Mississippi Bill of Sale Form
A Mississippi Bill of Sale Form is an official document that records ownership transfers. It documents the exchange of personal property between a seller and a buyer in Mississippi.
Why Do You Need a Mississippi Bill of Sale?
A Bill of Sale is important for the following reasons:
- It serves as a traceable record
To have a traceable record trail, it’s best to have a Bill of Sale in Mississippi. Although it is not a legal requirement for all personal property, it is highly recommended.
- For the transfer of ownership
In the case of motor vehicle transactions, a Mississippi Bill of Sale is needed to transfer the ownership title. It is also used for vehicle registration. This is done by the Mississippi Department of Revenue (DOR), Motor Vehicle Division .
- It holds essential details
When filling out a Mississippi Bill of Sale Form, diverse useful details will be collected. These include:
- Vehicle identification number (VIN)
- Sales price
- Odometer reading
- It can be a requirement
Depending on the kind of purchase, a Bill of Sale might be a necessity. Mississippi law generally requires written contracts for any purchase at or above $500 to be enforceable.
This makes the document essential for such a transaction. Notarization is not a legal requirement for a standard Mississippi Bill of Sale.
Common Uses of a Mississippi Bill of Sale
This document is used to show that:
- The seller no longer owns the item.
- Liability is now transferred to the buyer.
- The buyer has evidence of new ownership.
- The buyer has full rights to all future sales.
- The ownership transfer is legally compliant with state regulations.
- The buyer is responsible for registration and insurance records.
The extra level of authentication assures both parties involved in the transaction.
