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Documentation when you buy a coach
If you’re buying a coach from a private party besides the title, what kind of documentation should one get? Bill of sale? Or just the executed title with any liens marketed paid?
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12 Replies
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a clear title is all I would need here in Texas.
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In some states where sales tax is collected you might need a bill of sale or some proof of the purchase price.
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A bill of sale never hurts. It should make clear the vehicle is clear of any liens, unpaid bills, mileage, sale price, release of all liabilities and date of transfer. As a seller, I would insist on one as proof of transfer of liability.
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Dick, are you pulling the trigger ? If so, and you are going to register it in Wi…….call me. Geo
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Dick, in addition to clear title, at a minimum you should also get a bill of sale. That will establish purchase price, for reasons such as taxes, insurance or loss value and even estate matters. In sale of a complicated machine like this, sellers and buyers both usually benefit from a short purchase/sale agreement which specifies any representations and warranties made or disclaimed. Be aware that not all liens show up on title, for instance where a small business that owned the bus has pledged all of its assets as security for a bank or SBA loan. It’s not usually a problem, but its good to know your seller and get a written assurance of no liens if you are buying from a business other than a vehicle dealer. Good luck!
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George: Yes and yes. We’re in La Crosse today. I’ll call you on our return trip.
All: I suspected we’d need a bill of sale. Anyone aware of good examples online I could use?
Thanks for all the suggestions.
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Dick, if your state of registration requires one they should have one on their web site. If they require one, they may require it to be notarized. Otherwise, look for a generic or write one yourself. I’ve written a few and would share if I was home. We’ve suggested the details, just write around those details.
Congrats!
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So far I have never had to produce a notarized bill of sale but that doesn’t sound like a bad idea.
The reason for one from the state’s perspective is to extract the sales taxes due, and every time they just about choked when they calculated the tax I needed to pay. I doubt if they would question any value unless it is unreasonably low.
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Dick, Wi does not need a bill of sale. You should have one for yourself. You can put a reasonable amt on the DMV form for the yr vehicle and it will not be ?’d. 60-75 will easily fly.
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If you are buying agreed value insurance the insurance company typically uses your Bill of Sale or registration showing sales tax paid to determine the coach’s value for the first 3 years of ownership. So, be careful when stating purchase price. Yes, you can probably get an appraisal, but an extremely low stated purchase price may raise red flags.
Just an FYI,
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Being from WI and having a friend from the DMV, it’s a good idea to have the bill of sale. It protects you the purchaser against any unwanted attention from the tax collector. It should have the sellers info on it as well so if they question the amount of the sell it goes back on them.
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Dana: Give me a call (262-365-9088) or email me (dkarth@execpc.com). I have a question about registering in Wisconsin. Thanks! Dick in (Grafton) Wisconsin
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