In West Virginia, the buyer and seller of a certain vehicle must complete this form to record their transaction.Download
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BILL OF SALE DMV-7-TR Rev. 6/2010 I, __________________________________________ of ____________________________________________________ owner of the vehicle described below, in consideration of $___________________________. Receipt of which is hereby acknowledged, do hereby transfer to ____________________________________________________________________ of _________________________________________________________. The following vehicle is a _________________ ________________________________ , with a vehicle identifcation number: ___________________________________. Subscribed and sworn before me this _________ day of _________________________, 20_____. _________________________________________________________________________ My Commission expires on ___________/____________/____________________ Signature of Seller (X)________________________________________________________ Date _____/_____/_________ Seller’s Phone Number ___________________________________ Seller’s Drivers License Number ___________________ Signature of New Owner (X)___________________________________________________ Date _____/_____/_________ New Owner’s Phone Number _________________________ New Owner’s Drivers License Number __________________ I declare under penalties of perjury that the statements herein contained are true and correct to the best of my knowledge and belief. N O T A R Y P U B L I C I M P O R T A N T N O T I C E SELLER’S NAMESALE AMOUNT OF VEHICLE NEW OWNER/PURCHASER’S NAME NEW OWNER/PURCHASER’S ADDRESS YEAR MAKE AND MODEL NOTARY PUBLIC SIGNATURE VIN NUMBER SELLER’S ADDRESS Any changes, alternations, or erasure will void this afdavit. The minimum taxable amount on vehicles is $500.00. A minimum taxable value of $100.00 applies to class T trailers, class R travel campers, assembled vehicles or trailers, and vehicles purchased through welfare to work type programs. Any application for transfer of ownership which provides incorrect, false, or fraudulent information about the consideration exchanged, subjects the applicant to the revocation, suspension, and/or cancellation of any and all drivers licenses’, registration plates, cards, and permits issued to the applicant. *AUDITS MAY BE PERFORMED ON CASUAL (NON-DEALER) MOTOR VEHICLE TITLE TRANSACTIONS.Relevant article from our knowledge database
Bear in mind a bill of sale isn't going to finalize an ownership transfer. Because of this, short sales are rare. If you are unable to demonstrate the price tag, and you owe taxes, you'll be taxed based on the official NADA trade-in value.
What happens is, in the event the house sells for under the sum owed, the remainder of the loan balance is considered forgiven.'' Besides losing your house and possibly having no place to call home, allowing your house to be foreclosed will dramatically impact your credit score and cause it to be more tough for you to be eligible for a new loan later on. In case it looks like you won't have the ability to work out a means to continue to keep your house, some lenders will provide a deed instead of foreclosure'' or cash for keys.''
Some banks won't do short sales whatsoever, and the ones that do will cause you to jump through lots of hoops and fill out tons of paperwork to have the sale approved. The lender doesn't have any claim on any property that's not permanently connected to the home. You might also begin getting collection calls from the bank. Whenever your lender forecloses on your house, your private property isn't included in the foreclosure. You might discover that you are going to be better off should you attempt to delay the foreclosure as you conserve money for rent and moving expenses. The foreclosure and late payment record can stay on your credit report for as many as seven decades, but it doesn't imply that you will not be able to have a loan for seven decades.