If you are involved in purchasing or selling some sort of vehicle in any state, you need a bill of sale to show ownership. The Bill of Sale agreement contains every detail that is necessary for documenting the condition of the vehicle, the general identity and intent of the two parties, and the terms of contract (offer and acceptance). This helps the buyer and the seller to avoid legal issues that might arise in the future.
You would need a state-specific bill of sale if you want to mention the vehicle condition, price, mileage or hours.
What a Valid Bill of Sale Contains?
- General Details of the Parties Involved: All agreements, whether a Bill of Sale agreement or not, begin with the complete description of buyer and seller so that the court can reach them in case of any dispute. Also, this information is required to get the vehicle registered with the state.
- The offer: Another detail an agreement cannot overlook is the essence of the deal, the offer. It is the conditions and price at which the seller agrees to sell the golf cart, and the buyer agrees to buy it. Such details should be stated clearly along with the specifications of the cart if required. If there is ambiguity in the contract itself, it will be difficult for the court to determine whether the contract is valid or not in case of a dispute.
- Consideration: Every legal contract or agreement is based on some of the other consideration which the seller receives in exchange for their goods or services. In the case of the sale of a golf cart, it is the money that is clearly stated. The item is well defined along with the amount in numerals as well as words.
- Competency and Legality of the parties: The individual buyer and seller in the transaction must be sane, major, and should intend to enter into the contract. Or else, if any of the parties are minor, do not have the legal competence to enter into a contract, not of sane mind, or are forced to agree, it is declared null and void. Therefore, confirming the legality and competency of the two parties is crucial before preparing the Bill of Sale.
- Legal Intent: The intent of the two parties should only be the sale and purchase of a legal item. If the purchase of the golf cart is made from the money involved in a robbery, then the contract is void.