Minnesota Bill of Sale Form
A Minnesota 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 Minnesota.
Minnesota Bill of Sale Types
As-Is
Vehicle
Why Do You Need a Minnesota 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 Minnesota. Although it is not a legal requirement for all personal property, it is highly recommended.
- For the transfer of ownership
In the case of motor vehicle transactions, a Minnesota Bill of Sale is needed to transfer the ownership title. It is also used for vehicle registration. This is done by the Minnesota Driver and Vehicle Services (DVS).
- It holds essential details
When filling out a Minnesota 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. Minnesota law generally requires written contracts for any purchase at or above $500.
This makes the contract legally binding and enforceable. Notarization is not a legal requirement for a standard Minnesota Bill of Sale.
Common Uses of a Minnesota 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 Minnesota 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 Minnesota Bill of Sale Form together with a well-signed title. Other required documents are also included. These are then submitted to a local Minnesota Deputy Registrar office (authorized by the DVS) for title transfer and registration.