Are you looking for an Oklahoma Bill of Sale? When you purchase or sell a vehicle, you’re going to need a bill of sale. There are some clear legal provisions for the State of Oklahoma on what a Bill of Sale must contain.
Typically, this comes in the form of a certificate stating
- The item bought
- The amount
- The date of delivery.
When you purchase it from a dealer, a certificate might not be available at that time, so you need to look at an Oklahoma Bill of Sale to record the transaction.
The most popular items needing a bill of sale are
- Motorcycles and trucks
But the list is almost infinite when you consider all the things we purchase and sell every day. ATVs, dirt bikes, UTVs, golf carts, snowmobiles, mopeds, lawnmowers, and even farm animals are other less common items.
When you buy or sell either of these things than you would need an Oklahoma Bill of Sale that helps track the
- Vehicle Condition
- Mileage or hours
It can also defend you against potential claims concerning this vehicle, and against individuals alleging ownership.
Oklahoma legislation states that the excise tax on vehicles is based on a vehicle’s selling price, without any trade-in modification, given that the purchase price for the vehicle type is below twenty percent of the actual market value. A taxable value shall be allocated equally to the closest appropriate price within the value range for that model where the selling price has not been within 20% of the average.
For more details go to the Oklahoma Tax Commission – Oklahoma Motor Vehicle Division.
What Does a Bill of Sale Need to be Valid?
- 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.
What Should the Buyer do with the Bill of Sale?
Once the buyer is done with the registration, they should place it in a secure location along with other important documents. Now, if a claim arises on the ownership of the vehicle you own, you can show the agreement as proof that you have obtained it through fair means by paying the price in full. This will ensure that you are the real owner with the liability of the damages caused by the vehicle only after the date mentioned in the Bill of Sale.
Does the Seller Need a Copy?
Yes. In cases where the vehicle causes any damage, or someone is injured due to it, the buyers don’t disclose their possession and blame the damages on the previous owners. Therefore, even the sellers should have a copy of the Bill of Sale with them so that no one can claim the damages from them.