Iowa Vehicle Bill of Sale Form

An Iowa motor vehicle bill of sale is a critical and legally binding document proving that a willing buyer and seller have transacted a vehicle deal. This crucial form supplies details regarding the vendor, essential descriptive information about the car, and exchange of possession. However, it doesn’t serve as proof of title.

This bill also contains critical information concerning the two parties’ names and contacts engaged in the sale. Moreover, it features a VIN or vehicle identification number. After the two sides in the motor vehicle deal fill out the free bill of sale template, they appear before a notary public. The notary public will verify their identities and then notarize the bill before the seller and buyer can sign the form. It’s recommended that the buyer and seller have copies of this crucial bill.

Iowa bill of sale forms – find out more about some other bills of sale common in Iowa.

Motor Vehicle Registration in Iowa

This state’s laws demand that all residents who recently bought automobiles from individuals should visit the nearest County Treasurer’s Office. Moreover, new motor vehicle owners need to present a bill of sale to facilitate registration. However, it’s not mandatory to have this critical document in Iowa. Moreover, signing the Odometer Disclosure Statement (Form 411077) is mandatory and beneficial in showing the vehicle’s actual mileage. Failure to provide accurate mileage is an offense that could land you in legal trouble with the state. Moreover, this document is necessary for purchasing and registering a motor vehicle in Iowa. A smooth registration process requires you to furnish the authorities with these items.

  • The motor vehicle’s title the buyer and owner signed to show a legal possession transfer;
  • The vehicle title signed by both the buyer and seller producing a legitimate ownership transfer;
  • A driver’s license issued in the state;
  • Application for Certificate of Title or Registration for a Vehicle (Form 411007);
  • Proof of insurance issued within the state;
  • An odometer disclosure statement is mandatory if the vendor didn’t capture its reading on the motor vehicle’s title;
  • All the money necessary to pay for all applicable fees during the process;
  • Where the owner borrowed money on the vehicle, their creditor should sign off and supply all essential documentation for registering the vehicle;
  • In cases where the motor vehicle has damage exceeding 50% of its fair market value, they should provide a damage disclosure statement;
  • Proof of motor vehicle insurance from the state;
  • A motor vehicle bill of sale;
  • You must also provide your photo ID.

Please note that the law requires you to register your vehicle within 30 days after purchasing or acquiring it. All delays lead to fines and other penalties the state may impose on offenders.

A motor vehicle bill of sale also includes details regarding the vehicle. For instance, it should show its year of manufacture, make, model, and color. It should also state the price at which the seller has agreed to sell the vehicle and its sale date. Moreover, you are free to use the bill of sale form the state provides in its offices, or you can draft your own.

Template Preview
Download your fillable Bill of Sale template in PDF, .doc, or .odt formats

How to write Iowa Vehicle Bill of Sale

The completing suggestions were written around the bill of sale form created by our team. Nevertheless, you should go for the standard form should it be provided by your local governmental bodies.

Step 1: Specify the document’s creation date.

Step 2: Provide the buyer’s and seller’s info:

  • Name
  • Address: Street, City of residence, State of residence, Zipcode
  • Contact information: Mobile phone number, Valid email address

Step 3: Fill out the detailed information regarding the motor vehicle you are trying to sell:

  • Make (manufacturer)
  • Vehicle’s model
  • Body style
  • Year
  • Distance traveled (odometer reading)
  • Automobile’s color
  • Vehicle Identification Number

Step 4: Specify the payment method and selling price.

This part also requires indicating the date of the transaction and the complete amount agreed upon by all parties of the deal. You will have to also mark the sale method the purchaser will go for:

  1. The entire amount straight away. One of the more straightforward choices: the property owner is given the entire amount from the buyer in a single payment and presents the automobile to the purchaser within the same day.
  2. Trade-in. This choice will allow the purchaser to trade their motor vehicle (usually with a supplement) for the seller’s motor vehicle. In this case, the bill of sale must also contain the buyer’s motor vehicle specifics.
  3. Installment payments. With this particular method, you have to enter the dates when the purchaser has to provide the first and the final payments, as well as their sums.

And after that, specify the way the purchaser will pay:

  • Cash
  • Cheque
  • Cashier’s cheque
  • Money order

The final thing to do in this particular section would be to choose whether or not all applicable taxes are included in the purchase price.

Step 5: Go through the miscellaneous terms.

This part normally has the “as-is” passage that indicates the object is purchased with no warranties.

Step 6: Sign the bill of sale.

In the majority of states, the signature of the purchaser isn’t needed. But, it is advised to get the form signed by both sides. As an extra safety measure, you may have one or two people witness the process and sign the form.

Step 7: Have a notary public certify the form

Although notarization is rarely mandatory, it acts as another way to safeguard against legal issues.

In the majority of states, a bill of sale might be required for title transfer, so the buyer needs to have the original. As a seller, you may either get a copy and keep it or have a pair of identical forms signed and filled out by all parties.

Published: Sep 17, 2020