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A Nebraska bill of sale is a legal document that serves as proof of the purchase or exchange of goods. It is usually used when transferring valuable property, such as vehicles, boats, trailers, horses, and similar items.
The bill of sale includes essential information about the parties involved and the item being sold.
As a result, after the transfer, the seller cannot be held responsible for any defects that arise in the item. On the other hand, the buyer has proof of payment and can register and transfer ownership of the item.
Nebraska Bill of Sale Parties
The first section of the bill of sale is usually reserved for information about the seller and buyer.
Seller
The seller is the person who transfers ownership of the purchased item to the buyer. It could be a private individual or a dealership.
Buyer
By signing the bill of sale and paying the agreed-upon price, the buyer fulfills the requirement to become the new owner of the item.
Buyer and Seller Disclosure
Most of the bills of sale include the “as is” condition. This means that the buyer knows the item has defects and flaws and agrees to buy it in such conditions. In that case, parties should provide a description of all the item's flaws and damages to prevent potential disputes.
When purchasing a car, the bill of sale usually has an odometer reading disclosure that shows how many miles the vehicle has driven.
The parties are free to specify additional clauses to regulate their relationship further as long as they comply with state law.
Nebraska Bill of Sale Description of Goods
This section contains all the key information about the purchased item. Depending on the type of transferred item, this section includes different information.
For example, a bill of sale for a vehicle has the following information:
Mandatory Information
Make, model, and production year of the motor vehicle
Vehicle body type and color
Description of any damages
Vehicle identification number (VIN)
Odometer reading
Description of accompanying equipment
For other types of items, you should enter all the information that individualizes the transferred item.
Nebraska Bill of Sale Purchase Price
In this section, the parties define the compensation method for the purchased item. The three most common compensation methods are payment, trade, and gift.
#1. Payment
In this way, the seller must pay the buyer a certain amount of money. In addition to cash, payment can be made by debit or credit card, check, or bank transfer.
#2. Trade
In this case, the buyer is required to provide their item to the seller as a monetary equivalent for the one they purchased. The bill of sale should include the estimated value of the item being transferred from the buyer to the seller.
#3. Gift
If the item is given to the buyer as a gift, the buyer is not obliged to compensate the seller. However, the parties must define the value of the gift for tax purposes.
Nebraska Bill of Sale for Motor Vehicles (Cars) Requirements
Nebraska state law does not mandate a bill of sale for the purchase of a motor vehicle.
However, parties should get one since this legal document is necessary for obtaining a title and registration. On top of that, having a bill of sale can help in resolving tax problems, and it serves as evidence of ownership transfers between parties.
Out-of-State Vehicles
When purchasing an out-of-state vehicle, you must provide a bill of sale to re-title the vehicle in Nebraska.
Abandoned or Junk Vehicles
If the cost of repairs exceeds the car's retail value, the vehicle is declared "junk," and the owner must complete legal procedures to obtain a salvage title.
Vehicles Sold by Dealers
Generally, when you purchase a vehicle from a dealer, you will receive a bill of sale as proof of the transaction.
Vehicles Sold by Private Parties
If the purchase is made from a private party, the bill of sale is mandatory to change the title to the new owner's name.
Nebraska Bill of Sale for Boats (Vessel) Requirements
When you purchase a boat, properly registering it is essential. Therefore, to ensure a smooth registration process, it is important to have all the required documentation in order. This includes the bill of sale for a used boat that does not require a title.
Note that to register the boat, you must submit the necessary documentation to the county treasurer's office where your boat primarily resides.
Nebraska Bill of Sale for Firearms Requirements
If you are buying or selling a firearm, create a bill of sale that includes all relevant details, such as the parties involved and information about the firearm being transferred.
Additionally, it is recommended to specify qualifying requirements. In other words, the bill of sale should contain a statement that the buyer does not have any legal disqualifications that would prevent them from owning a firearm. This can be due to factors such as age, criminal record, and mental health status, among others.
Nebraska Bill of Sale for Horses Requirements
While a bill of sale for horses is not a legal requirement, consider creating one to ensure a smooth and transparent transaction. With a bill of sale, you can keep a record of the horse's medical history, including vaccinations and previous treatments, which can be useful for future health issues.
Add the following information to your bill of sale:
Mandatory Information
Age, name, breed, gender, and registration number of the horse
Purchase price and method of payment
Information and signatures of both parties
Nebraska Bill of Sale for Trailers (RVs) Requirements
If you purchase a trailer for use on a Nebraska public road, it must be registered. Similar to the registration process for vehicles, you need to provide various documentation, including a bill of sale as proof of purchase.
Nebraska Bill of Sale Other Requirements
Your bill of sale is legitimate regardless of the language it is written in as long as it contains all the essential elements of the completed transfer.
Since English is the state's official language, any legal documents submitted to a Nebraska institution must be written in English or translated into English.
As for the number of copies of your bill of sale, it is usually better to have more. Firstly, so that each party has its own copy, and secondly, offer additional copies for the official authorities.
Nebraska Bill of Sale Taxes
In the state of Nebraska, both sales tax and usage tax are imposed on purchases.
The state sales tax rate is set at 5.5%, but this rate can vary depending on the county where the purchase is made. County sales tax rates can range from 0.5% to 2%, with specific rates set at 0.5%, 1%, 1.5%, 1.75%, or 2%.
Keep these tax rates in mind when making purchases in Nebraska, as they can impact the total cost of the item or service.
In Nebraska, as long as it contains all the necessary elements, a handwritten bill of sale is considered a legal document and is, therefore, legitimate.
Both the seller and the buyer must sign a bill of sale in Nebraska. This ensures that both parties acknowledge the transfer of ownership and agree to the terms of the sale.
A variety of bill of sale forms are available on our website that are customized for different types of purchases. Simply find the form that best suits your needs and download it.
A bill of sale benefits both the buyer and the seller in Nebraska. For the buyer, it provides proof of ownership and can be used to register the item with the appropriate authorities. For the seller, it serves as legal documentation of the sale and can help protect against any future claims or disputes.