Complete Odometer Disclosure | Seller & Buyer Mileage Statement

Buying or selling a vehicle involves a lot of paperwork, and one of the most crucial documents is the Odometer Disclosure Statement. This statement is required by most states and is used to declare the mileage of a vehicle at the time of sale. At BizzLibrary.com, we offer an easily downloadable Odometer Disclosure Statement template in DOCX format that can help you comply with state regulations and avoid legal issues.

What is an Odometer Disclosure Statement?

The Odometer Disclosure Statement is a legal document that accompanies the sale of a vehicle. It is designed to provide accurate information about the odometer reading of the vehicle at the time of sale. By law, sellers must provide a truthful odometer reading to the buyer and disclose any known discrepancies or issues with the odometer. Additionally, buyers are required to acknowledge the accuracy of the disclosed mileage.

Why is an Odometer Disclosure Statement Important?

The Odometer Disclosure Statement is important for several reasons:

1. Legal Compliance: Most states require an Odometer Disclosure Statement as part of the vehicle sale process. Failing to provide this document or providing false information can result in hefty fines, legal penalties, and even criminal charges.
2. Protection Against Fraud: Odometer fraud is a serious issue that can result in buyers paying more than the vehicle is worth. A valid Odometer Disclosure Statement helps protect against fraudulent sellers who may tamper with the odometer to reduce the vehicle's mileage.
3. Accurate Valuation: Accurately reporting the odometer reading on the Odometer Disclosure Statement can help provide an accurate valuation of the vehicle, which is especially important for buyers who are financing the purchase.

How to Use the Odometer Disclosure Statement Template

Our Odometer Disclosure Statement Template makes it easy for both sellers and buyers to comply with state regulations and ensure a smooth vehicle sale process. Here's how to use the template:

1. Seller: As the seller, you need to complete the Odometer Disclosure Statement and provide it to the buyer. Include the vehicle's make, model, year, and VIN, as well as the current odometer reading and any known discrepancies. Both you and the buyer must sign the document.
2. Buyer: As the buyer, you need to review and sign the Odometer Disclosure Statement, indicating that you have reviewed and acknowledged the odometer reading.

Download Your Odometer Disclosure Statement Template Now

Don't risk legal issues or fraudulent practices when buying or selling a vehicle. Download our Odometer Disclosure Statement Template in DOCX format today and ensure compliance with state regulations. Be confident that you're making a safe and legal vehicle purchase or sale.

Visit BizzLibrary.com now to access a broad range of business document templates, including legal contracts, sales agreements, and more. Download your Odometer Disclosure Statement Template now and get on the road to a successful transaction.