Completion of the West Virginia vehicle bill of sale (Form DMV-7-TR) is required in some cases with the sale of a motor vehicle. In this state, the bill of sale form is suitable for the registration of a private sale of a motor vehicle, trailer, or boat. The document should include personal details of the seller and buyer, VIN, details of the sale (e.g., price of the vehicle), and details about the vehicle. If a vehicle is purchased from a dealer, the latter submits all relevant documentation.
The bill of sale template completed in West Virginia should be notarized. The ownership of the vehicle does not officially change until the new owner applies for a certificate of title and gets it.
West Virginia bill of sale templates – look at other bills of sale used in West Virginia.
This article will let you learn the important definitions regarding bills of sale (trade-in option, “as-is” condition, etc.).
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Transfer of ownership to a vehicle is a specific process that requires attention from both sides of the deal. Our guide will be useful for both buyers and sellers – https://formspal.com/bill-of-sale-templates/motor-vehicle-bill-of-sale/.
If the vehicle is obtained in a private sale or a new state resident wishes to register their vehicle for operation on the West Virginia roads, they should file the bill of sale together with other registration documents to the local office of West Virginia Department of Transportation (DOT).
Fees for the registration of a new or used vehicle include a $15 title fee, a 6% titling sales tax (for vehicles costing $500+) and a $30 tax for vehicles priced less than $500. In some instances, the $10 lien fee is also applicable.
For purchases of vehicles from individuals and the price for that item set at 50% below the current NADA Clean Loan Book value, a notarized bill of sale is mandatory. Otherwise, the tax deduction will be calculated based on the value assigned to that vehicle type by NADA.
For cases when the vehicles are purchased privately from individuals, and their actual purchase price is above the one set by NADA, then the tax deduction is calculated from that sum. All used vehicles 2 years old and less are taxed based on the value established by NADA regardless of the price indicated in the notarized bill of sale.
Those who present or receive a vehicle as a gift or coverage of lien should keep in mind that the 6% tax is still applicable to such items. To register a gifted vehicle, the new owner should submit an Affidavit of Transfer of Ownership Without Consideration, which is form DMV-5-TR in West Virginia
The details listed here are centered around our custom bill of sale template. We strongly advise using your local official form whenever possible.
Step 1: Indicate the bill of sale creation date.
Step 2: Type in the particulars of both parties (purchaser and seller):
Step 3: Describe the motor vehicle being sold:
Step 4: Select how the purchaser will buy the vehicle and for how much.
This stage also involves indicating the date of the purchase and the complete amount agreed upon by both sides of the deal. After that has been handled, you should specify the way of transaction:
Next, decide on one transaction method:
Finally, indicate whether the purchase amount contains all applicable taxes.
Step 5: Check the miscellaneous terms.
They usually say that the purchaser acquires the property in “as-is” condition and is responsible for it after the transaction is completed.
Step 6: Place your signature(s) in the corresponding fields.
For most states, the signature of the buyer is not needed. But, you will end up more protected against legal issues if all sides sign the document. As an extra safety measure, you may have one or two people attest the process and sign the form.
Step 7: Use the help of a notary public
Notarization is typically not mandatory, but it can be a solid way to introduce another layer of legal safety to your agreement.
In many states, a bill of sale form could be requested in the course of title transfer, so the purchaser needs to have the original. There are two approaches here: you should either prepare and sign a pair of identical documents or make a copy for the seller to keep.