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I am looking into selling my car independently in the next few months. Have you ever done this? If so, did you write out your own contract, or BOS? I am curious about the things that I need to have in the agreement (so that once the sale is complete, I will no longer be responsible for the vehicle). If you have a contract that you've written or could direct me somewhere that would have this information that would be great.
If you want to DM me, I'll send you my email address so you can email me the contract that you have come up with.
I have sold many of my own vehicles and have never had to write a contract. When the buyer has paid me I sign the title, they sign the title in front of me. I turn the license plates intot he DMV and notify them that I ahve sold the vehicle and who I have sold it to and for how much. Never had a problem.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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most states have a "report of sale" responsibility for seller, (portion of the title). You want to do that as soon as it leaves your property, often available 'on-line'.
I use a BOS, or a contract, and the title info.
It is good to get a copy of purchasers DL and at least their address and phone number in case the car gets stolen or ends up in the 'impound lot' and bill comes to you.
get cash... or don't let the car leave your property until you have cleared the check.
I sell many cars myself, beware of someone buying with one of those 'credit card' cash advance checks. (you can get stiffed by those)
I prefer cash, or cashiers check or bank money order.
Do add the "as-is" clause, and inform you insurance company that there will be some "accompanied" test drives. View the VALID DL BEFORE the test drive, and ask for a proof of insurance (tho yours will be primary)
You don't need a contract to sell a vehicle privately.
All that's needed is a Bill of Sale, which you can also indicate is a receipt for the money you get. Don't give the buyer the signed over title or receipt until you actually have received good funds in hand ... either cash, or a verifiable cashier's check or personal check. If the buyer is local and pays with any form of a check, head to their bank and cash it before completing the deal; if you don't want to have cash, at least get their payment converted into a bank draft or cashier's check may payable to you from the bank (this may cost a few dollars, but it means you have good funds).
You should have all the usual details, like date, seller's name and address, buyer's name and address, amount of sale, and a reasonable description of the vehicle ... year, make, model, mileage (if known), VIN number ... on the BOS. It's best to state that there's no warranty or guaranty for the vehicle.
With the signed over clear title and the BOS, the buyer has all the documentation they need in any state to obtain their title to the vehicle.
It's that simple and easy for you to do. OH, keep a signed original copy of the BOS with the buyer's signature on it for your records. The last thing you want is to have the vehicle go down the street and the new owner not have insurance nor title and get into an accident. At that point, as far as the state is concerned, you're still the owner of record and liable for any damages. It's essential that you have valid proof that you were no longer the owner. Protect yourself and notify the state authorities that you've sold the vehicle, along with promptly furnishing such proof to your insurance company so that you're not paying for insurance for a car you don't own.
I am looking into selling my car independently in the next few months. Have you ever done this? If so, did you write out your own contract, or BOS? I am curious about the things that I need to have in the agreement (so that once the sale is complete, I will no longer be responsible for the vehicle). If you have a contract that you've written or could direct me somewhere that would have this information that would be great.
If you want to DM me, I'll send you my email address so you can email me the contract that you have come up with.
Thanks
Considering our "Sue Freak Society" nowadays, great question, kanatastar.
A well written contract is very important and fairly easy to obtain. I have a computer program called Family Lawyer (definitely not the only one out there) that has a form or contract for just about any transaction possible (a great investment). Also, a number of websites offer contracts available to download.
Whatever you do, to eliminate future problems, make certain you have a detailed contract completed and signed by both parties as well as inform your local DMV immediately after the sale (online form available here in Arizona, not certain about other states).
like mentioned above, all you "really" should need is the title signed by you and the buyer. but its a good idea to get a bill of sale just for records. especially if the buyer lives far away, he/she can present that to the cops as proof of purchase should they get caught testing the top speed on the way home.
you can google "bill of sale" to find one on a dmv website. just print it out and fill the blanks
When I sell a vehicle I always make sure to have a bill of sale and have it notarized. I've found the best place to do closing is at my bank so that my bank can verify their certified funds or if they are bringing cash so that they take the risk of carrying it. The notarized bill of sale is very important if the buyer gets in an accident or the vehicle is stolen, it protects you from responsibility.
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