This Bill of Sale of Automobile contains the following information: the make/model of the car, VIN number and other information. Seller guarantees that the property is his/her own and is free of all claims and offsets of any kind. The form also contains the Odometer Disclosure Statement required by Federal Law and State Law, where applicable, which must be signed in the presence of a notary public.
Odometer Disclosure Statement for Texas: A Comprehensive Overview In the state of Texas, an Odometer Disclosure Statement is a legal document that plays a crucial role in the process of buying or selling a used vehicle. It serves as a written proof of the vehicle's mileage as provided by the seller to the buyer. The disclosure statement is required by law to prevent any fraudulent activities related to mileage tampering, ensuring transparency in vehicle transactions. The Odometer Disclosure Statement for Texas must include certain key information to be considered valid. Here are the relevant keywords and details related to this document: 1. Texas Vehicle Vendors: The Odometer Disclosure Statement applies to vehicle vendors, including individuals, dealerships, or any other entity involved in selling used vehicles in Texas. 2. Vehicle Identification Number (VIN): The statement must include the unique VIN assigned to the vehicle, which serves as a specific identifier. 3. Odometer Reading: The document should clearly state the exact mileage displayed on the vehicle's odometer at the time of sale. 4. Mileage Status: The Odometer Disclosure Statement should indicate if the mileage displayed is accurate, the actual mileage, or whether the mileage is unknown. This prevents any misrepresentation and informs the buyer about the reliability of the displayed mileage. 5. Seller's Declaration: The seller is required to declare and sign the document, affirming the accuracy of the provided mileage information. Types of Odometer Disclosure Statement in Texas: 1. Sold "As Is": This type of disclosure statement is used when a vehicle is sold without any warranty or guarantee. It declares that the seller, whether an individual or a dealership, is not responsible for any issues with the vehicle once it changes ownership. This statement is typically used for older vehicles or those with higher mileage. 2. Financial Institutions: In cases where a financial institution repossesses a vehicle and then sells it, they must provide the Odometer Disclosure Statement to the new buyer to maintain transparency in the sale. 3. Independent Sellers: When an individual, not associated with the vehicle industry, sells their own used vehicle, they are required to complete an Odometer Disclosure Statement. This ensures accountability and helps protect buyers from potential fraud. In conclusion, the Odometer Disclosure Statement in Texas is a vital document that safeguards the interests of buyers and sellers in used vehicle transactions. Adhering to the legal requirements, this statement ensures accurate mileage representation, preventing any fraudulent activities. Whether it's an individual seller, a financial institution, or a vehicle dealership facilitating the sale, the Odometer Disclosure Statement is a necessary part of the process to maintain transparency and protect all parties involved.
