Form SUT 1. Vehicle Price Certification

The Vehicle Price Certification form is a legal document used in Virginia when selling a vehicle that is more than 5 years old. The main purpose of the form is to certify the selling price of the vehicle, which is important for calculating the sales tax that the buyer will need to pay.

The form consists of several sections, including the seller's information, the buyer's information, and the vehicle information. The important fields that need to be completed include the selling price, the vehicle make, model, year, and VIN number. The parties involved in the form are the seller and the buyer.

When compiling the form, it is important to consider that it must be completed accurately and truthfully to avoid any legal issues in the future. The data that will be required when compiling the form includes the vehicle information, the selling price, and the seller and buyer's information. Additionally, a copy of the bill of sale must be attached to the form.

An example of an application of the form would be when a seller is selling their car to a buyer in Virginia that is more than 5 years old. The seller would complete the form and attach a copy of the bill of sale, and the buyer would use the form to calculate the sales tax they need to pay.

The strengths of the form include its simplicity and its usefulness in calculating the sales tax. However, a weakness of the form is that it can only be used for vehicles that are more than 5 years old. An alternative form that can be used for vehicles that are less than 5 years old is the Affidavit of Vehicle Purchase Price form.

The form is stored by the buyer as proof of the selling price of the vehicle, and it is submitted to the Virginia Department of Motor Vehicles. The form affects the future of the participants by providing legal proof of the selling price of the vehicle and ensuring that the buyer pays the correct amount of sales tax.