Those who are doing business regarding a vehicle in the state of New York might wonder about when and how to get a New York bill of sale for a vehicle. In New York, a NY bill of sale form is recommended by the Department of Motor Vehicles, and required in many cases, for sales of any kind of vehicle, including an RV, snowmobile, or ATV (all-terrain vehicle) as well as a car or truck. Sellers can get a free auto bill of sale through the official web site of the New York DMV to include it in the paperwork that they offer the buyer.
In the state of New York, several different kinds of bill of sale documents are commonly used for vehicle transactions. For someone who is buying a vehicle from a dealership, there's usually a document called a MV-50 form included in the paperwork. This form is also called a Retail Certificate of Sale. For other deals where a private vehicle sale is taking place, some of the same sale information may be recorded on a MV-999 or Certificate of Title. There's another kind of bill of sale that the state requires for any sale where the vehicle is sold under "fair market value." These kinds of sales generally include informal sales or gifting between family or community members. The form for these types of sales is a DTF-802 or Statement of Transaction.
The different kinds of bill of sale documents used in New York typically include some basic information about the vehicle to establish exactly what vehicle is being sold. Year, make, model and VIN number are the common basic data for a vehicle that show up on the bill of sale. In addition, there will need to be information about the buyer and the seller, as well as some other details. For the DTF-802 form, the state asks for information on the relationship between the seller and the buyer of a vehicle.
The buyer and the seller must fill out their respective portions of the bill of sale form and provide signatures. In many cases, it is not necessary to notarize the bill of sale form. Buyers present this form to the DMV as part of the registration process for the vehicle. The bill of sale form helps to set auto sales tax rates that the DMV will ask the buyer to pay. For new car sales, auto tax is sometimes included and payment may be facilitated through the dealership. Buyers must know that they are responsible to provide accurate sale data to the state. This should be factored into the total cost of buying a vehicle, so that it doesn't end up affecting the buyer's ability to get the vehicle on the road.
Keep in mind that the state of New York requires bill of sale documents for a wide range of vehicle sales situations, and make sure that this key piece of paperwork is included in the documentation for your vehicle transaction.
Whenever you sell a car in the state of New York, you must provide the buyer with a statement of transaction, State of New York Department of Motor Vehicles Form DTF-802. As the seller, you must complete page two, an affidavit stating the price you received when selling the car. This form must be brought by the purchaser to the Department of Motor Vehicles when he/she goes in to register the car in their name. This form will be used by the state to compute the registration taxes and fees the new owner will have to pay.
How Does True Market Value of a Car Usually Compare to Fair Market Value?True market value of a car, TMV, is the average price that people in your area have paid for the same make and model of car as the one you're looking at. This value is adjusted for dealer installed and aftermarket options, special paints and anything else that can affect the price of the car. TMV is a price that is calculated using known data. Fair market value is an estimated price that a willing and knowledgeable buyer that isn't being pressured can be expected to be paid for a particular car.
