What Is the Vehicle Bill of Sale in Prince Edward Island?
A Vehicle Bill of Sale in Prince Edward Island is a legal document that records the transfer of motor vehicle ownership from the seller to the buyer. It serves as written evidence of the transaction, including details about the vehicle, the parties involved, the purchase price, and the date of sale.
What Is the Purpose of the Vehicle Bill of Sale in Prince Edward Island?
The primary purpose of the Vehicle Bill of Sale in Prince Edward Island is to provide a legal record of the vehicle sale transaction. It serves several important functions:
- Documenting the transfer of ownership from the seller to the buyer
- Providing proof of purchase price for tax and registration purposes
- Protecting the seller from future liability for the vehicle after the sale
- Helping the buyer prove their ownership and register the vehicle in their name
Do I Need a Vehicle Bill of Sale to Transfer Ownership in Prince Edward Island?
Yes, a Vehicle Bill of Sale is required to transfer motor vehicle ownership in Prince Edward Island. According to the Highway Traffic Act, Section 44, every dealer shall, when offering a vehicle for sale, include the following information on the bill of sale provided to a prospective purchaser:
- The make, model, year, and serial number of the vehicle offered for sale
- The price of any special equipment with which the vehicle is equipped
- The actual selling price of the vehicle plus the amount of the applicable provincial sales tax
- If the vehicle was a salvage vehicle that has been rebuilt, a statement that the vehicle is a rebuilt vehicle and a copy of the definitions of "rebuilt vehicle" and "salvage vehicle."
This information must also be included in the Bill of Sale as per Section 44 of the Highway Traffic Act.
What Should the Vehicle Bill of Sale Contain in Prince Edward Island?
A properly written Vehicle Bill of Sale in Prince Edward Island should contain the following essential information:
- Seller's name, address, and contact information
- Buyer's name, address, and contact information
- Vehicle identification details:
- Make, model, and year of the vehicle
- Vehicle Identification Number (VIN)
- License plate number
- Current odometer reading
- Selling price and payment method (cash, certified check, etc.)
- Date of sale and signatures of both the seller and buyer
- Description and prices of any special equipment
- The amount of applicable provincial sales tax
- If the vehicle is a rebuilt salvage vehicle, a statement indicating this and the definitions of "rebuilt vehicle" and "salvage vehicle" per the Highway Traffic Act
- \Any conditions or warranties associated with the sale
What Should I Do With a Vehicle Bill of Sale in Prince Edward Island?
After completing and signing a Vehicle Bill of Sale in Prince Edward Island, the buyer should submit the original document and other required registration documents to Access PEI when registering the vehicle in their name.
The buyer and seller should keep a copy of the Bill of Sale for their own records. The document may be needed for tax, insurance, or legal purposes related to the vehicle sale.
Vehicle Bill of Sale Template for Prince Edward Island
While Prince Edward Island does not provide an official Vehicle Bill of Sale template, many online resources and dealerships offer templates that include the necessary information required by the Highway Traffic Act.
A complete Vehicle Bill of Sale template for Prince Edward Island should include fields for:
- Seller and buyer information
- Vehicle details (make, model, year, VIN, plate number, odometer reading)
- Sale price, method of payment, and applicable taxes
- Special equipment and their prices
- Rebuilt salvage vehicle statement and definitions, if applicable
- Sale conditions and warranties
- Signatures and date
Using a template helps ensure your Bill of Sale is complete, accurate, and compliant with Prince Edward Island's vehicle sale requirements.