A bill of sale in Alaska is a legal document that records the transfer of ownership of personal property from one party to another.
It serves as proof that there has been a purchase or exchange of goods between the buyer and the seller. Most often, it will be the purchase of a car, vessel, trailer, or furniture.
As a legal document, the bill of sale has probative value in court if there is a dispute between the seller and the buyer.
Read this article and learn everything about bills of sale, and download one for Alaska in no time!
Alaska Bill of Sale Parties
The bill of sale must contain information about the seller and the buyer. They are central figures in this relationship.
Seller
A seller is the owner of goods who wants to sell them or accept an offer. In the bill of sale, the seller most often appears as the owner of cars, boats, trailers, and other goods.
Buyer
On the other hand, a buyer is a person who wants to pay a certain price to become the owner of certain goods.
Buyer and Seller Disclosure
The seller must disclose the condition of the property and indicate whether it is being sold "as is" or with a warranty. Disclosure of "as is" indicates that the item is being sold in its present condition and that the buyer accepts the item with all of its flaws.
On the other hand, if the seller is offering the item with a warranty, they must provide a description of the warranty, its duration, and any limitations.
The buyer must indicate that they have inspected the item and that they accept it in its present condition.
Alaska Bill of Sale Description of Goods
It is imperative that a detailed and exact description of the item's internal and external characteristics and conditions are provided so that both the buyer and the seller are clear on what is being transacted.
This is crucial for both sides since it provides the buyer with trust that they acquired the item with the quality they desired and agreed to. More importantly, a detailed description offers the seller confidence that the buyer will not claim there was a misunderstanding regarding the item's qualities.
Alaska Bill of Sale Purchase Price
The purchase price section of the bill of sale must indicate the amount of money being paid for the property.
#1. Payment
If the purchase is made in cash, the parties must indicate the amount of money being paid and the date of payment. Also, parties can specify whether the price is paid to a bank account or handed over to the seller.
#2. Trade
If the purchase is in the form of a trade, the parties must indicate the fair market value of the item being traded and the value of the item being received in exchange.
It is possible for the buyer to give his goods in exchange for what they buy and pay extra up to the value of the purchased item. Such half-and-half types of trade must also be proportional to the value of the seller's item.
#3. Gift
Although a break from the traditional concept of seller and buyer, the seller can agree to provide the item as a gift to the buyer.
In such cases, the bill of sale will include details on the gifted item and an estimate of its value.
Alaska Bill of Sale for Motor Vehicles (Cars) Requirements
Alaska does not require a bill of sale when registering a vehicle for the first time. However, it is ideal that the buyer and seller provide a bill of sale for more protection and verification that the motor vehicle was sold or purchased.
Keep in mind that the bill of sale for the vehicle should include the following elements:
Mandatory Information
Vehicle make and model
Body type and color
Year of production
Vehicle identification number (VIN)
Odometer reading
Out-of-State Vehicles
When registering a vehicle in the state of Alaska that was purchased in another state, a bill of sale is not required.
Abandoned or Junk Vehicles
In Alaska, abandoned or junk vehicles may be included in bills of sale, and they must be clearly specified.
Vehicles Sold by Dealers
A bill of sale is not required in Alaska for cars acquired from a dealer. However, for the sake of security and transaction evidence, they will probably provide a bill of sale.
Vehicles Sold by Private Parties
The state of Alaska requires a bill of sale for all private vehicle sales. The bill of sale must include vital information on the buyer, seller, and vehicle, as well as an odometer disclosure statement and evidence of previous registration.
Alaska Bill of Sale for Boats (Vessel) Requirements
The bill of sale for the vessel should include information about the seller and buyer and the elements that constitute the vessel's specification, like:
Mandatory Information
Year of manufacture
Model
The hull identification number (HIN)
Purchase price
Signatures of both parties and the date
Alaska Bill of Sale for Firearms Requirements
The firearms are not required to be registered under Alaska law; however, a bill of sale is required, and it should include the following information:
Mandatory Information
Information about the buyer and the seller (personal name, address, driver's license, or state identification number)
Firearm model
Production date
Caliber
Serial number
Price (in numbers and letters)
Date of sale
Contracting parties' signatures verified by a public notary
Alaska Bill of Sale for Horses Requirements
A bill of sale is not required by law in Alaska for the purchase or sale of a horse.
However, keep in mind that a written record of the sale is in everyone's best interest. Therefore, draft a bill of sale that includes:
Mandatory Information
The names and contact information of the buyer and seller
The horse's specifics
The price of the horse
Parties' signatures and date of the sale
Alaska Bill of Sale for Trailers (RVs) Requirements
The bill of sale is required for trailer registration in Alaska. Include the following information on the bill of sale for an RV:
Mandatory Information
Details about the buyer and the seller
Information about the trailer being traded (make, model, condition)
Proof of prior registration and an odometer disclosure declaration (in the case of a private sale)
Trailer selling price
Date of sale and parties' signatures
Alaska Bill of Sale Other Requirements
Though, be aware that the Alaska DMV requires a bill of sale and all other forms to be filled out in English. Therefore, if you are not fluent in English, you may need to hire a translator.
Also, it's important that all parties have a copy of the bill of sale as proof that the transaction took place. Lastly, make at least one more copy that will be sent to the Alaska DMV for car registration.
Alaska Bill of Sale Taxes
In Alaska, there is no statewide sales tax for motor vehicle registration. However, individual counties or municipalities may choose to impose their own.
Alaska Bill of Sale FAQ
Yes, the handwritten bill of sale is legitimate in Alaska. While it is common practice to use electronic bill of sale forms, written versions are also valid and enforceable.
For a bill of sale to be legitimate in Alaska, both the seller and buyer must sign it.
For each bill of sale category we mentioned in the text, you have a template on our website. So download the one that suits your needs and make a smooth transaction.
Both the seller and the buyer benefit from a bill of sale because it serves as proof they have made a certain transaction. On top of that, it contains all the relevant information about the parties and the subject of the transaction.