In Canada, every jurisdiction has different regulations regarding vehicle ownership transfers between the buyer and seller. The most commonly used document is a bill of sale.
What is a bill of sale?
When there is already a meeting of minds between the buyer and seller of a vehicle, the next step would be the signing of a vehicle bill of sale by both parties.
A bill of sale is a legal document that contains all the details of sale between the buyer and the seller. The document paves the way for new ownership and would generally include the following information relative to the vehicle being sold:
- The name of both the buyer and the seller
- The date and place where the sale was consummated
- A brief description of the vehicle and its vehicle identification number (VIN)
- Any specific warranty that may have been agreed upon
- The agreed sale price of the vehicle