Automobile Bill of Sale Form to use when buying or selling a vehicle like a car, van, truck or trailer in all states. Includes Odometer Disclosure Statement. Boat, Vessel and Watercraft Bill of Sale Form to use when buying or selling a Boat, Vessel & Watercraft in all states. It offers the option to sell the vessel 'as is' or with a warranty. How to Avoid Liability When Selling a Car. By: Carol Deeb. Complete a 'Release of Liability' with your state Department of Motor Vehicles (DMV) or notify them by other means that you sold your car. This way, if the buyer neglects to transfer title in a timely manner, you will not be liable for any events that occur with the car.
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There are several conditions a car can come in when you purchase it. The most well-known are “new' and “used,' but there's a third description that may show up on a car's price tag: “as is'.What Does “As Is' Mean?“As is' is a legal term describing the status of an item for sale. It means the item is being soldcomplete with all issues known and unknown. Essentially, the term frees the seller from legal recourse should an unexpected problem arise with the item after the sale.In the case of a car being sold “as is,' the term refers to avehicle's warranty status. A car being sold “as is' is being sold without a warranty. That means that any problem with the car is no longer the responsibility of the dealer or private seller once it has been sold.
All repair costs will come directly out of pocket for the buyer.Buying an “As Is' Car from a DealerSince an “as is' purchase is a risk for the car buyer, there are typically several conditions determining when a dealer can sell a car with no warranty. The car must:. Be sold under a certain price. Be over a certain age. EITHER:.
Meet all requirements for safe and legal operation at the time of the sale.OR. Have ownership transfer documents that clearly state the car is unsafe to operate.A dealer is also typicallylegally obliged to inform a customer of a car's warranty status.These lawsvary by state. Check out our guide to to see your state's regulations.Buying “As Is' from a Private SellerA majority of “as is' sales are from private sellers. Unless your purchase agreement states otherwise, a private sale is on an “as is' basis.Private sales are much less regulated than sales at a dealer. Many states don't require a private seller to ensure the car will pass state inspection before selling it.You may also have limited legal recourse regarding:. An inaccurate odometer reading. Misinformation regarding the number of owners on the title.
A seller not disclosing the car's true accident history. If the car was stolen and retitled. If the car was declared salvage in another state.To avoid many of the above scenarios, consider running a VIN check on the car to obtain a.
This should disclose any ugly situations that the seller did not. Preparing for an “As Is' SaleIt's very important before making an “as is' purchase to do your research.