When a private transaction takes place between a buyer and a purchaser, the easiest way of documenting such a deal is to create a bill of sale form. The forms can have different contents depending on the state, but all of them typically include the following information:
- Seller’s details
- Purchaser’s details
- Description of the goods
Complete the Arkansas bill of sale form if you have decided to make a deal with a private seller or buy an item privately in Arkansas. This particular form will include all the information required to prove the deal in Arkansas.
What Is a Bill of Sale in Arkansas?
Think about the Arkansas bill of sale form as a form of a receipt given by a private seller to a purchaser. Most importantly, a bill of sale is the legal evidence of the buyer taking ownership and the responsibility for the goods. If an accident happens, or the buyer uses the bought item illegally, the bill of sale could provide a way to trace the ownership. This is especially relevant when the item is a firearm.
The bill of sale is typically created during the transaction or straight after. Using the Arkansas bill of sale form is an easy and straightforward way to secure your rights after a private purchase. It is recommended that you create one for any meaningful ownership transfer of goods, but especially when it comes to large or expensive objects, such as vehicles and boats, or firearms, as they pose a risk of the buyer mishandling them.
Arkansas Bill of Sale Types
You can create a bill of sale in Arkansas for any type of goods. The most commonly used types of bills of sale are described in this section.
Arkansas Vehicle Bill of Sale
The bill of sale confirms the transaction of a vehicle in Arkansas. It releases the seller from the liability for the vehicle and makes the buyer accountable for it in the future. It means that in the situation when the vehicle damaged another vehicle or an individual, it is going to be much easier to prove that the seller was not responsible for it at the moment of the accident, for example.
Arkansas Watercraft Bill of Sale
Similar to the vehicle bill of sale, the watercraft bill of sale in Arkansas serves as the proof of transfer of the rights to the watercraft and releases the seller from any liability.
Arkansas Firearm Bill of Sale
Firearm bills of sale are extremely important when it comes to releasing liability. If a firearm is used illegally, the consequences will apply to the person to whom the rights have been transferred.
Why Do I Need a Bill of Sale?
There is more than one reason to create a bill of sale. Most importantly, as we said above, the seller needs to release themselves from any liability. Moreover, the buyer wants to have a description of the bought item. They will often need the readings from the odometer, for example, and that can be recorded in a bill of sale.
Arkansas Laws and Requirements
The Arkansas Department of Finance and Administration records ownership transfers. They do not require a bill of sale to be filled out by the parties when a transfer occurs. You can use their website to do it. You may need a vehicle bill of sale form though in case you need to apply for a sales tax credit.
Remember to register your vehicle or watercraft. You have to register a watercraft if it fits the criteria outlined by the state, such as having a motor. For any of these procedures, you will need to pay a registration fee. You have 30 days to title and register your vehicle or your watercraft. You always need to provide a signed title. If you cannot do so, you can use a bill of sale. You do not need a notary public to complete a bill of sale in Arkansas.
For guns, no permits or registrations are required for sales in Arkansas.
Do I Need to Have a Bill of Sale to Register a Vehicle, Watercraft, or Firearm in Arkansas?
In Arkansas, you are not legally obliged to create a bill of sale for a watercraft, vehicle, or firearm transfer. You may be asked to submit other documents, such as the title for the vehicle, to the Arkansas Department of Finance and Administration to complete the registration process. Nevertheless, it is always a good practice to create a bill of sale and give copies to both parties if they need the details from it.
Creating a Bill of Sale in Arkansas
Any bill of sale in Arkansas will record all necessary main information about the transaction and the parties involved. Use our form-building software to create the needed bill of sale form. You will need to follow these steps:
- State the Purchaser’s Name and Address.
The bill of sale usually starts with specifying the purchaser’s details. There may be more than one purchaser. Most forms include their full name, address, and phone number.
- Include the Seller’s Details.
Similar to the previous section, the next one covers the same information about the seller.
- Provide the Description of the Item.
Here various details about the item are included in the form, such as the model, the make, the identification number, the year, and the odometer reading (if applicable).
- State the Price and the Date.
This is a necessary part. Make sure that both parties have seen this box and have agreed on it.
- Sign the Form.
After carefully examining the form for the last time, both parties should acknowledge that they affirm that the information in the form is true by signing it and dating it.