Important Terms for a Bill of Sale
- Property location: This section lists the property’s location at the time the bill of sale is completed.
- Seller: This section includes the seller’s personal contact information, including name and address.
- Buyer: This includes the buyer’s personal contact information, including name and address.
- Sales tax: This section indicates the amount of sales tax that applies to the transaction.
- Property: This section describes the property and special conditions that may apply. This is where the make, model, year, VIN, odometer reading, and other identifying information are listed for vehicles.
- Witness information: This section includes personal contact information for any witnesses to the signing.
- As-is: When a buyer agrees to purchase an item “as-is,” they are agreeing to purchase the item in its current state at the time of sale.
- Gift: If the property is a gift from the seller, there can be tax implications in the following year. This rule mostly applies to vehicles and large purchases.
- Certification/Signature: The buyer and seller must sign the bill of sale to finalize the transaction. Signatures can be made in person or digitally through a certified digital signature provider. PandaDoc documents allow users to gather legal digital signatures.
1. Indiana Bill of Sale Requirements
You’ll need to provide a bill of sale in Indiana when it isn’t possible to obtain a valid title in order to register a vehicle in the state. Otherwise, the Indiana Bureau of Motor Vehicles (BMV) doesn’t require you to have a bill of sale for registration.
Why Use One?
In cases where you don’t need a bill of sale to fulfill a state requirement, it’s still a good idea to complete one. The bill of sale can serve as a receipt and proof of ownership. Filling in the form can also add transparency to the transaction, giving both parties more peace of mind.
Indiana does not provide bills of sale or any other state forms in languages other than English. Since the state does not provide residents with translators, you’ll need to find your own interpreter if you are not fluent in English.
Buyers and sellers can complete a bill of sale in another language as long as both parties agree and understand their copy of the document.
Number of Copies
In circumstances where you are required to provide a bill of sale, you must provide a notarized copy to the state of Indiana. It’s also a good idea to make copies of bills of sales for buyers and sellers.
Indiana does not register junk or salvage vehicles. You will need to obtain a rebuilt title to register and drive a vehicle that has been junked or declared as salvage. Indiana uses an official rebuilt title application. Once titled, you can proceed with a vehicle sale through the typical process. You won’t need to turn in a bill of sale in this case.
After Purchasing a Vehicle
Once the transaction is complete, the vehicle will need to be registered in the buyer’s name. Each party has a role to play in completing this process.
In Indiana, the seller must sign the title over to the new owner by filling in fields on the back of the form. The title must include the odometer reading and the purchase price. Sellers must also remove the license plate from the vehicle after the sale.
Buyers have 45 days to register vehicles in Indiana. You’ll need to provide several items and pieces of information to complete your registration:
- A notarized bill of sale if the title is missing
- A correctly transferred certificate of title
- Proof of an active Indiana auto insurance policy
- The completed vehicle title, signed by the previous owner with odometer reading and purchase price
- A copy of the current vehicle registration
- Odometer reading
- Fees for registration, title, and sales tax
2. Indiana Car (Vehicle) Bill of Sale
To register a vehicle in Indiana, you usually do not need a bill of sale, though the state does provide an official form that can be used for both vehicle and boat sales.
Even if you don’t need a bill of sale to comply with state law, it is still a good idea to complete this form to create a receipt. A bill of sale can establish proof that the transaction has taken place and that the vehicle has been transferred from a seller to a buyer.
When you fill out Indiana’s official bill of sale, you’ll need to include basic information about the buyer and seller and descriptive information about the vehicle. Information you can list includes:
- Contact information for buyer and seller
- Vehicle make (manufacturer)
- Odometer reading
You might choose to have the bill of sale witnessed and stamped by a notary even when it is not required. This step can provide additional peace of mind for both the buyer and the seller.
3. Indiana Boat Bill of Sale
While you are not required to provide a bill of sale to register a boat in the state of Indiana except in cases where a title is not available, you should still consider completing one. The state provides a bill of sale that can be used for both vehicle and boat sales. When you fill in the form to document a boat sale, you should include:
- Buyer and seller contact information
- Make or manufacturer
- Hull ID number
- Registration number (if previously registered)
- Odometer (hours)
- Description of any included trailers or motors, including years, makes, and the motor’s horsepower
4. Indiana Firearm Bill of Sale
The state of Indiana does not register firearms or require that private firearm sales include a bill of sale. Still, when buying or selling a gun in Indiana, you should complete a bill of sale and, ideally, have it notarized. The bill of sale can prove ownership of the firearm later. A firearm bill of sale should include several pieces of information about the property and the sale:
- Buyer and seller contact information, including driver’s license or state ID numbers
- Serial number
- Any defects present
- Purchase price
- Description of accessories like a holster or case
5. Indiana Horse or Livestock Bill of Sale
Indiana does not require a bill of sale for selling horses or livestock. You should use a bill of sale to document these transactions to protect buyers and sellers in the event of issues after the sale. A horse or livestock bill of sale should include:
- Buyer’s and seller’s contact information
- Horse’s name (not required for livestock)
- Registration number
- Description of the horse or livestock
- Information about accessories or supplies sold along with the horse or livestock
6. Indiana Aircraft Bill of Sale
Indiana does not provide official state-issued bills of sale for aircraft. However, aircraft sales in the US must comply with Federal Aviation Administration (FAA) regulations. The FAA aircraft bill of sale must be completed during a private aircraft sale.
7. Indiana General Bill of Sale
You can use a template for a general bill of sale in Indiana to record private sales transactions. Indiana does not provide an official general bill of sale.
On a general bill of sale, you’ll need to include the buyer’s and seller’s contact information. You should also describe details about the property you are selling.
Other information you may want to include on a general bill of sale includes:
- Serial or model number
- Physical description
- Condition of the property
- Whether the property is a gift
You can also include the sales price or briefly list the details of a trade agreement between the parties. If money is still owed to the seller after the property changes hands, the bill of sale should list the due date.