Minnesota Vehicle Bill of Sale Form

Why Do You Need a Minnesota Vehicle Bill of Sale?

A Bill of Sale is an important document when transferring a title to a vehicle in Minnesota. This document is important for registering with the Minnesota Driver and Vehicle Services (DVS).

A Minnesota Bill of Sale should have important details about the vehicle, such as:

• Vehicle identification number (VIN)
• Make
• Model
• Year
• Current odometer reading (for a car under 10 years old)

The document also states the purchase price that they agreed upon. This is applied when calculating sales tax. Both the buyer and the seller have to sign the form for it to be accepted by the DVS.

Normally, the Minnesota Bill of Sale itself does not need to be notarized. However, it is necessary for the buyer to complete the odometer disclosure statement on the title.

Common Uses of a Minnesota Vehicle Bill of Sale

This document has several uses, including:

1. Transfer of Liability

This document formally shows that the seller no longer owns the vehicle. It completely transfers all the liabilities that come with the vehicle to the buyer.

2. Evidence of Ownership

For the buyer, it is the main evidence of ownership of their new vehicle. This is what they’ll need to register, insure, and resell in the future.

3. Fulfills State Requirements

A correctly executed form ensures that the sale complies with state requirements. This, in turn, helps with the easy transfer of titles.

4. Gives Peace of Mind

This document helps prevent any future disputes. Thus, it brings peace to both parties.

Frequently Asked Questions

Is a Minnesota Bill of Sale required to sell a car?

Yes, to sell a car in Minnesota, you need this form. The buyer needs it to get the title transferred and register the vehicle with the Minnesota DVS. The form proves the purchase and is also essential to ensure the efficient and accurate ownership transfer of a vehicle.

What specific information must be on a Minnesota Vehicle Bill of Sale?

First, the Minnesota Bill of Sale should have the full legal name and addresses of the buyer and seller. It should also have the details that can be used to identify the vehicle. It should also spell out the decided sale price and be signed by both parties to make it valid.

Does a Minnesota Vehicle Bill of Sale need to be notarized?

A Minnesota Bill of Sale normally does not need notarization to be legally valid. However, it’s essential that both parties complete and sign the assignment for the vehicle title section. This also includes the odometer disclosure statement (for vehicles under 10 years). Notarizing the form may provide additional legal assurance for the two parties.

How do I transfer a car title in Minnesota with a Vehicle Bill of Sale?

To transfer title, the buyer needs the Minnesota Bill of Sale and the properly signed-over vehicle title from the seller.

They also need a completed Application to Title and Register a Vehicle (Form PS2000). Other documents include proof of payment for sales tax, title transfer, and registration fees. All these must be submitted to a local Minnesota Deputy Registrar's office.