What is the Bill of Sale Alberta?
If you're selling or buying a vehicle in Alberta, Canada, you are required a bill of sale to officially transfer ownership of the vehicle to the new owner. It's a good idea to have this document to avoid misunderstandings with the buyer. A bill of sale is a signed document that confirms that you've sold your automobile or any other personal property and it includes basic information about the item and the circumstances of the transaction. It is common for private sales between two people when the transaction is quite simple: the money is exchanged, and the ownership of an object is transferred to a new owner.
Key Points to be Included on a Bill of Sale Alberta.
To be valid, a bill of sale Alberta must contain the following information:
- The seller(s) and the buyer(s) personal details.
- The vehicle Identification Number (VIN).
- The vehicle basic information.
- The item’s price.
- Both the buyer's and the seller's signatures (s).
It is optional to provide the following information also:
- Odometer reading
- All parties' involved phone numbers
- Witnesses' signatures
- Outstanding debts or liens on the car (If any)
- Full/Partial payment
- Mode of payment
- Terms and conditions of payment (if any)
- Last registered address of the vehicle
- Additional terms (if any)
Instructions for Completing the Bill of Sale Alberta
Please follow the following steps in order to complete the Bill of Sale Alberta
Step 1: Specify full name, telephone number, complete address, and personal identification number in the “Seller(S) information” section.
Step 2: Put down the basic information about the vehicle to be purchased or sold in the “Vehicle Information” section. Make sure you provide the correct Vehicle Identification Number (VIN), year, manufacturer’s name, model, body color, and odometer reading if available. Always double-check these numbers to check the item's legitimacy before purchasing it.
Step 3: Note down the buyer’s basic information in the “Buyer’s Information” section. This information includes the full name, telephone number, complete address, and any personal identification number of the buyer.
Step 4: Don't forget to include the price of the vehicle in the “Buyer’s information” section both in words as well as in figures.
Step 5: Specify the City/town, Province/State, and country name in the “General Information” section where the deal is finalized and signed.
Step 6: Put down the date on which the vehicle is sold or purchased by the party.
Step 7: The contract must be signed by both the buyer and the seller. Also, the signatures of witnesses must be included to make the transaction valid.
Step 8: Indicate any liens or encumbrances on the car clearly and concisely.
Step 9: Give its details if there are any liens and encumbrances against the car.
Step 10: Please indicate if the car was paid in full.
Step 11: Specify the mode of payment. This can be in cash, cheque, money order, or any other channel for making the transaction.
Step 12: Specify the terms and conditions of payment (if any).
Step 13: It's important to indicate where the car was registered last. Note down the station.
Step 14: Make a note of any additional terms related to the selling of the automobile.
Some Common Uses of the Bill of Sale Alberta
You want to sell your personal property, but you need a record of the purchase price for your accounting records through the bill of sale. Personal property, such as an automobile or other motor vehicle, is an example of property, but real estate is not.
If you're going to buy something from a private seller, such as a car or other property, you'll need to document the deal in writing so that you have proof of purchase. Bill of sale serves this purpose for you.
In Alberta, Canada, a signed bill of sale is required when you are changing a title with Alberta Motor Vehicle Industry Council (AMVIC). You'll need to show your receipt as evidence of purchase.
Items that can be purchased or sold through bill of sale Alberta are as follows
- Used vehicles, trucks, and motorbikes
- Recreational vehicles like campers and trailers (RVs).
- Aircrafts
- Ships/Boats.
Additional Resources for Bill of Sale Alberta
You can find and download a copy of the Bill of Sale Alberta from the following links provided.
