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What does 'value received' mean on the Bill of Sale of a vehicle?In: Car Buying |
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Answer
A bill of sale for vehicle: Very simply it is a document that is signed by the parties that describes the transaction and the intent that the ownership is to change. It should identify the amount being paid or value received - by cash, finance, trade or other means - that is the sale price - for the identified vehicle and anything else that is included, the terms and conditions (warranties, as is, payments due, when delivery is due/pick up to be made, etc.). A receipt.
The amount identifed as value is frequently used by the State to determine the tax due.
First answer by IamLostRU. Last edit by IamLostRU. Contributor trust: 874 [recommend contributor]. Question popularity: 7 [recommend question]
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