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A motor vehicle bill of sale is a document that captures the details of transferring ownership of a vehicle from a seller to a buyer, functioning like a receipt but with additional importance. Buyers need this document for the DMV to finalize ownership transfer and streamline registration, as it includes critical vehicle information. It also aids in informed purchasing by allowing buyers to verify the vehicle's history. For sellers, the bill of sale safeguards against potential issues with the new owner, providing a formal record of the transaction.