Motorcycle Bill Of Sale Template – The bill of sale is a crucial legal document because; it not only assists in protecting the interests of the seller but also that of the buyer as well. It’s common and sadly, a frequent occurrence where a seller or the buyer comes to strive because of deliberate fraud in a sale transaction. This is especially so when “no bill of sale” document was used at the point of sale.
The bill of sale template should include all of the basic details including personal information with regards to both the seller and the buyer. It should also clearly highlight information and details regarding the asset and/or the property in question that’s being offered for sale. Legally speaking, the buyer and the seller will need to provide all essential information. For example: their name(s), street addresses and current contact numbers.
Other Crucial Areas
Providing a detailed description of the property that is being offered for sale is also a vital requirement. In the event the property includes more than say one item and/or an attachment like in the case of mechanical equipment, or perhaps a group of items or products, these too should be clearly documented in the bill of sale. These additional items which are to form part of the sale need to be clearly itemized. By doing so will prevent any misunderstandings from arising and eliminate any possible confusion occurring between both parties. In addition, it’s a good thing to include all details and information concerning the terms and conditions directly relating to the sale of the property. However, if the sale of property was transacted based on a lien or mortgage or any other authority transfer, then it may be necessary to specify and address these issues as well in the document.
Equally as important, are various issues which need to be kept close in mind if you are the seller, and before you actually go ahead and duly date and sign the document. Keep in mind that the agreement is a binding legal document. So, it is vital for you to ensure that the property and/or the motor vehicle, boat, equipment, etc., are without question, legally owned by you. Entering into a legal document and knowing that it incurs a lien and/or an outstanding mortgage (and not disclosing this information to the buyer in the document) is illegal and carries severe penalties under law. It is also wise to have the bill of sale witnessed by someone other than a friend or close relative.