Important Terms for a Bill of Sale
- Seller: The person selling the item is the primary seller. The bill of sale should include their information, such as name and address. The bill may also list additional sellers.
- Buyer: The person taking ownership of the item is the buyer. The bill of sale should include their name and address, along with the information on additional buyers.
- Sales tax: If the sold item is subject to sales tax, the bill of sale should clarify the amount that should be paid and if the tax is included in the price.
- Property: The item thatâs being transferred is the âproperty.â The bill of sale will list the date of sale and a description of the property.
- Property location: This is where the property is located â an important detail, particularly if the property is far away from where the transaction will occur.
- Witness information: Some bills of sale must be witnessed to be legally binding. A witness can be a third party or a notary public.
- As-is: If a bill of sale lists the item as being sold âas-is,â then the buyer agrees to purchase the item in its current state with no holds on the seller.
- Gift: For expensive gifts, a gift bill of sale can help both the giver and recipient file taxes during the next year.
- Certification/Signature: For a bill of sale to be valid, all parties need to sign it. Physical signatures are always accepted. Digital signatures are valid if they are received through a certified digital signature provider such as PandaDoc.
1. Oregon Bill of Sale Requirements
Getting a bill of sale for items is always a good plan. In some cases, itâs legally required. In Oregon, a bill of sale is needed if youâre buying or selling boats or cars. You can use templates or forms provided by the state.
You can also draft your own bill of sale for any property transfer, though you should be aware that there are several requirements the document needs to satisfy in Oregon.
Why Use a Bill of Sale?
Beyond meeting legal requirements, a bill of sale can provide legal protection. It offers the buyer proof of ownership. It may also protect the seller from liabilities, as it clarifies the end of their responsibility for an item. A bill of sale can help avoid legal disputes.
Oregon has no language requirements for a bill of sale. However, the state only provides legal documents in English. You can work with a state-certified interpreter to get your bill of sale officially translated.
The Oregon Judicial Department provides a list of certified translators through its online Interpreter Roster.
Number of Copies
Producing a copy of the bill of sale for transactions involving motor vehicles and watercraft and their respective titling agencies is a legal requirement. Therefore, boat and car sales should complete their bills of sale in triplicate.
For other sales, only two copies are required: one for the buyer and one for the seller.
If a car is declared totaled by an insurance company, itâs possible to get a salvage title for the vehicle.
Consider asking for a bill of sale if you are buying a car with a salvage title in Oregon, even though itâs not required by law. The document can provide clarity regarding the responsibilities of the seller.
After Purchasing a Vehicle
Filling out the bill of sale is not enough to complete a vehicle transfer in Oregon. Youâll need to present several other documents before the transaction becomes final.
If Youâre the Seller
Car sellers in Oregon should fill out the back of each title with the respective buyerâs contact information. Itâs recommended that they also give the buyer a vehicle bill of sale. If the seller still has a bill of sale from when they first purchased the car, they should also give that document to the new buyer.
The back of the title must include the correct odometer reading. If the title is lost or damaged, the seller can request a new one through the DMV. The seller must then give the DMV notice of the sale of the vehicle in 10 days or fewer.
If Youâre the Buyer
Buyers have 30 days to title and register new vehicles in Oregon or face late fees. To complete the registration process, buyers must provide:
- Vehicle title
- Ownerâs identification
- Original releases or bills of sale from all previous owners
- Proof of insurance
- Lienholder information and releases
- Financing statements (if applicable)
- An emissions test
- Certificate of Compliance (if the car is older than five years)
- Registration and titling fees
The buyer must also pay sales tax based on the purchase price of the vehicle.
2. Oregon Car (Vehicle) Bill of Sale
Getting a bill of sale in Oregon can help car buyers and sellers avoid legal complications. The State of Oregon provides a summary of buyer responsibilities during a vehicle transaction.
An Oregon motor vehicle bill of sale must include:
- Sellerâs and buyer’s names and addresses
- Date of sale
- Title number
- Plate number
- Sale price
3. Oregon Boat Bill of Sale
In Oregon, any motor-powered boat requires a title. If you have purchased a boat that has never been titled and does not have a Manufacturerâs Statement of Origin, youâll need to use a bill of sale to apply for a title.
The Oregon State Marine Board supplies a vessel bill of sale thatâs helpful for any boat ownership transfer. The bill of sale should include the boatâs certificate of number, model year, manufacturer, and hull identification number.
4. Oregon Firearm Bill of Sale
The state of Oregon does not require firearms to be registered. However, a bill of sale can be an important safety precaution for both the buyer and the seller.
Itâs illegal to sell any firearm to anyone under the age of 18 or anyone barred from legal ownership of one. The bill of sale protects both the buyer and the seller from liability because it provides a detailed record of ownership, as well as notarized promises of age and status.
5. Oregon Horse or Livestock Bill of Sale
Livestock bills of sale in Oregon should include information about the property being transferred, such as:
- Number of animals
- Name (if applicable)
- Brands, marks, or descriptions
- Registration number (if applicable)
- Sales price
Transactions involving animals intended for consumption should be documented more thoroughly than individual horses.
6. Oregon General Bill of Sale
A bill of sale can help prove ownership of an asset even if the documentation is not a legal requirement. A general bill of sale is more basic than one for a regulated item.
The essential parts of a bill of sale include:
- Item description
- Purchase price
- Date of sale
- Contact information
FAQ: About the Oregon Bill of Sale
What is a bill of sale?
A bill of sale establishes the terms of agreement for a transfer of property ownership. It also acts as proof of a sale for both the buyer and seller. In almost every case, the seller provides or drafts the bill of sale.
How does a bill of sale benefit the buyer?
Legal complications may come up for a buyer even after a purchase. If the seller makes false claims or a third party places a lien on the item, a bill of sale helps protect the buyerâs ownership.
Bills of sale often become relevant during legally-mandated registration or taxation.
How do I get a bill of sale?
In Oregon, anyone can draft a bill of sale. Any bill of sale can be considered legally binding if it has been signed by all involved parties. Getting a bill of sale notarized can help it hold up in court.
You can draft your own or work with a solution like PandaDoc to create a streamlined document. Working with professionals may be a better choice for transactions involving assets like vehicles and boats. Templates provided by established companies can guarantee that all required information has been included.
What information do I need for a bill of sale?
Certain items require specific information in their bills of sale. For example, car bills of sale should include the VIN and an accurate odometer reading.
Otherwise, bills of sale include some or all of the following:
- Date of purchase
- Buyer and sellerâs contact information
- Purchase price
- Description of the sold item
- Guarantee that the asset is cleared of any liens or claims
- Ongoing terms, such as warranties
- Signatures of buyer and seller
- Signature of a notary public