Colorado Vehicle Gift Bill of Sale is an instrument required to establish the proof of ownership of a motor vehicle upon receiving it as a gift. However, it is necessary that no consideration of any type involving money or goods be involved. Notarization of the seller’s signature is necessary for the legal standing of this document.
Certain other essentials are
- Proper endorsement of the motor vehicle title by the previous owner
- Recent emission test of motor vehicle
- Current odometer reading; however, it is not necessary for vehicles older than ten years
- Insurance coverage proof
- The bill of sale must clearly state that the vehicle is a gift and none other consideration is involved
- Duly signed Colorado Vehicle Gift Bill of Sale by both the seller and the buyer
The new title of the motor vehicle is sent within four to six weeks of the registration of the vehicle. The buyer must submit notarized Colorado Vehicle Gift Bill of Sale during the registration. It is also necessary that an immediate member of the family gifts the motor vehicle. This bill of sale document frees the buyer from paying the sales tax on the vehicle; however, it does not exempt the new buyer from paying annual ongoing ownership tax.
Directions to Prepare Colorado Vehicle Gift Bill of Sale in 4 Steps
Step 1: Buyer’s Information
- Enter buyer’s legal name as it should appear on the duly endorsed title of the motor vehicle
- Enter buyer’s address on the next line
Step 2: Motor Vehicle Information
- Enter the year of manufacturing of the motor vehicle
- Enter the make of the motor vehicle
- Enter the model of the motor vehicle
- Enter Vehicle Identification Number on the next line. VIN Inspection is necessary for out-of-state motor vehicles
Step 3: Signatures
- The buyer must sign in the space reserved for the same after entering the date
- The seller must sign before a Notary Public, enter date and time
Step 4: Notarization
Competent Notary Public of Colorado State must notarize seller’s signature on the form. Please ensure that all required fields like name of the County, date, and notary particulars including the seal and signature of the Notary Public are duly furnished in the Colorado Vehicle Gift Bill of Sale to complete its preparation.
Summary
Colorado Vehicle Gift Bill of Sale is an important instrument intended to establish the proof of ownership of a motor vehicle upon receiving it as a gift from an immediate family member without any consideration involving money or goods. Seller’s signature on this bill of sale form requires notarization by a Notary Public of Colorado State. Please complete required checklist prior to applying for registration and transfer of the title.
