A Brief Introduction About the Oregon DMV Bill of Sale?
A bill of sale is a legal document that is used when a person transfers the title in a particular asset to another person. This document is used as evidence of the sale and subsequent purchase of the good. A bill of sale can only be used for goods that are movable and tangible in nature. It cannot be used for the sale of any immovable property. Hence this document is used for selling or exchanging goods such as cars, equipment or furniture. An Oregon DMV bill of sale (also known as an Oregon DMV vehicle bill of sale) is used for the sale of vehicles in the state of Oregon. DMV Oregon means the Driver and Motor Vehicle Services Division in Oregon. It may also be called the Department of Motor Vehicles.
Such a bill of sale serves as a record about the model of the motor vehicle sold and provides information about the seller and the buyer. This makes it easy for both parties to have proof that the said transaction has been completed.
Who takes the Oregon DMV Bill of Sale – People Involved
This document is entered into between the party who is selling the motor vehicle question (known as the seller) and the party who is purchasing such vehicle from the seller (known as the buyer).
Purpose of the Oregon DMV Bill of Sale – Why Do You Need It?
The purpose of a DMV bill of sale Oregon is to lay down in writing the terms and conditions under which the motor vehicle is being sold to the buyer. It is essential to have all the particulars in writing as it can prove the authenticity of the entire transaction. The bill of sale will have all the information required to prove that the sale has taken place, and this is very useful when the buyer completes registration of the vehicle. A motor vehicle cannot be sold through a verbal agreement in the state of Oregon. Hence it is imperative to document the details of the transaction in a clear and precise manner. This makes it easy to enforce the bill of sale if there is a violation of the warranties provided by either party.
Contents of the Oregon DMV Bill of Sale – Inclusions
An Oregon DMV bill of sale is a straightforward form and can be easily filled out. The DMV provides two versions of the form – one that can be printed out and one that can be filled out online. The document includes information regarding the buyer and seller, such as their names and addresses. The date on which the sale has been completed must be mentioned. The Oregon DMV bill of sale must also have a detailed description of the motor vehicle that is being sold. This will include the make of the vehicle, the plate number, vehicle identification number, and the year in which it was made. When such a detailed description is mentioned, it makes it easy to identify the concerned vehicle.
Once the sale has been made, the seller must contact the DMV within 10 days and inform them about the sale. The buyer must register the vehicle within 30 days from the date of purchase of the vehicle. The bill of sale is perfect proof that the buyer owns the title of the vehicle. If the buyer does not complete the registration within 30 days, he shall be liable to pay a late fee.
How to Draft the Oregon DMV Bill of Sale
The following are the steps to follow while drafting an Oregon DMV bill of sale:
- The bill of sale must be filled out by the seller of the motor vehicle. The form is easily available. It can be filled online or offline.
- The parties must decide all the essential details among themselves, such as the price for which the vehicle shall be sold and various other particulars that may be required to fulfill the transaction.
- Once all these terms have been agreed to, the seller must fill out the bill of sale form. He must include the information of both parties, details of the vehicle, and the date of the sale.
- After the seller has filled out the form, the buyer must go through its contents and make sure that the seller has filled the correct information. The buyer must make sure that there are no mistakes in the form.
- The form must then be signed by both the parties to signal that the sale has been formally completed. In Oregon, there is no need for such a bill of sale to be notarized.
- The negotiation process in a sale of any motor vehicle will mainly be limited to negotiation regarding the purchase price of the vehicle. This is the major negotiation point between the parties. Both parties must ensure that the seller gets a fair price for his vehicle.
- The buyer may also request that he be allowed to test the vehicle before deciding whether to purchase it or not. This is done to ensure that the vehicle is in good condition and that there is no defect in it.
[Also Read: Motorcycle Bill of Sale]
Benefits and Drawbacks of the Oregon DMV Bill of Sale
The following are the benefits and drawbacks of having an Oregon DMV bill of sale:
- The bill of sale will be evidence of the fact that the sale of the concerned vehicle has taken place.
- A significant benefit is that the buyer can produce this document at the time of registration of the vehicle. He can use it to show that the title and ownership of the vehicle have been transferred to him.
- This form is a straightforward way of transferring ownership of a motor vehicle, and there are no tedious formalities attached.
- The bill of sale is straightforward to fill out, and it is minimal and a basic form.
- Without an Oregon DMV bill of sale in place, it can be difficult to prove all the important particulars of the transaction, and this can lead to a dispute between the parties in case of any disagreement.
What Happens in Case of Violation of the Oregon DMV Bill of Sale?
There are multiple remedies available when any party to an agreement breaches any term under it. An Oregon DMV bill of sale functions as an agreement to sell and purchase a motor vehicle. If after signing the bill of sale, a party to it refuses to perform his end of the agreement, the other party can sue him for breach of contract. The breaching party will be liable for damages.
If a party does anything that goes against the terms of the agreement, the non-breaching party can institute a suit in the courts of law to enforce the contract. An example of a breach will be the buyer not making the requisite payment or only making part payment. In such a case, the seller will have the right to sue the buyer for the payment that is pending. There may also be a situation where the seller refuses to deliver the vehicle even after the buyer has completed the payment for the same. In such a case, the buyer can institute a suit for specific performance of the contract, or he can sue the seller for damages.
In conclusion, an Oregon DMV bill of sale can be useful when one party wishes to sell his motor vehicle to another party. This bill of sale documents all the details that are required to complete the sale. A bill of sale has a dual purpose – it functions as an agreement for sale and also evidences the transfer of ownership of the asset. This form is essential to show who owns the title to a particular motor vehicle. Every vehicle that is used in the state of Oregon has to be registered. A person has to have proof of the fact that he is the owner of the vehicle. An Oregon DMV bill of sale can help the buyer in transferring the title of the vehicle in his name. This registration is a necessary formality and cannot be avoided. Hence this document is essential whenever a vehicle is sold.