What Is a South Dakota Bill of Sale?
A South Dakota Bill of Sale is a legal document completed by two individuals or an individual and a company to outline the details of the legal sale of personal items. It proves the sale and purchase of property took place, establishes the new owner of the property, and releases the seller from any responsibility.
Traditionally, all South Dakota Bills of Sale are classified into three main categories:
- Generic. It is the most common document that is used to record the transaction in all instances that do not require a specific form. The State of South Dakota did not issue a government-approved template for this purpose, but any document is valid if it follows state requirements.
- Vehicle/Boat. There are three forms used to document the sale of vehicles and watercrafts: Form MV-016 (Bill of Sale), Form 1025 (Bill of Sale), and Form 1024 (Seller's Report of Sale). Both bills of sale may be filled out to state all the details of your deal, and the third document is a legal notice about the sale the ex-owner sends to the South Dakota Department of Revenue.
- Gun. It is a legal certificate that describes a basic agreement for the sale of a firearm legally sold, purchased or traded.
Do You Need a Bill of Sale in South Dakota?
A Bill of Sale in South Dakota is not mandatory unless you are selling or buying cars or vessels. However, you should seriously consider creating additional documentation for your deal if you want to protect your interests in the future, whether you are the seller or the buyer. Traditionally, a South Dakota Bill of Sale contains the following information:
- Personal details of the seller and the purchaser. Identify the parties by their full names, state their current addresses and driver's license numbers;
- A detailed description of the item in question. Mention its serial or identification number and possible flaws and defects;
- Date and location of the sale;
- Payment information. Write down the sum of money paid for the goods and the negotiated method of payment;
- Signatures. The parties or their legal representatives have the right to sign the papers which makes the bill of sale legally binding.
Once the documents are completed and signed, make several copies of them. Keep them for your records or file them for registration if it is required by law. A bill of sale may come in handy later for tax purposes. Also, it will serve as a sale and purchase receipt for both parties in case of disagreements and disputes, since it is recognized by all government agencies and courts of law.
This form is a legal document used in the state and known as a South Dakota Vehicle Bill of Sale. You may use it if you wish to sell a motor vehicle, trailer, or boat. It is required for legal registration and operation of a vehicle in the state.
Fill out this form when selling or buying a vehicle or vessel in South Dakota. It requires you to describe the vehicle (its year, make, model, identification number, and title number), state the date of the sale, seller and purchaser's personal details, and the price of the item.
This is a notice that a seller of a vehicle sends to the South Dakota Department of Revenue (DOR) to inform them of the sale or transfer of a described motor vehicle or boat. The form is used in conjunction with Form MV-016 and Form 1025.
This form generally includes information about the buyer and the seller of a gun, as well as details about a firearm and constitutes a legally binding agreement between a seller and a buyer. It may be used by firearm dealers and individuals in South Dakota.
This South Dakota document serves as a receipt and determines the terms and conditions of a sale of personal property. The latter implies a range of personal goods, from jewelry and tools to furniture and sports equipment. Both the seller and buyer are expected to sign the Bill of Sale and keep a copy for their records.