Important Terms for a Bill of Sale
- Property location: This specifies the whereabouts of the property, which is particularly important if the item is in a different state.
- Seller: The bill of sale should include the seller’s information, including their name and address. It can also list any additional sellers.
- Buyer: This section specifies the buyer’s information, including their name and address. It can also list any additional buyers.
- Sales tax: The bills of sale should specify whether or not sales tax will be included in the transaction, how much the sales tax will be, and if it is included in the purchase price.
- Property: It is a description of what is being bought and sold. The bill of sale includes the date of the property transfer, as well as conditions like “under warranty” or “as-is.”
- Witness information: If a witness is present to sign the bill of sale, their details will be listed here. The witness can be a public notary or an agreed-upon third party.
- As-is: By agreeing to purchase something “as-is,” the buyer affirms that they have inspected the item and found it to their satisfaction.
- Gift: Demonstrating that a gift is included in the transaction will be important for tax purposes the following year.
- Trade-in: If one item is being traded for another, the bill of sale will verify that the two items are equal in value.
- Certification/Signature: In-person signatures are always acceptable, but the validity of digital signatures must be backed by a certified digital signature provider. PandaDoc documents offer the option to sign with legal digital signatures.
1. South Carolina Bill of Sale Requirements
South Carolina requires a bill of sale for boat or motor vehicle purchases. Even when a bill of sale is not required by law, using one for an ownership transfer is a good practice.
Although South Carolina does not have an official bill of sale template, you can draft your own as long as you include all the required details a bill of sale.
Why Use a Bill of Sale?
In addition to satisfying state legal requirements, a bill of sale has other purposes. For the buyer, a bill of sale provides proof of ownership, which can help avoid legal disputes. For the seller, a bill of sale can protect from liability over how the item is used by the buyer after the sale.
Bills of sale submitted for official purposes in the state of South Carolina must be in English. Should you need to translate a bill of sale written in another language, a state-certified interpreter can help you complete a translation document (SCDMV Form 4030). Only these certified translations will be acceptable according to South Carolina’s legal requirements.
Number of Copies
For a motor vehicle transaction in South Carolina, you will need to provide a copy of the bill of sale to the state Department of Revenue. The buyer and seller should each retain a copy, as well. Therefore, bills of sale in instances like this should be accomplished in triplicate.
Otherwise, two copies will suffice: one for the buyer and one for the seller.
When a vehicle is totaled in South Carolina, the owner must submit the title to the South Carolina Department of Motor Vehicles (DMV) to receive a salvage brand that will be permanently added to the title.
If the owner of a branded vehicle wishes to sell it, they must provide written notice of the brand to the buyer before the sale. The disclosure ensures that buyers are aware of the history of the vehicle being sold and that it may not qualify for full insurance.
After Purchasing a Vehicle
A bill of sale is one of several requirements to transfer a vehicle title in South Carolina. More documentation is needed before the transaction can be considered official.
If You’re the Seller
If you are selling a vehicle in South Carolina, you must sign the title over to the buyer and include the following information on the back of the title:
- Odometer reading at the time of sale
- Purchase date
- Sale price
If You’re the Buyer
To register a vehicle in South Carolina, you will need to bring the following documentation to the DMV:
- Completed Title Application
- Completed Statement of Vehicle Operation in South Carolina (SCDMV Form TI-006), if you do not have a South Carolina driver’s license
- Vehicle title
- Paid property tax receipt from your county of residence
- Bill of sale
- Title and registration fee
- Infrastructure Maintenance Fee payment, if applicable
Buyers must also pay sales tax on their vehicles before the transfer is complete.
2. South Carolina Car (Vehicle) Bill of Sale
When buying or selling a vehicle in South Carolina, a bill of sale complies with government requirements and also provides legal protection.
Only the title constitutes ownership. However, the bill of sale documents that the title has been transferred to the new owner. Bills of sale are important for record-keeping, resolving potential tax issues, and notifying the state government of the transaction.
3. South Carolina Boat Bill of Sale
If you are purchasing a boat through a dealership, the latter will usually take care of the paperwork. If you’re making a private transaction, you will need to gather the necessary documentation on your own.
A boat bill of sale includes information on the buyer, the seller, and the vessel. It also includes the transaction date, purchase price, and signatures of both the buyer and the seller. Boat owners in South Carolina must register their vessels with the South Carolina Department of Natural Resources.
4. South Carolina Firearm Bill of Sale
Bills of sale are not required for firearm transactions in South Carolina, but using one is recommended. The bill of sale records the purchase details, which is important because it is illegal under federal law for South Carolina residents to sell firearms outside their state.
A bill of sale for a firearm transaction typically also asks the buyer to verify that they are not disqualified from owning a firearm due to certain circumstances, such as having a criminal record or an official diagnosis of certain mental health disorders.
5. South Carolina Livestock Bill of Sale
Livestock bills of sale in South Carolina include information about the animals, such as:
- Name, if applicable
- Registration number
For livestock sold in large numbers, the bill of sale includes how many animals are to be transferred. Sales like this, especially when the animals are intended for consumption, require a comprehensive documentation and branding process. Individual animal purchases, such as many horse sales, don’t require such rigorous inspection and branding.
6. South Carolina Aircraft Bill of Sale
Aircraft bills of sale in South Carolina include the make, model, and year of the aircraft as well as registration and serial numbers. The Federal Aviation Administration (FAA) provides an aircraft bill of sale form that applies to aircraft sales in South Carolina (Form AC 8050-2).
7. South Carolina General Bill of Sale
A general bill of sale documents the purchase of any non-regulated item. The required information for a general bill of sale often includes:
- Purchase price
- Date of the sale
- Contact information for the buyer and the seller
- Signatures of all parties involved in the transaction
FAQ: About the South Carolina Bill of Sale
What is a bill of sale?
A bill of sale establishes terms for a property transfer and provides proof that the transaction occurred. The seller usually drafts the bill of sale.
Most bills of sale include some or all of the following information:
- Date of purchase
- Contact information for both the buyer and the seller
- Purchase price
- Description of the item or property being transferred
- A 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 or third party
How does a bill of sale protect the buyer?
The bill of sale provides documentation of the transaction for the buyer, protecting their ownership should it be contested and keeping them from being held responsible for a fraudulent sale.
Bills of sale are often useful to the buyer for government compliance, particularly for vehicle registration or taxation.
How do I obtain a bill of sale?
Anyone can create bills of sale. Some states require bills of sale to be witnessed by a notary public, but in South Carolina, two private parties can sign a valid bill of sale on their own.
Using document templates like those provided by PandaDoc is recommended. Doing this can make sure you include all the important information in a bill of sale.
What information should I include in a bill of sale?
For most items, only basic information is needed in their bills of sale. For larger or regulated items, a description of the property and other identifying information may be required.