Additionally, if the sale price of the vehicle is within $500 of the retail value listed in the National Publication of Used Car Values, MVA will accept the purchase price as completed on the title. If a vehicle is sold for book value or more and is older than 7, an individual only needs to write in the purchase price, sale date, and the odometer reading under the “Assignment of Ownership” section on the Maryland Certificate of Title to change ownership. MVA will also accept a customized bill of sale for a car that is older than 7 years and sold at or above book value at the time of registration. The MVA provides a downloadable form that must be used if the vehicle is fewer than 7 years old and the sale price is below book value. Those who don’t have access to the association’s book value listings can confirm a vehicle’s book value by calling the MVA at (400) 768-7000. Maryland Motor Vehicle Administration (MVA) requires a bill of sale to register and title any vehicle that is less than 7 years old and the sale price was less than the National Automobile Dealers Association book value.Ī bill of sale is a legal document that proves a vehicle or other item was sold and ownership has transferred.
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If you plan to use a Maryland vehicle bill of sale, you will need to get the document notarized before it can be considered legally binding. Both the buyer and seller should keep a copy of any bill of sale as proof the transaction occurred. Maryland bill of sale forms are used to record the transfer of ownership and sale of personal property such as a vehicle, boat, firearm, or other item in the state of Maryland.