Motorcycles Bill of Sale
What is a Motorcycle Bill of Sale?
While entering into an agreement to purchase or sell a motorcycle, a motorcycle bill of sale is entered into which is a proof of the transfer of ownership of the vehicle from the seller to the buyer in exchange for a pre-decided amount of money. A Bill of Sale is an important document since it protects the interests of both the buyer and seller and holds them to their obligations and other terms and conditions as laid down in the bill of sale.
What is included in a Bill of Sale?
A bill of sale is a written deed of sale where all the information about the buyer, seller and the vehicle in question is recorded. The names and addresses of both the parties are an essential component of the bill of sale. Apart from that, in a motorcycle bill of sale, the description of the motorcycle such as model, year of make, etc. are given along with details of its previous usage. Finally, the purchase price is laid down along with a clear statement that the vehicle is being sold to the buyer. Signatures of both the parties are also essential.
Tips for drawing up a motorcycle bill of sale
A bill of sale for any vehicle should be drawn up by the buyer only after verifying the history of the vehicle so as to make sure that he is not deceived. It is also important to keep in mind that different states have different requirements for the bill of sale. In places where the bill of sale is not a legal requirement, it is best also to facilitate a transfer of title to establish ownership of the vehicle.