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Promissory notes may also be referred to as an IOU, a loan agreement, or just a note. Its a legal lending document that says the borrower promises to repay to the lender a certain amount of money in a certain time frame. This kind of document is legally enforceable and creates a legal obligation to repay the loan.
Whether or not you have a bill of sale, you can transfer ownership of a vehicle in a private party sale with a docHubd vehicle title. The MVD has a simple Arizona vehicle bill of sale that you can download and complete.
Think of the two documents as complementary. While a bill of sale certifies a transfer of ownership between two parties, a title certifies the buyers legal ownership. Its the final step in the process and proves that the buyer is the legal owner.
An Arizona bill of sale allows for the ownership transfer of personal property. The document should include the identification of both parties (buyer and seller), purchase price, description of property, and the signature of a notary public (for vehicle transfers).
Is a Bill of Sale required for selling a car in Arizona? Legally, the Arizona DMV does not require private sellers to have a bill of sale, but most private sellers use one as a best practice. The Bill of Sale should be signed by both the buyer and seller.
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You not need both parties to be physically present at the time of notarization, but you can only docHub for the person who is appearing before you.
An Arizona bill of sale allows for the ownership transfer of personal property. The document should include the identification of both parties (buyer and seller), purchase price, description of property, and the signature of a notary public (for vehicle transfers).
A promissory note is a promise to pay. So a bill of sale for an automobile with a promissory note is what you might expect from the (very long) name: A certification someone has bought, and promises to pay for, your car. In this case, likely in monthly installments.
A promissory note can be used for different types of loans such as a mortgage, student loan, car loan, business loan or personal loan.
You not need both parties to be physically present at the time of notarization, but you can only docHub for the person who is appearing before you.

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