Arkansas General Bill of Sale
In Arkansas, you can use one of two government-supplied Sale Document forms to trade or purchase an automobile:
The Arkansas Department of Finance and Administration supplies Form 10-313, Vehicle Bill of Sale/Odometer Disclosure Statement, for cars that have been declared as an impost credit because of the buying of replacement automobiles. For all other cases of vehicle transfer, use Form 10-313, Vehicle Bill of Sale/Odograph Disclosure Statement, issued by the very same agency.
In any other case, such as the trading of weapons or vessels, there are no regular formats to use. When drafting a general Arkansas bill of sale, keep the following guidelines in mind:
Offer: The vendor and the buyer have agreed to trade the property for money as compensation. This is crucial so as to avoid disputes/disagreements that could arise.
Consideration: acceptance, as well as the fees and, preferably, the remittance method, must be shown on the paper. A clear and itemized list is key so that there are no hidden clauses.
Acceptance: Both parties must sign the form to acknowledge their acceptance of the written conditions. This is what makes the document a legally binding contract so make sure the signatures are verified as that of the buyer and seller.
Legal intent: Both the purchaser and the vendor must act with legal purpose and be free of coercion or other types of influence.
Only a few states, including Arkansas, require these documents to be validated. All relevant transaction facts must be included in the form, and both the vendor and the purchaser must sign the documents for them to be legally binding.
Following the signing of the papers, the buyer must document the object with the right department or agency and submit a copy of the Sale Slip together with any necessary papers. It is strongly advised that the seller save a copy of the form as well, in order to steer clear of any future issues.