Facts about the bill of sale for a motorcycle template
When buying a motorcycle, you should get a bill of sale. A bill of sale for motorcycle will verify your purchase and show you as the new owner. A motorcycle is a valuable asset, and the bill of sale will describe the vehicle fully and document all details of your purchase.
- The bill of sale for motorcycle may be broken down into essentially two parts.
- First, there is a description of the motorcycle being purchased and sold.
Then, the seller and buyer are both identified.
As for the motorcycle, particulars to be listed include make, model, year, style, color, odometer reading, and VIN. As for seller and buyer, simple identifying information to be provided are name and address. State law may require that both seller and buyer sign the document, although in most states, onlye seller signature is required.
The purpose of a bill of sale for motorcycle is to document the transaction. In a valuable transaction of this sort, both buyer and seller will want to fully document the particulars of the transaction. The bill of sale provides the record of a sale, showing that an item was sold by seller on a specific date, at a particular place, and for a specified amount of money. The document will also confirm transfer of title from seller to buyer.
In some states, a bill of sale for motorcycle will be required by law to complete sale of a motorcycle. In order for the buyer to register the motorcycle, the bill of sale may be required. The bill of sale may also provide security for a loan, should the buyer wish to borrow money using the motorcycle as collateral.
The bill of sale will be important both to seller and buyer. For seller, the document will serve to release seller from liability resulting from future operation of the motorcycle. For buyer, the document confirms transfer of ownership and a record of the item purchased.
A bill of sale should always be used when selling and purchasing a motorcycle. Bills of sale have been used for literally hundreds of years, to document sale of items including horses, dogs, boats, cars, and motorcycles. Today, the bill of sale has attained a recognized legal and commercial purpose. The bill of sale is important to both buyer and seller, but serves official purposes as well, including vehicle registration and loan documentation. When a legal dispute arises between buyer and seller, the bill of sale will serve as evidence of contract.
If a sale of a motorcycle is completed without use of a bill of sale, then the transaction might fail for both seller and buyer. As for seller, without bill of sale the seller may continue to be owner of record and continue to be liable for operation of the vehicle, or even for location of the vehicle should it be abandoned by the new owner. As for buyer, a disagreement may easily arise with seller over a description of the item bought, or over purchase price, or over mileage, or even over whether any transaction was completed. With a complete bill of sale, most or even all questions between buyer and seller will be answered in writing.
The bill of sale is generally a simple document to complete. For motorcycles, most bill of sale forms will start with a description of the vehicle, including make, model, year, style, color, and VIN. These will be followed by information on seller and buyer, including name and address. Of course, also to be included is sale price in dollars and sense. At the end of the form will be a dated signature, which in some cases will be for both buyer and seller, but in most cases just for seller. The signature will generally be notated by such language as “I declare under penalty of perjury that the statements herein contained are true and correct to the best of my knowledge and belief.”
The bill of sale document can be far more complex than the simple document described here. For instance, if a warranty is offered with the sale, including promises as to condition of the motorcycle, then the warranty will be detailed in the bill of sale, and the bill of sale will become all the more important to both buyer and seller. Where financing is used to make a motorcycle purchase, the loan agreement may itself form a bill of sale, and provide that no transfer of title will take place until the loan is completed.