A bicycle bill of sale form is a document that seals a transaction involving the sale of bicycles. It validates the legal transfer of the bike from the seller to the buyer. Besides, it’ll act as a receipt for the transaction. This document will also serve as proof of ownership. It includes relevant details about the bicycle, the seller and buyer that are essential for the purchase.
Importance of a bicycle bill of sale
When purchasing a bicycle from, a seller, it’s essential to use a bicycle bill of sale for the following reasons.
- A bicycle bill of sale will protect you against stolen bikes.
- When you want to re-sell the bicycle, if you have a bill of sale for the item, the buyer will not have any doubts about the ownership.
- In case the bike is stolen or used illegally after or before the transaction, the bicycle bill of sale will protect the owner.
- It acts as written evidence of ownership.
- It protects both the buyer and seller for any fraudulent claims.
The “AS-IS” clause in the vehicle bill of sale
A seller is obligated legally to disclose all the relevant details about an item they’re selling to a customer. They must inform the seller if a bike has any defects. The buyer will then make an informed decision on whether to purchase the bicycle in its current state.
The “as-is” clause in a bicycle bill of sale indicates that the buyer will buy the bike in its present state without any repairs or modification, but the seller must have disclosed the condition of the bike to the seller.
What a standard bicycle bill of sale should include?
A standard bicycle bill of sale should include relevant details that will validate the transaction and avoid any fraud. If you’re using a template check that it contains the following:
- Name& address of the seller
- Name & address of the buyer
- Date of the sale
- A description of the bike (color, tire size, model, serial number, year of manufacture, etc.).
- Price. Besides the price if possible, it should include the mode of payment (whether cash, credit card, debit card or check).
- Printed names, signatures of the buyer, seller and witnesses.
- Warranty information if any
- The date the bill was signed
Once the bike bill of sale has been signed, and the buyer has paid for the bike, the transaction is binding to both parties. This means the transaction is over and can’t be reversed. Upon signing the seller will retain one copy and give another to the buyer. Both parties must make sure the information in the bicycle bill of sale is accurate before signing.