Can I use a Bill of Sale as a contract?
Hello, I am attempting to purchase a vehicle with an outstanding debt to the bank from the private seller. The total for the vehicle is 17,600, of which I have made two checks: an 11,300 dollar check for the debt so the owner can get the title, and a second check of 6,300 to complete the sale.
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Hello, I am attempting to purchase a vehicle with an outstanding debt to the bank from the private seller. The total for the vehicle is 17,600, of which I have made two checks: an 11,300 dollar check for the debt so the owner can get the title, and a second check of 6,300 to complete the sale.
Lexi, Chatbot
I understand that navigating a vehicle purchase with outstanding debt can be quite stressful. Can you tell me if the seller has provided any documentation regarding the outstanding debt?
No
Lexi, Chatbot
Have you received any confirmation from the bank about the payment of the debt and the release of the title?
No
Lexi, Chatbot
Is there anything else the Consumer Protection Lawyer should know before I connect you? Rest assured they’ll be able to help with your vehicle purchase.
I have written up a section for the bill of sale with details on what is to happen for the sale to take place
Elizabeth
Hi there! My name is Liz and I’ve been an attorney for more than a decade, and I am here to assist with your legal concerns. So I can best help, what concerns do you have with the sale?
So I have a vehicle I am purchasing through a private seller, the owner still does not have the title due to owing money on the car, so I have made two checks one to cover what he’s stated is owed on the vehicle to the bank and another to cover the full listing price.
I have typed up a prerequisite for the sale on the bill of sale stating the terms.
Is there anything else I should or could do to cover my end of things?
Elizabeth
Is the one check made out specifically to the lender?
Yes ma'am, the check is a done deal check for the private seller made out the the owner.
I pulled a loan for the first check of $11,300.
Elizabeth
Perfect. Besides the bill of sale, do you have any contract?
No, I do not. That is where I think I would need help.
I can share what I have written down for the bill of sale.
Elizabeth
Sure!
For this sale to occur seller must pay off the outstanding vehicle debts in full to attain the vehicle's title upon receiving the first of two checks from buyer, with the amount of the first check being $11,300. Seller must then transfer the vehicles title to the buyer upon receipt of the vehicle's title to take place no later than 5 days upon receiving the first check mentioned. After receiving the title of the vehicle the buyer will give the second and final check to the amount of $6,300 to the seller, closing the sale of the vehicle, totaling the price amount given to seller at $17,600 and ending with the title and ownership of the vehicle to the buyer.
Elizabeth
It may take more than 5 days for him to get the title from the lender. So that is something that can cause a delay.
I understand. How long do you think I should put there?
And is this okay to put in the bill of sale in the stead of a contract?
Elizabeth
You could for example include that you would like updates from them as to the status and then to transfer within 5 days of it being acquired.
Okay, thank you.
Could this legally be used instead of a contract in the worst-case scenario?
Elizabeth
It could, a bill of sale is a type of contract.
Thank you very much.
Elizabeth
You're very welcome!
I have adjusted it to read must then transfer the vehicles title to the buyer no later than 5 days upon receipt of the vehicles title, and update the buyer on the status of the title until the transfer of the title has taken place.
Elizabeth
Perfect!
Elizabeth
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