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Vehicle Bill of Sale with Promissory Note Template

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Vehicle Bill of Sale with Promissory Note Template Powered By Docstoc
					This is a template that provides a sample vehicle bill of sale and includes a promissory
note for the purchase and sale of a motor vehicle. The bill of sale includes the name of
the parties and the vehicle specifications. The promissory note can be executed
between the parties and can become immediately due at the election of the seller. This
template is ideal for individuals or entities that are entering into a sale agreement for a
motor vehicle.
                       Vehicle Bill of Sale with Promissory Note Template
I, _____ [Instruction: Insert seller’s name.] of _____ [Instruction: Insert seller’s name.]
hereby certify that I am the sole and lawful owner of the vehicle described below (“Vehicle”)
and have full and complete authority to sell the Vehicle:

Year ________
Make ______________________
Model _______________________
VIN#__________________________________________ [Instruction: Insert applicable
vehicle information.]

I hereby acknowledge the receipt and sufficiency of $___________ [Instruction: Insert amount
received.] in the form of _____________, [Instruction: Insert form of payment.] from _____
[Instruction: Insert purchaser’s name.] of ____ [Instruction: Insert purchaser’s name.], as
an initial payment for the purchase of the said vehicle [Comment: If the amount paid is
other than an initial payment, revise the foregoing language to more closely reflect the
correct disclosure.], which is sold "AS IS". I hereby state that the mileage of the vehicle at the
date of sale is ______________. [Instruction: Insert mileage.]

I do hereby grant, sell and transfer full ownership of and all my rights to this vehicle to the
purchaser as of the date of sale. To the best of my knowledge the Vehicle, as of the date of sale,
is free from all encumbrances, taxes, fees, liens and/or claims of ownership by any person or
entity other than myself, except as those specified on the Title or ______________ [Instruction:
Insert any additional encumbrances, taxes, fees, liens and/or claims.]; and that, I (Seller) will
defend and be held fully responsible for such lawful claims and demands with respect to the
Vehicle, if any.

Buyer accepts full liability for the Vehicle, damages, and any third party liability incurred from
the Vehicle use from the date of sale. [Optional language: The purchaser hereby
acknowledges and agrees there is no guarantee or warranty, expressed or implied, for this
Vehicle or any items included with the transfer of this vehicle. The Vehicle is sold in "AS
IS" condition.]

[Optional language: If applicable, Seller agrees to make arrangements for the reasonable
delivery of vehicle Title from lien holder to buyer immediately.]
Dated as of this __ day of ____, 20__ [Instruction: Insert date.]


__________________
Seller

__________________
Purchaser
[Comment: Parties are advised to review applicable state statute, as each state may have
additional requirements or documents required to transfer the ownership of a vehicle.]
                                PROMISSORY NOTE TEMPLATE

On this __ day of ____, 20__ [Instruction: Insert date.], in return for valuable consideration
received, the undersigned borrower[s] (“Borrower”) jointly and severally promise to pay to
_____ [Instruction: Insert seller’s name.] (“Seller”), the sum of _____ [Instruction: Insert
amount to be paid.] United States Dollars, together with interest thereon at the rate of _____
[Instruction: Insert interest rate.] percent per annum.

Payable on Demand
The entire outstanding amount shall become immediately payable upon demand by the
Lender or holder of this Note, but demand shall not be made before the _______day of
_____________________20____. [Instruction: Insert date.] [Comment: If the note is to be
payable other than on demand, this language should be revised to reflect the applicable
agreed upon payment schedule.]

Place of Payment
Payment shall be made to Seller at _____ [Instruction: Insert payment address.] or at such
place as may be designated from time to time in writing by the Seller or holder of this Note.
[Optional Language: For ease of payment the Borrower may exercise the option to effect
payment by direct deposit or electronic transfer of funds into the account of Seller as
specified in writing.]

Prepayment
The Borrower may prepay this Note in full or in part at any time without premium or penalty. All
prepayments shall first be applied to accrued interest and thereafter to the principal loan amount.
[Instruction: If payment schedule is not based on demand, but rather a payment schedule,
parties may wish to consider how prepayments will apply to any prior late payments, if
any.]

Default
Should the Borrower not make full payment within _________ [Instruction: Insert number of
days.] days of demand, this Note may be turned over for collection and the Borrower agrees to
pay all reasonable legal fees and collection charges to the extent permissible by law, in addition
to other amounts due. Borrower understands that, in the event of default, Seller may avail itself
of any and all applicable remedies, at law or in equity.

Replacement of Note
The Borrower agrees to execute a new Note with the same terms and conditions and remaining
value in the event that this Note is lost, stolen or mutilated. The Seller shall release the Borrower
of all obligations under the lost, stolen or mutilated Note in lieu of a replacement new Note.

Joint and Several Liability
All Borrowers or Co-signors identified in this Note shall be equally liable for the repayment of
the debt described in this Note.


Copyright © 2011 Docstoc Inc.                                                                        1
Borrower's Waiver
The Borrower waives presentment for payment, notice of non-payment, off-set, protest and
notice of protest and agrees to remain fully bound until t
				
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Description: This is a template that provides a sample vehicle bill of sale and includes a promissory note for the purchase and sale of a motor vehicle. The bill of sale includes the name of the parties and the vehicle specifications. The promissory note can be executed between the parties and can become immediately due at the election of the seller. This template is ideal for individuals or entities that are entering into a sale agreement for a motor vehicle.
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