What Is the Vehicle Bill of Sale in New Brunswick?
In New Brunswick, a Vehicle Bill of Sale is not a mandatory document for the transfer of ownership of a vehicle. However, it is advisable to have one as it serves as a record of the transaction between the buyer and the seller. It provides evidence of the sale and can be helpful for both parties in case of any future disputes or for tax purposes.
What is the Purpose of the Vehicle Bill of Sale in New Brunswick?
The purpose of having a Vehicle Bill of Sale in New Brunswick, even though it is not required, is to:
- Document the details of the vehicle sale.
- Provide proof of the transfer of ownership.
- Serve as a reference for the vehicle registration under the new owner's name.
- Offer protection to both parties in legal matters.
- Assist in the calculation of taxes related to the sale.
Do I Need a Vehicle Bill of Sale To Transfer Ownership in New Brunswick?
No, a Vehicle Bill of Sale is not required to transfer ownership of a vehicle in New Brunswick. However, it is recommended to have one for documentation purposes. Additionally, a seller's affidavit may be provided for extra documentation to substantiate the sale's details further.
What Should the Vehicle Bill of Sale Contain in New Brunswick?
Although not mandatory, a Vehicle Bill of Sale in New Brunswick should ideally contain the following information:
- The names and addresses of the buyer and seller.
- A detailed description of the vehicle, including make, model, year, VIN (Vehicle Identification Number), and odometer reading.
- The sale price of the vehicle.
- The date of the sale.
- Signatures of both the buyer and seller.
- Any additional terms and conditions agreed upon by both parties.
What Should I Do With a Vehicle Bill of Sale in New Brunswick?
If you choose to create a Vehicle Bill of Sale in New Brunswick, both the buyer and seller should:
- Keep a copy of the Bill of Sale for their records.
- Use the Bill of Sale as a reference when registering the vehicle with Service New Brunswick.
- Consider providing a seller's affidavit for additional documentation.
Who Keeps the Vehicle Bill of Sale in New Brunswick?
If a vehicle bill of sale is created in New Brunswick, both the buyer and the seller should keep a copy. It serves as a transaction record and may be required for future reference.
Is a Vehicle Bill of Sale Legally Binding in New Brunswick?
While a Vehicle Bill of Sale is not legally required in New Brunswick, if created, it can be considered a legally binding document that outlines the terms of the sale and transfer of ownership of a vehicle. It can be used as evidence in legal proceedings if necessary.