A Motorcycle Bill of Sale Form is a document which indicates the transfer of possession of a motorcycle from one person to another. This document comes in handy when disposing of a motorcycle or selling it to another. It is used during the transfer of the ownership period of time. Moreover, motorcycle bill of sale is what a receipt is to ordinary transactions. It showcases the costs involved, the item handled and so much more information. During the transfer of ownership, the motorcycle is delivered ‘as-is.’ This means that some warranty or privileges which the manufacturer provides are not applicable or no longer hold. The new owner has to make appropriate arrangements to provide them on his own.
Also, in case the buyer desires to inspect the motorcycle from a certified mechanic, he should deposit some security with the owner, which shall be deducted at the point of sale.
Why bill of sale is required?
It is used to prove that the transfer indeed took place. Further, it identifies those who were involved in the transaction as well as the associated costs. Apart from its primary role of proving a transaction, this document may also be used to fight legal battles touching on that sale at a later date and if need be.
This document is important in many regards and for many reasons. The following are the top purposes for which it is absolutely necessary:
We noted above that this document proves that the transaction indeed occurred. That is because it contains the amount of money involved, the make of the motorcycle, the date of the transaction, and the parties involved. It is what a receipt is for the ordinary transactions.
Mandatory for Ownership Transfers
In many states and jurisdiction, this document is mandatory for the transfer of ownership of motorcycles. This is necessary to comply with the prevailing statutory regimes and other laws that governing the transfer of assets. What’s more? Some states require that this document be notarized as proof of authenticity.
The document goes a long way in preventing fraud, more so if it is notarized. Through the process of notarization, the document is made official. Moreover, appropriate background checks are often carried out before a seal of approval is affixed on it. By all means, these measures prevent fraud and possible counterfeits.
Used in Litigations
Any litigations that arise from such ownership will usually be argued out better if this document exists. The jury will rely on it to ascertain the party that is at fault and who is scot-free. The details that are shown on the document are the ones that make this possible.
Lastly, you will need this document to file your tax returns. It acts as proof that you indeed carried the transaction you indicated. Further, the document may also help you to receive tax breaks or returns if you qualify for such. Lastly, it helps you to handle any disputes that may yet arise from the process.
Free motorcycle bill of sale forms
Components of a Bill of Sale
The exact shape and form of this document vary from place to place. Irrespective of these variations though, some details appear in almost all such documents. They are listed here below:
- Cost of sale
- Buyer’s name
- Buyer’s mailing address
- Seller’s name
- Seller’s mailing address
- Model Vehicle Identification Number (VIN)
- Odometer reading
- Year of manufacture
- Date (dd/mm/yyyy format)
- Printed name or signature of the buyer
- Printed name or signature of the seller
- Dates of signatures
- Printed names and/or signatures of witnesses
We are now confident that you have what it takes to transfer your motorcycle to another person hitch-free. Simply adhere to the information and guide we have provided for while so doing. Best of luck in your subsequent undertaking.