When you are buying or selling a motorcycle, it is a good idea to have a bill of sale. This document will protect both the buyer and the seller if any situation occurs later on. The bill of sale legally proves that the buyer has the rights to the motorcycle and that the seller has sold it.
It is important to make sure that the bill of sale states that the motorcycle will be sold in as-is condition to show that the buyer and seller have agreed to this. The buyer can have the motorcycle inspected by a mechanic prior to purchasing the motorcycle, and this will relieve the seller of responsibility for things that may occur after the sale is complete.
Information Required In a Motorcycle Sale
Before you complete the motorcycle bill of sale, you should gather important information, including the following:
- Purchase price
- Buyer’s information
- Seller’s information
- Motorcycle information
- Date of sale
- Buyer and seller signatures
All of this information should be included to make sure that there is a complete description of the motorcycle, the seller, the buyer, and the terms of the sale.
If you are selling a motorcycle and need to determine its value, you should check similar motorcycles in your area and compare them, or you can check the Kelley Blue Book value online. There are many different online marketplaces where you can buy or sell a motorcycle.
Why it’s Important to Have a Motorcycle Bill of Sale
It is important to have a motorcycle bill of sale to prove that the buyer has the legal right to the motorcycle and the seller is no longer responsible for it. If there is an accident, the seller will not be held liable. In addition, some states may require a bill of sale to register and title the motorcycle.
It is always a good idea to have the bill of sale notarized. This is an added protection and makes the document a legal document that can hold up in court. Having the bill of sale helps to keep a detailed record of the motorcycle for future buyers as well, which is important if the seller plans to sell the motorcycle down the road.
The bill of sale will protect both the buyer and the seller from fraud, mistakes, and theft. The seller will no longer be held accountable for tickets, accidents, or anything else regarding the motorcycle, and the buyer may need this bill of sale while waiting on the license plates.
If you are buying or selling something as valuable as a motorcycle, you should do everything you can to protect yourself and prevent any future misunderstandings. Be sure not to sign the bill of sale until the motorcycle is delivered and the money is paid. Once the bill of sale is signed, it is official and the buyer assumes all liability.