Oregon Vehicle Sales Agreement: What You Need to Know
If you`re in the process of buying or selling a vehicle in Oregon, it`s important to have a vehicle sales agreement in place. Not only does it protect both parties, but it also ensures that the transaction is legal and binding.
What is a Vehicle Sales Agreement?
A vehicle sales agreement, also known as a bill of sale, is a legal document that outlines the terms and conditions of a vehicle sale. It includes information about the buyer, seller, and vehicle, such as the make and model, VIN number, and purchase price.
Why Do You Need a Vehicle Sales Agreement?
A vehicle sales agreement is essential for both the buyer and seller. For the buyer, it confirms their ownership of the vehicle and proves that the sale took place. For the seller, it protects them from any liability related to the vehicle after it is sold.
In addition, a vehicle sales agreement is required by law in Oregon to register the vehicle with the Department of Motor Vehicles (DMV). Without a valid sales agreement, you won`t be able to get a title and register the vehicle.
What Should be Included in an Oregon Vehicle Sales Agreement?
A vehicle sales agreement should include the following information:
– Buyer`s and seller`s name and contact information
– Vehicle description, including make, model, year, and VIN number
– Purchase price and method of payment
– Any warranties or guarantees provided by the seller
– Signatures of both parties
In addition, if you`re selling a used vehicle in Oregon, you`re required by law to disclose certain information to the buyer, such as:
– Any accidents the vehicle has been in
– Any damage to the vehicle
– The mileage on the vehicle
– The title status (clean or salvage)
– Any liens on the vehicle
Where Can You Get a Vehicle Sales Agreement?
There are several places where you can get a vehicle sales agreement in Oregon. You can download a template from the DMV website, purchase one from a stationery store, or use an online legal document service.
If you`re using a template, make sure it`s specific to Oregon law and includes all the necessary information. It`s also a good idea to have a lawyer review the agreement before you sign it.
Conclusion
A vehicle sales agreement is an important legal document that protects both parties in a vehicle sale. In Oregon, it`s also required by law to register the vehicle with the DMV. Make sure you include all the necessary information and get a lawyer to review the agreement before signing it.