Horse Bill Of Sale With Buy Back Clause __EXCLUSIVE__
Customers may use a bill of sale to transfer vehicle ownership in very limited circumstances as outlined below. A bill of sale cannot be used to transfer vehicle ownership for a vehicle that requires a certificate of title by law.
horse bill of sale with buy back clause
Buying or leasing a horse can be an exciting time in any equestrian's career. To aid our members in navigating the process of equine transactions, we have provided some useful resources below. These informational resources are designed to provde those involved in the process with some helpful discussion points and frequent obstacles to be aware of when leasing or buying a horse.
Anyone intending to sell an abandoned vehicle must notify the owner and any lienholder by certified mail within ten (10) days that unless a claim on the vehicle is made within thirty (30) days or before the scheduled sale, whichever is later, the vehicle will be sold. The ten (10) days begins to run when the vehicle actually qualifies as an abandoned vehicle under section 101 of this rule. The party initiating the sale should use the last known address of both the owner and lienholder. Such information may be obtained from the Mississippi State Tax Commission or other appropriate authority. Any information obtained from an authority other than the Mississippi State Tax Commission may not be complete. If the Mississippi State Tax Commission determines that all required notifications were not made, a new title will not be issued.
The proceeds of the sale in excess of repair, towing, and reasonable storage expenses and all expenses incurred in connection with the sale shall become the property of the county and be paid to the chancery clerk of the county in which the sale was held to be deposited into the county general fund, subject, however to any rights of the recorded lienholder.
If the amount due is not paid within thirty (30) days from the initial tow, the towing company must notify by certified mail the owner and lienholder that the vehicle will be sold if the towing and reasonable storage charges are not paid. The sale must be at least ten (10) days after the mailing of the certified letter.
In the event motor vehicle is the subject of an agreement for the conditional sale or laws thereof with the right upon performance of the conditions stated in the agreement and with the immediate right of possession vested in the conditional lease, then such conditional lessee is considered the owner and the registration and title is issued in the name of lease. The lessor holding a security interest in a vehicle is recorded on the Certificate of Title as lienholder. If the lessor has given a security interest in the vehicle to a Bank, Finance Company, etc., said Bank or Finance Company would be the second lienholder. This type lease will hereafter be referred to as a Purchase Lease.
If the vehicle purchased is used, you must have the previous owner's title properly reassigned to you whether it is a West Virginia title or an out-of-state title. Both the seller and the buyer must sign the back of the West Virginia title. If it's an out-of-state title the previous owner must sign the title and the name and address of the new owner should appear on the title. The new owner would then submit the out-of-state title along with the Application for Certificate of Title for a Motor Vehicle (DMV-1-TR).
If the vehicle is purchased from an individual and the purchase price is below 50% of the current NADA Clean Loan Book value, a notarized bill of sale must accompany the application for title, or the tax will be assessed on the NADA Clean Loan Book value.
If the vehicle is purchased from an individual and the purchase price is above 50%, the tax will be assessed on that price. Any vehicle not purchased from a registered dealer which is two years old or less will be taxed on the current NADA Clean Loan Book value despite the purchase price, a notarized bill of sale will not be accepted.
Titles being submitted listing a purchase price, whether the price has been altered or not, and accompanied by a bill of sale showing another price will not be accepted. The original owner must apply for a duplicate title and begin the process over. If unable to obtain a duplicate title, tax will be assessed on the book value regardless of what price is reflected on the title or bill of sale.
Any title being submitted with an Affidavit of Transfer of Ownership Without Consideration (DMV-5-TR) attached and a lien (individual or financial institution) is being recorded on the new owner's title will not be exempt from sales tax. The sales tax will be assessed on six percent of the lien amount. An applicant cannot use the Affidavit of Transfer of Ownership Without Consideration when a lien is being recorded on the new owner's title. Sales tax will be assessed regardless of the relationship.
A bill of sale helps the buyer prove their ownership of the item and gives the seller a record stating that they are no longer responsible for the sold asset. Both parties avoid legal disputes about the property in the future.
In Pennsylvania, any boat that is powered by a motor is required to have a title. If your boat does not already have a title, you will need a bill of sale to prove your ownership when applying for one.
The Pennsylvania Fish and Boat Commission provides an affidavit of purchase form (Form PFBC-734), which can establish ownership of a boat without a bill of sale. The form is valid only when used to apply for boat registration in the state.
Anyone who buys or sells a horse or other livestock should insist on a bill of sale. The use of the legal document is recommended to help clarify ownership and responsibility in case of a dispute down the road.
Even for items where bills of sale are not legally required, a general bill of sale can help you prove ownership. A general bill of sale can be more basic than similar documents for boats or firearms.
A bill of sale explains the agreement made during the ownership transfer of a piece of property. It also acts as proof of the sale for both the seller and the buyer. Generally, the seller drafts the bill of sale.
For example, the seller may attempt to make false claims about the sale or a bank may try to place a lien on the asset. In cases like these, the buyer can use a bill of sale as legal proof of ownership. Furthermore, for assets like boats or cars, a bill of sale may be legally required to register a title or pay taxes.
Anyone can write a bill of sale in Pennsylvania. Any bill of sale that has been signed by all involved parties can be legally binding. Getting a bill of sale notarized can help a bill of sale hold up in court.
You should not collect sales tax on exempt sales that do not require an exemption document. However, for sales that require an exemption document, you must collect sales tax unless you receive a properly completed exemption document from the purchaser. You must receive the exemption document within 90 days of the date you delivered the property or rendered the service.
Farmers and ranchers claiming agricultural exemptions must register with the Comptroller to obtain ag/timber numbers. Farmers and ranchers must issue an agricultural exemption certificate with an ag/timber number to sellers in lieu of paying tax on qualifying items used exclusively on a farm or ranch in the production of agricultural products for sale.
The term "farm or ranch" does not include home or community gardens, kennels, zoos, parks, horse racing stables, horse boarding and training facilities, timber operations, or similar operations that are not producing agricultural products for sale. Open or undeveloped areas, land used for hunting or fishing leases, and wildlife preserves are not farms or ranches for sales tax purposes, even if the land has received an agricultural appraisal for property tax purposes.
Commercial nurseries that grow plants from seeds or cuttings or otherwise foster the plants' growth prior to sale can issue an agricultural exemption certificate with an ag/timber number to make tax-free purchases of:
Perennial plants, including trees, are subject to sales tax. A commercial orchard, however, can claim a tax exemption when buying trees that will be used to raise fruit and/or nuts for sale in the regular course of business by issuing an agricultural exemption certificate with an ag/timber number.
Motor vehicles licensed for on-road use with farm plates do not qualify for this exemption, because these motor vehicles are not exclusively used on a farm or ranch as required by law. Farm-plated vehicles lose the ag/timber sales tax exemption because they may also be legally used to attend church or school, to visit a doctor for medical treatment or supplies, or for other home or family needs.
Yes. Farmers, ranchers and timber operators must register with the Comptroller and obtain an ag/timber number to purchase a motor vehicle tax free and claim agricultural or timber exemptions. The ag/timber number is also required to make tax-free purchases of otherwise taxable machinery or equipment if it will be exclusively used on a farm, ranch or timber operation to produce agricultural or timber items for sale in the normal course of business.
No. Merely owning a horse does not qualify a person for an ag/timber number because horse ownership is not producing agricultural products for sale in the regular course of business. The horses themselves and horse feed (including grain, hay and feed supplements) can be purchased tax free without an ag/timber number or an exemption certificate.
Yes. Persons who breed and sell horses in the regular course of business (including standing studs or using live cover, shipped semen or artificial insemination) qualify for an ag/timber number. Equipment used exclusively on the farm or ranch to produce horses for sale can be purchased tax free.
Yes. Breeders qualify as commercial producers and can get ag/timber numbers to purchase equipment tax free when used exclusively on their farm or ranch in the production of horses for sale. Tax must be paid, however, on the purchase of items such as saddles, tack and equipment that is taken off the ranch for shows or trail rides. 041b061a72
