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.
Table of Contents
- 1 Important components of a motorcycle bill of sale form:
- 2 How to write a bill of sale for a motorcycle?
- 3 Purposes of the bill of sale for a motorcycle form:
- 4 Selling a motorcycle:
- 5 How motorcycle bills of sale are important to the sales process?
- 6 Why buyers need to collect a bill of sale?
- 7 Is a bill of sale for a motorcycle compulsory?
- 8 Can you handwrite a bill of sale or use a printed one? Which one is better?
- 9 Conclusion:
- 10 Faqs (Frequently Asked Questions)
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.
Selling a motorcycle:
Here are the steps to sell a motorcycle;
Search for the Motorcycle’s value
Resources are considered valuable while estimating the bike’s value. To arrive at a figure, you have to input the year, make, model, mileage, and condition.
Take pictures of the Motorcycle
Before taking pictures of the motorcycle, buff and shine your bike. After that, place it in a setting where its condition, colors, and style appear clearly. Buyers want a visual of the odometer, engine, and tires so take close pictures of them.
Write a description
Buyers want to know the reason for selling the motorcycle and the basic facts. Describe why you are selling it in a few sentences. For the basic facts, specify the items used to estimate their resale value. To make it easy to read and follow, state year, make, model, and mileage in bullet points. Use multiple platforms to post the description and photos.
Gather important documents
The buyers also want to see the documents that show the maintenance and repairs. Also, you can let them know if you have handled the minor repairs and fluid changes yourself.
A proof of ownership is another important document that buyers need to complete the transactions. The motorcycles that are manufactured within the last 20 years, state regulations usually need their vehicle title. When meeting with a buyer, you must keep your current motorcycle registration on hand.
Meeting with the buyer
The seller and the buyer both should keep a photo ID. They should also take pictures of their photo IDs with their phones or make a copy of it. At the time of the sale, take a certified bank check or agree on a wire transfer. In recent years, wire transfers have become more popular because of the abundance of convenient apps. You have to assemble a motorcycle bill of sale form after haggling on price and agreeing.
How motorcycle bills of sale are important to the sales process?
In case, you are going to be selling your motorcycle then to finalize and document the sales exchange, you have to ensure that you have taken the time to write a complete and thorough bill of sale. With the help of this document, new owner can register, title, and insure the new bike they have purchased. After and during the sales process, it is an effective way safeguard both your interests and the interests of the buyer of the motorcycle.
However, there is no need to make a sales document for a bike that sells for a small sum of money. But, it would be recommended to document a contract even you are giving away the bike for free. This is the only way that protect you as a seller from legal action that might be taken against you in the future. You should also check the trailer bill of sale form.
Why buyers need to collect a bill of sale?
Here are the reasons why a buyer needs to collect a bill of sale;
- It makes them able to register and insure the bike.
- It serves as legal proof that they are the owner of the bike and didn’t steal it.
- A bill of sale indicates that the seller had full knowledge of the sale process.
In addition, you can’t get the necessary registration without a bill of sale in hand. Even you can’t transfer the bike into the new owner’s name. Most of people don’t know the importance of a sales document while buying something such as a motorcycle. It doesn’t matter how small the cost of the bike is, you should never be skipped it.
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.
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.
Faqs (Frequently Asked Questions)
You as a seller have to submit a Notice of Transfer and Release of Liability (NRL) application as per the California DMV’s official website. To transfer the ownership, you also need a California Certificate of Title.
You can post an ad about selling a motorcycle in newspapers, magazines, online sites, or your local classifieds.
The best form of payment while selling a motorcycle is a wire transfer. You should bear in mind that a cashier’s check or certified check isn’t similar as wire transfer.
