The Oregon bill of sale form 735-501 is a legal document used to record the transfer of ownership of a vehicle, vessel, or trailer from one party to another in the state of Oregon. It is an important document that both the buyer and the seller should complete accurately and keep for their records.
Step 1: Download the Form:
First, you need to download the Oregon bill of sale form 735-501 from the Oregon DMV website or obtain a physical copy from a DMV office.
Step 2: Identify the Parties Involved:
In the first section of the form, you need to identify yourself as the buyer by filling in your name, address, and driver’s license number. Then, identify the seller by filling in their name, address, and driver’s license number.
Step 3: Provide the Vehicle, Vessel, or Trailer Information:
In the next section, provide information about the vehicle, vessel, or trailer being sold. You need to fill in the year, make, model, VIN or serial number, and odometer reading. If the vehicle, vessel, or trailer is exempt from odometer disclosure, check the appropriate box.
Step 4: Declare the Sale Price:
The next section requires you to declare the sale price of the vehicle, vessel, or trailer. If the vehicle, vessel, or trailer is a gift or a trade-in, indicate this and state the fair market value.
Step 5: Sign and Date the Form:
Both you and the seller must sign and date the form in the presence of a notary public. Make sure you have a valid photo ID with you when you sign. The notary public will verify the identities of the parties and witness the signatures.
Step 6: Submit the Form:
After completing and signing the form, you need to submit it to the Oregon DMV within 10 days of the sale. Keep a copy of the form for your records.
In summary, to complete the Oregon bill of sale form 735-501, you need to download the form, identify the parties involved, provide information about the vehicle, vessel, or trailer being sold, declare the sale price, sign and date the form in the presence of a notary public, and submit the form to the Oregon DMV within 10 days of the sale. Make sure you complete the form accurately and keep a copy for your records.