership.
The details of both parties involved are essential. These include their legal names and addresses.
Notarization is not necessary for a Bill of Sale to be legally binding. However, it does add an extra layer of authentication and assurance.
For vehicle sales, the buyer has to submit the Michigan Bill of Sale Form together with a well-signed title. Other required documents are also included. These are then submitted to their local Michigan Secretary of State (SOS) for title transfer and registration.