A motorcycle bill of sale form is a paper transcript that shows the transfer of possession of a motorcycle from one person to another. This form is mandatory during buying or selling a motorcycle. The document is used when the ownership of a motorcycle is transferring. Furthermore, this document is presented to the DMV (Division of Motor Vehicles) for the motorcycle’s registration and titling. The form contains a lot of information such as costs involved, the item handled, etc. You should also check the trailer bill of sale form.
Table of Contents
Important components of a motorcycle bill of sale form:
The shape and form of a motorcycle bill of sale vary from one state to another. However, the form should include the following important components to make the document effective and official;
- The price of the motorcycle
- Buyer’s Name and Email address
- Seller’s Name and Email address
- Important details about the motorcycle such as the make, VIN, and color.
- Recent odometer reading
- Manufacturing year
- The date of the transaction
- The printed name of the buyer and his/her signature
- Seller’s printed names and signature
- The dates when seller and buyer affixed their signatures
- Witnesses printed names and signatures.
How to write a bill of sale for a motorcycle?
You must know how to write a bill of sale for a motorcycle if you want to sell your motorcycle. Here are some tips that will help you in writing a bill of sale for a motorcycle;
Tip#1:
At first, the document should include basic details such as the name and address of the buyer and seller. Also, include the apartment number and zip code. If there is more than one buyer then include all of their details. Keep in mind that you have to sell your motorcycle legally.
Tip#2:
The next step is to add the required statements. Specify the party which will transfer the ownership of the motorcycle. You should also mention the price next to your intention to sell. Moreover, state if the buyer paying the whole amount or if he is agreed on an installment basis.
Tip#3:
After that, if a warranty is required then add it. In the case of personal motorcycles, it is uncommon to have warranties. So, you should also mention that the motorcycle doesn’t come with a warranty.
Tip#4:
In the end, affix the signatures of both seller and the buyer at the bottom of a document. Also, mention who is the seller and who is the buyer.
Purposes of the bill of sale for a motorcycle form:
This form is very important for many reasons. The main purposes of this document are discussed below;
Proves transaction:
Bill of sale for a motorcycle form proves that the transaction indeed occurred. This is because it contains;
- The amount of money involved
- Make of the motorcycle
- The date of the transaction
- The parties involved.
Compulsory for ownership transfers:
The document bill of sale is compulsory for the transfer of ownership of a motorcycle in many states and jurisdictions. However, some states consider this document as proof of authenticity.
Prevents fraud:
As this is a notarized document so it goes a long way in preventing fraud. It is made official via a process of notarization. In addition, before a seal of approval affix on the document, the appropriate background checks are often done. Hence, all these measures save you from fraud and possible counterfeits.
Utilize in litigations:
With the help of this document, you will be argued out better if any litigation occurs from such ownership. Then, the jury will make a decision with the help of the detail you have mentioned on a document that who is at fault and who is scot-free.
Taxation purposes:
Most importantly, this document helps you to file your tax returns. It serves as evidence that you indeed carried the transactions you showed. Lastly, it enables you to handles any debate that may occur from the process.
Is a bill of sale for a motorcycle compulsory?
Yes, the bill of sale for a motorcycle is compulsory because it acts as an official record of the sale. Furthermore, it includes the important details that the buyer and seller can use to keep a more detailed historical record. In some states, before going to start the process of paperwork for the title transfer you have to present this document. A bill of sale is also needed by the buyer to become the legal owner of the motorcycle. You may also like the car lease agreement template.
Can you handwrite a bill of sale or use a printed one? Which one is better?
It’s up to you either to handwrite a motorcycle bill of sale form or use a printed one. However, it is always recommended to use a printed motorcycle bill of the sale form template. If you are running a business then you should use a printed template because here you have to provide this document to clients on regular basis.
Using the printed forms is easy to fill and saves your time. In addition, you can download these forms from any website and print them free of charge. After filling a form, make two copies of it and give one copy to the buyer, and the seller also keeps a copy for his own record.
Conclusion:
In conclusion, a motorcycle bill of sale for a motorcycle form serves as proof that the transfer of a motorcycle has taken place. It indicates the parties involved in the transaction and the price associated with it. The document also helps you in dealing with any legal issues related to the sale. Moreover, in your state, the document acts as the registration and title until the new owner registers the motorcycle with the DMV.
Above all, the document has great importance because it helps you in many aspects such as proves that a transaction occurred, the requirement for ownership transfers prevents fraud, useful in litigations, and for the purpose of taxation.
