Buying a motorcycle differs from buying a car. Often, it is possible to get a new model at a bargain since motorcycles tend to devalue faster than cars. There is a little homework to be done of course. It is not a straight up transaction as you might think. The first step when buying a motorcycle is getting hold of a Motorcycle bill of sale form.
Motorcycle bill of sale form is a legally drafted document, for the benefit of the buyer and seller, verifying that the buyer is indeed the legal owner of the motorcycle, after the sale transaction is completed of course. Should the future bring a dispute in ownership of the motorcycle, the buyer simply produces the document, proving complete payments and total ownership. This is how important the bill of sale is.
Motorcycle bill of sale form offers valuable information to the seller and the buyer. Details contained in the document such as contact details of both parties, registration and identification details of the motorcycle, make, color and even federal law stipulated Odometer Disclosure statements are useful bits of information to both parties. The details contained in the bill are binding to both parties in the eyes of the law, and should any dispute arise, it forms the backbone of the sale, proof of the sale, and proof of acceptance.
Reasons Why the Motorcycle Bill of Sale form is Compulsory
Now that we have looked single most importance of the bill, let’s take a look at additional uses of the bill:
- It proves change of legal ownership of the motorcycle.
- It secures legal ownership.
- It is used during tax keeping and accounting purposes. The new tax system allows motorcycle owners to offset purchase price on motorcycles against their income tax. This allows new owners to save up to 40% on the price of a bike, provided they have proof of purchase.
Where to Download the Motorcycle Bill of Sale form
We provide you with a free Motorcycle bill of sale form that you can use to make your own bill of sale fast and easy. There is download link on this page where you can download and use it immediately. The bill of sale is in Microsoft Word template so it is fully editable.
The Motorcycle bill of sale form should then be signed by both buyer and seller, and if possible, in presence of an attorney.
Check On This before Signing Off On the Bill
Before signing the bill, there are a few things one must look at. The details indicated on the motorcycle bill must correspond to the physical manifestation of the motorcycle. Determine if the seller has made any physical modifications on the bike, if the bike was involved in an accident and take a look at the mileage. All these details must be reflected on the bill.
Find out if the bike is regularly maintained, and the last maintenance date also. This is mostly for personal safety and not really connected with the legal document. If a bike has a poor maintenance record, chances are that it has a few maladies. Poor maintenance brings down the price on any hardware dramatically.
Another factor to consider before putting the final sign on the bill is whether there is an outstanding amount on the bike. The seller, in ideal conditions, should have completed financing the bike before selling it off.
With this check list satisfied, you can happily sign off on the Motorcycle bill of sale form without a worry in the world.