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 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.
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.
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.
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:
Step 3: Fill out the detailed information regarding the motor vehicle you are trying to sell:
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:
And after that, specify the way the purchaser will pay:
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.