A mandatory condition for the purchase and sale of a vehicle is a motor vehicle bill of sale in many American states. New York is no exception to the rule in this sense.
The New York motor vehicle bill of sale is a mandatory legal document based on which the two parties draw up a transaction. The main subject of this transaction is a vehicle since one person transfers ownership to another. The seller and the buyer jointly fill out the motor vehicle bill of sale, indicating the necessary personal data, the cost and date of the transaction, as well as the product description.
Moreover, the parties to the transaction must sign this document, after which the transaction is considered completed. The New York motor vehicle bill of sale is an excellent tool for avoiding misunderstandings between the parties and resolving disputes.
Below is all the detailed information about the stages of concluding the New York motor vehicle bill of sale and the requirements for completing this document.
You can create a personalized New York Motor Vehicle Bill of Sale Form using a specialized document builder that will get you through the process step by step:
You can also download a free New York Motor Vehicle Bill of Sale Form template as a PDF file to fill and print it out yourself:
What Are the Components of a New York Vehicle Bill of Sale?
This legal document plays an essential role in conducting a transaction according to all the requirements and rules. The New York motor vehicle bill of sale allows both the buyer and the seller to go to court in case of fraud or conflict to resolve the problem. It follows that if any disagreements arise, each of the parties may file a complaint to the court, referring to the motor vehicle bill of sale. This tool significantly simplifies the interaction of the buyer and the seller within the framework of the transaction.
As for the main components of this form, New York laws prescribe the following points as necessary:
- Personal data of the parties (name, residential address)
- Signature of both the seller and the buyer
- Date of the transaction and verification
- The cost of the vehicle
- Information about tax payments
- Description of vehicle characteristics
In general, you may independently regulate the issue of information. You may include any info in this motor vehicle bill of sale. According to the California requirements, you must submit the relevant documents and checks to the local DMV office within the prescribed period.
How to Register a Motor Vehicle in New York
Review the basic steps for registering a vehicle. Each item is mandatory since your ownership of a new car depends on it.
1. After buying a vehicle, start registering your car
In addition to filling out the motor vehicle bill of sale, a significant element is the vehicle’s registration. In New York, registration is mandatory for all persons: owners and persons renting a car.
The new owner must register it within 180 days from the date of receipt of the license. As a rule, the owner needs to renew the registration annually. Here are three ways to renew your registration:
- Online method
- At any DMV office
The District Department will register your vehicle only if you provide all the relevant documents.
2. Provide all relevant documents with the requirements to the local DMV office
The most complicated stage of vehicle registration is the submission of the necessary documents to the district Department.
Approach this issue responsibly, since the list of relevant papers is huge:
- Completed form MV-82 for vehicle registration
- Completed transaction report indicating the type of vehicle
- Completed motor vehicle bill of sale
- Documents confirming the ownership right
- Transaction Statement (Form DTF-802)
- Statement of odometer readings (form MV-103)
- Valid driver’s license
- New York motor vehicle power of attorney (if the owner instructs another person to register the car)
- Registration fees
- Insurance with minimum requirements
The insurance contains mandatory requirements. Firstly, this document must include coverage for material damage in a single accident for $ 10,000. For personal injuries, the insurance is $ 25,000 and $ 50,000 for the death of a person in an accident. Finally, the insurance includes coverage of $ 100,000 for the death of two or more people.
As for the payment of registration fees, on average, this amount varies from $ 25 to $ 150. The registration fee depends on the selected period, type, and weight of the vehicle. For instance, the tax on a car is $ 15 per year, and additional fees (not for all car owners) can be $ 25 per year.
In any case, find out the number of registration fees and taxes in advance so that you can pay them on time and without delay. On average, the time for submitting relevant documents to the Department is no more than an hour.
3. Make sure that the Department has accepted the documents
The final stage is the confirmation that the vehicle registration was successful. Be sure to call your local office to find out the details of the entire process. The Department must confirm the registration of your transport and provide the necessary documents.
You have reviewed the main stages of vehicle registration. Now read the section about the requirements for a New York motor vehicle bill of sale.
New York Vehicle Bill of Sale Laws and Requirements
According to New York laws, the vehicle bill of sale is a mandatory document for conducting a transaction. The document must contain the signatures of the participants and the date.
Another primary requirement is the notarization of the bill of sale. Therefore, find a notary office in advance and notarize the document. The document form itself must be in PDF format, and both parties must have the original document.