What is Arkansas bill of sale?
Arkansas bill of sale is a typed or handwritten document showing legal ownership transfer of a specific item from one person, also known as the seller, to another person, also known as the buyer. A bill of sale is crucial because it serves as proof that someone has the right to own the item in question. Once the bill of sale is made, you must crosscheck that it includes all of the necessary information and is signed and dated by the parties involved. Make certain, that you retain a couple of additional copies of the completed Arkansas bill of sale for personal records. This document will provide lawful protection for the seller and the buyer and it can also serve as a receipt.
Commonly used bills of sale in Arkansas
In Arkansas, the most commonly used bills of sale are:
- General bill of sale
- Bill of sale for a motor vehicle
- Bill of sale for a boat
- Bill of sale for a gun
No matter which type of Arkansas bill of sale is used, all bill of sale should include some common information about the seller and the buyer.
How to write Arkansas bill of sale?
Eventually, the information you need to involve in Arkansas bill of sale depends on the item included. However, there are some main constituents that must be included in any bill of sale. The main information includes:
- Name
- Physical address
- Driver’s license number of both the seller and the buyer
From that moment, the information Arkansas bill of sale will depend on the item. At the bottom part of any bill of sale, both sides (the seller and the buyer) must print their names, put signature, and date the document.
Arkansas general bill of sale
You should include some information about the item being sold for a Arkansas general bill of sale. Good description of the property should be included in the document. You should also include: Model number, serial number or other identifying details. For example, if you are selling a stationary computer monitor, you can include the model, make and serial number of the monitor. You can also include a description of it. For instance, a 19″ flat screen monitor, working condition.
Then you should include information about the purchase or trade price. You should write the amount of money first, in words and then in numbers. E.g.: Three-hundred twenty-one dollars and seventy-five cents ($321.75). Afterwards, you will include the date of the sale. If payment for the item is made at different date, the payment date must be included. You can also involve if the buyer is being gifted the property by the seller. If you are accepting a trade, you should describe the object that you are receiving in exchange.
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Arkansas motor vehicle bill of sale
On top of the information about the seller and the buyer you should include: The Vehicle Identification number (VIN) from the vehicle’s title, the make, model, year of the vehicle, the original color of the vehicle, any existing, secondary code, details about a trade-in vehicle if one is being used. Since motor vehicles are often sold by businesses, it is crucial to address how to handle that. Arkansas bill of sale should include company’s name and address (physical) if the seller is a car dealer or a business.
For vehicles less than 10 years old, Arkansas bill of sale should include an odometer disclosure. The described odometer reading must be accurate. If the present odometer reading goes beyond mechanical limits, the disclosure must contain that information. You must also include if there is an odometer discrepancy. The name of the seller must be included in the disclosure. The price of the vehicle as well as any trade-in value (if it applies to the given situation) must be included, also list the taxable amount. Arkansas bill of sale for vehicles must explain about what happens if the seller or the buyer try to avoid paying the proper tax on the motor vehicle.
Is Arkansas bill of sale necessary for motor vehicle registration?
To register a motor vehicle, you will need Arkansas bill of sale. The motor vehicle should be registered within 30 days of purchasing it. If this is the initial time, the vehicle will be registered in Arkansas, if the motor vehicle was previously registered in another state, you will have to go through a Vehicle identification Number (VIN) inspection throughout the registration process.
The motor vehicle registration procedures take place at a Department of Revenue Office in your area. If you did not purchase the motor vehicle from a dealer, you will need a completed (Form 10-381) to title and register the motor vehicle. You will need a copy of the Manufacturer’s Certificate of Origin, if you bought the vehicle from a dealer. If the motor vehicle is leased, you will have to get a signed copy of the lease agreement. Odometer disclosure is needed If the vehicle is less than 10 years old. You can either use Form 10-313 (vehicle bill of sale/odometer disclosure statement) or complete the disclosure on the back of the title.
From your county’s assessor’s office, you must have proof showing that the motor vehicle was assessed or that it will be assessed during current year. You will also have to provide confirmation that you have paid your personal property taxes and you will also need to have proof of insurance with you and be prepared to pay for all of your registration fees.
Below you can download for free, template of Arkansas bill of sale