An Oklahoma vehicle bill of sale is a document required for the parties of a private vehicle transaction to validate the deal. This document usually includes personal data of the buyer and seller, the vehicle’s specifications (e.g., make, model, VIN, and year of manufacture), as well as the date of the deal and the price at which the transaction took place. Both parties sign the bill of sale and attach this document to the registration package for the calculation of sales tax and the provision of additional legal guarantees. In case the parties decide to compile the bill of sale form, they should have it notarized.
Oklahoma bill of sale templates – see other bills of sale used in the State of Oklahoma.
The law of Oklahoma requires that all vehicles with a capacity exceeding 10 horsepower are registered annually and titled (except for those officially in salvage or junked status). The rule applies to all types of motor vehicles including those not in use. The vehicle’s registration should be completed in a local Oklahoma Motor License Agency of the Oklahoma Tax Commission.
The list of documents required for the registration of your vehicle includes:
A vehicle can’t be registered without an Oklahoma title or any evidence of that title’s existence. If you register a leased vehicle, a copy of the lease statement should also be attached.
If the buyer is not an individual but an organization, then the submission of the Federal Employer Identification Number is mandatory.
The new owner should also pay all taxes and fees before the registration. A standard title fee equals $11 in Oklahoma, while a junk title is calculated at $4 and a certificate of ownership – at $4 as well. Registration of a vehicle for the 1st-4th years of operation costs $96, for the 5th-8th years – $86, for the 9th-12th – $66, and the 13th-16th – $46. Those who own a vehicle for more than 17 years pay $26 per year. The sales tax for the acquisition of a used vehicle is calculated at 1.25% of the purchase price after July 2017. The sales tax does not include the excise tax that the new owner should pay for the transfer of vehicle ownership.
The completing recommendations were written around the bill of sale form created by us. However, you should opt for the official form when it’s provided by the local authorities.
Step 1: Indicate the document’s creation date.
Step 2: Type in the purchaser’s and seller’s specifics:
Step 3: Type in the descriptive particulars of the automobile:
Step 4: Indicate the payment method and amount.
Type in the transaction date and state the entire price that has to be paid for the motor vehicle. You must furthermore mark the sale method the buyer will use:
The next step is considering the type of payment:
Finally, check whether the purchase amount includes all applicable taxes.
Step 5: Look at miscellaneous terms.
They generally say that the purchaser obtains the property in “as-is” condition and is liable for it after the transaction is completed.
Step 6: Place your signature(s) in the appropriate areas.
The buyer’s signature is generally not mandatory. Nonetheless, you’re more protected against legal problems if both sides sign the document. As an additional precaution, you may have one or two individuals attest the process and sign the form.
Step 7: Use the help of a notary public
Notarization is generally not required, but it’s an effective way to create yet another level of legal protection to your deal.
The buyer needs to get the original bill of sale because it’s commonly required during the title change. As a seller, you could either get a copy and keep it or have two identical forms signed and filled out by both sides.