Now that you have a bonded title, you can register the vehicle, get a title loan, or buy car insurance.įinally, it’s important to note that the DMV is the only entity authorized to confirm your eligibility for the bonded title. The fields for the two (2) witnesses is optional. Each signatory will need to print their name to the right of their signature. The form must be signed by the seller and the buyer however, the form contains signature fields for an additional buyer and seller, if applicable. Note that the secretary of the state issues the bonded title, and this happens only after the comprehensive review of the bond and the letter from the DMV. Enter the date (mm/dd/yyyy) the parties will sign the bill of sale. The bonded title names you as the new owner of the vehicle. What is a bonded title?Ī bonded title is a lot like the regular car title, but it’s different from a regular title in that it’s marked “bonded” because of the surety bond attached to it.Īfter obtaining your surety bond, you will be required to apply for the bonded title within a specific duration. This purchase allows the DMV to list you as the new owner of the property. The purchase of the surety bond confirms that the vehicle you bought is cleared and free of liens. Therefore, the bill of sale document can be important in the buying and selling of properties such as a car, vehicle, trailer, camper, dirt bike, motorcycle. After verifying your details, the DMV will inform you of the surety bond’s cost and the approved insurance provider you need to buy the bond from, for you to get the bonded title. The guys at the DMV will go through and record your details. To get the surety bond, you have to take the signed bill of sale and your identification documents to the DMV. The vehicle’s identification number and the license plate numberįull legal names and addresses, as well as signatures of the buyer and seller.Ĭreate Your Free Bill of Sale Using the Surety Bond It’s also important to note that the legality of your bill of sale depends on whether it bears or the necessary information or not.Ī valid vehicle bill of sale form has the following details: The bill of sale is not a form of title, but you could use it to obtain the vehicle’s title from the DMV. It’s also an important document for the buyer’s and the seller’s records, and it proves to the DMV that you bought that vehicle from the named seller legally. Think of it as a legal contract used to transfer ownership of the vehicle to the new owner. A notarized MVA Bill of Sale (form VR-181) is needed if the sale price is less than the vehicle’s book value and the vehicle is 7 years old or newer. What is a bill of sale?Ī bill of sale refers to a legally binding document which confirms that you actually bought that vehicle from a private entity or party. You must complete the Notice of Vehicle Sold (SCDMV Form 416) and drop it off at any branch office or mail it to the address below: SCDMV Mail-in Registration PO Box 1498 Blythewood, SC 29016-0036 Completing this form does not show a legal transfer of ownership. The surety bond confirms the absence of liens on the vehicle. Notice of Vehicle Sold When you sell the vehicle, you must notify the SCDMV. While a bill of sale is a legal document that transfers ownership of that vehicle to you, it fails to mention whether there exist liens on the vehicle or not. Use of Rocket Lawyer is subject to our Terms of Service and Privacy Policy.Yes, but first, you must obtain a surety bond. The Utah Supreme Court has authorized Rocket Lawyer to provide legal services, including the practice of law, as a nonlawyer-owned company further information regarding this authorization can be found in our Terms of Service. Please note that Rocket Lawyer is not a "lawyer referral service," "accountant referral service," accounting firm, or law firm, does not provide legal or tax advice or representation (except in certain jurisdictions), and is not intended as a substitute for an attorney, accountant, accounting firm, or law firm. Legal information and other services are delivered by or through Rocket Lawyer via. Rocket Lawyer has helped over 20 million businesses, families and individuals make legal documents, get attorney advice, and confidently protect their futures. Rocket Lawyer is an online legal technology company that makes the law simpler and more affordable for businesses, families and individuals.
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