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- What is a bill of sale?
- Is a bill of sale required in Colorado?
- What is required in a Colorado bill of sale?
- What should I do after I get a bill of sale?
- How to find affordable car insurance
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A Colorado bill of sale should include the date of sale and selling price, vehicle information including the year, make, model, and VIN, and the name and signature of all buyers and sellers.
A bill of sale is an important part of every private vehicle sale. While it isn’t mandatory in all the states, it is still recommended to have one completed. This record of the transaction protects the buyer and seller in case of disputes in the future.
You can use the bill of sale template from your local DMV or draft a document yourself. The car insurance comparison and broker app Jerry has compiled all the information you need about completing a Colorado bill of sale.
What is a bill of sale?
A bill of sale for a car is basically a receipt for the private sale of the vehicle. Most bills of sale will contain information about the car being sold, including the Vehicle Identification Number (VIN), the odometer reading at the time of sale, as well as the purchase price that the buyer and seller agreed on.
A bill of sale will also have information about the buyer and seller and their signatures.
A bill of sale outlines your terms of agreement with the other party in a private vehicle sale. However, it cannot legally transfer ownership of the car. You would need to get a title transfer so that a certificate of title can be issued to the new owner, as it is the legal document to prove the ownership of the car.
Is a bill of sale required in Colorado?
A bill of sale for private car sales is required in the state of Colorado. The document serves as your proof of the transaction, the date of transfer, and the purchase price.
If you are purchasing a vehicle through a dealership, a secure bill of sale will be used.
What is required in a Colorado bill of sale?
If you are buying or selling a car privately in Colorado, you can use the sample bill of sale from the Colorado website or draft your own.
If you do choose to draft your own bill of sale, you must include the information below:
- Date of sale and selling price
- Vehicle information, including the year, make, model, and Vehicle Identification Number (VIN)
- Vehicle seller’s name and signature
- Vehicle buyer’s name and signature
If you want your bill of sale to be more comprehensive, you can add any other information you would like to keep on record, such as the odometer reading at the time of sale.
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What should I do after I get a bill of sale?
Once you’ve received a bill of sale for the car, you will need to complete a title transfer to certify the change of ownership. After all, the bill of sale is only a receipt and it has no legal power in proving the new ownership.
Each state has its own rules for transferring the vehicle’s title. If you are the seller, you may need to report the sale to the DMV and turn in or transfer the old license plates. If you are the buyer, you’ll need to go to the DMV to register your car and have new plates issued.
Keep a copy of the bill of sale for your records to protect yourself from any potential legal consequences in the future. Remember, the bill of sale acts as proof of the terms of agreement between the buyer and seller.
How to find affordable car insurance
Once the sales transaction is complete and your new car purchase is registered at the DMV, it’s time to look for car insurance. Using the certified car insurance broker app, Jerry, you’ll be sure to find the best quotes from over 50 insurance carriers.
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