Check Motorcycle Bill of Sale Forms By State
What Is a Motorcycle Bill of Sale?
Motorcycle bills of sale are used to transfer ownership over bikes from one party to another. These documents can be utilized by individuals or privately held businesses, while public companies can’t use bills of sale to sell their assets. Mind that motorcycles aren’t the only type of property that can be sold with the respective bill; such documents cover a wide range of goods, excluding real estate.
Motorcycle bills of sale aren’t always necessary to utilize. Depending on the regulations of your state, you may not need to sign this document at all. However, using a bill of sale is always a decent idea since it may prevent disputes over the rights of ownership in the future. Furthermore, a motorcycle bill of sale form, along with the title, may be required to register a newly obtained vehicle.
A bill of sale template must include personal information of the parties, including their names, mailing addresses, mobile numbers, and, preferably, emails. The document must contain data on the transferred object, such as its technical condition, year of production, model, make, and other details. If the transferred motorcycle has gone through any significant repairs, this information must be specified as well. Avoid using bills of sale that don’t include fields for necessary details since such documents won’t be considered legally valid.
How to Create a Proper Motorcycle Bill of Sale?
When designing a bill of sale, make sure to include all the essential details. A proper template can be obtained in a physical form from your local Department of Motor Vehicles (DMV). You can also download a printable PDF document from our website. We provide a wide array of bill of sale forms for each type of property. If you can’t find a paper that would suit your needs, consider using our form builder to design a custom solution. It’s available free of charge for all visitors.
How to Sell a Motorcycle with a Bill of Sale?
Selling motorcycles with bills of sale is fairly similar to selling other motor vehicles. Here are the steps you should follow to transfer your bike successfully:
- Prepare the motorcycle for sale. At this stage, the seller should make all necessary repairs, remove rust, and wax the motorcycle. Remember that clean and functioning bikes are easier to sell, and they cost more than those rusty and poorly working. You should also obtain a Vehicle Identification Number (VIN) and odometer reading, as they must be specified on a bill of sale.
- Define the price of the lot. Start with finding the approximate value of your motorcycle through checking out similar models available for sale in your area. You can also make use of online price estimators, which can tell you the exact price of any bike.
- List your motorcycle for sale. Choose a suitable online platform (or multiple platforms) and place the offer there. Make sure to include a comprehensive set of information about your motorcycle when placing the offer. To market the lot to the local audience, consider listing it in local newspapers and themed magazines.
- Negotiate conditions with a potential buyer. Before signing the deal, meet with the buyer in person to specify details. It’s fairly common to provide a buyer with a test drive, though you aren’t required to do so. At this stage, the sides should also define the payment method that will be used. Common variants include cash, checks, bank transfers, and promissory notes.
- Sign a bill of sale and complete the transaction. After negotiating on the details, meet with the buyer to sign the bill of sale. The seller is obliged to hand over all documents, including the title and registration, to the buyer. If the sides agreed on transferring the money immediately after completing the transaction, the seller should receive the whole sum. Each party receives a copy of the document signed by both sides, and the transaction is considered completed.
Advantages of Motorcycle Bills of Sale
Through using a motorcycle bill of sale form, both sides receive a reliable proof of ownership transfer. This is especially useful when qualifying for a bank loan; a valuable asset in your possession can persuade a bank to provide you with the needed financial support. In addition, bills of sale can act as evidence in courts. Motorcycle bills of sale are necessary for registering the vehicles after completing the transaction.