New York Bill of Sale Form
A New York Bill of Sale Form is a legal contract that documents a property transfer between two parties. It formally records an ownership transfer between a buyer and a seller in the state of New York.
New York Bill of Sale Types
As-Is
Vehicle
Why Do You Need a New York Bill of Sale Form?
In New York, you do not necessarily need a Bill of Sale for most sales involving personal property. Regardless, it is a smart choice to have an official and legally binding contract.
Motor vehicle sales would generally require a Bill of Sale like Form MV-912. The buyer would use it for the title transfer and registration with the New York Department of Motor Vehicles (DMV).
The Bill of Sale has sections for key details like:
- Vehicle Identification Number (VIN)
- Odometer reading
- Finalized sale price
According to the law in New York, transactions involving high-value goods of $500 or more should always have a written contract. This legal agreement is what makes the sale enforceable. For a standard Bill of Sale in New York, you do not need notarization to validate it.
Common Uses of a New York Bill of Sale Form
The New York Bill of Sale Form is useful for a variety of reasons:
- Conflict Resolution: Serves as a reference to settle any later disagreements by detailing the exact terms of sale.
- Regulatory Compliance: Meets all applicable state and federal standards and legal filing requirements.
- Transaction Records: Creates a formal paper trail for registrations. Useful for insurance purposes and future resale.
- Ownership Evidence: Provides clear proof that the item’s title has moved to the new owner.
- Transfer of Liabilities: Records the complete transfer of any outstanding obligations.
FAQs
Is a Bill of Sale required for all sales in New York?
No, it is not a legal requirement for personal property transactions in New York. However, it is advised for high-value sales. Buyers need it for ownership transfers of motor vehicles.
It is used to transfer the title and register the vehicle with the New York DMV. Under New York law, sales of goods worth $500 or more must have a written agreement to be legally enforceable.
What specific details are needed for a New York vehicle Bill of Sale?
A non-negotiable detail in the Bill of Sale, like Form MV-912, is the information of both parties for identification purposes. You should have their legal names, a verified address and the actual date of sale. Other details include the vehicle's make, model, year, vehicle identification number and odometer reading..
The agreement must specify if the vehicle was sold on an "as-is" basis, followed by the signatures of both parties. These details are essential and required for clarity and legal validity.
Does the form need to be notarized?
New York does not require notarization for a Bill of Sale to be valid. However, it can act as a double authenticator and legal security.
It is very useful in transactions that involve high-value items or conflict resolutions regarding the sale. Vehicle title transfers do not need a notary for validity by the New York DMV for the Bill of Sale.
Where do I submit a New York Bill of Sale for a vehicle?
For vehicle sales in New York, the buyer submits the New York Bill of Sale, Form MV-912. This goes with the signed title and other required documents to their local New York Department of Motor Vehicles (DMV) office.
It is used to process the official title transfer and vehicle registration. The seller should always retain a copy for their own records and may complete a "Notification of Sale" section on the title.