A motorcycle bill of sale is a contract that allows a buyer to purchase and possess a receipt after the completion of the transaction. The buyer presents this to the DMV for the vehicle’s registration and titling. Whether you plan to accept cash or other methods of payment from a buyer, it’s recommended to know all about this document.
Motorcycle Bill Of Sale Forms
Parts of a motorcycle bill of sale
There is no exact form and shape for the motorcycle bill of sale as it varies from one place to another. Despite these differences, you must include these basic details in the document to make it effective and official:
- The cost of the motorcycle.
- The name of the buyer and their mailing address.
- Your name as the seller and your mailing address.
- Details about the motorcycle including the make, VIN, and color.
- The recent odometer reading.
- The year of manufacture.
- The date of your transaction.
- The printed name of the buyer and their signature.
- Your printed name as the seller and your signature.
- The dates when you and the buyer affixed your signatures.
- Printed names of the witnesses and their signatures.
Do I need a bill of sale for a motorcycle?
The answer to this question is yes since the motorcycle bill of sale serves as an official record of your sale. Moreover, the document contains important information that you and the buyer can use to maintain a more detailed history record, should the buyer decide to resell the vehicle.
In some states, you might have to notarize this document first before you can start processing the paperwork for the title transfer. The buyer also needs this to become the legal owner of the vehicle.
Bill Of Sale For Motorcycle
The importance of this document
First and foremost, the motorcycle bill of sale is the main proof that a transfer took place as it identifies the parties involved in the transaction and the costs associated with it. Aside from these, you may also use the document to combat any legal issues related to the sale if needed.
Creating or using a template motorcycle bill of sale form is important for many reasons, the most important of which are:
- To prove that a transaction occurred
This document serves as proof that the transaction happened. It includes important information like the price of the motorcycle, the motorcycle’s name, the date of the sale, and the people involved in the transaction. You can even think of it as a receipt for the transaction.
- It’s a requirement for ownership transfers
Most states and jurisdictions consider the bill of sale as a requirement for transferring ownership of motorcycles. This is a necessity in compliance with the statutory laws that govern the transfer of such assets. In some states, there is even a requirement that you must first notarize the document to prove its authenticity.
- To prevents fraud
This document can do much in the prevention of fraud, especially if you have it notarized. By having the document notarized, it becomes official. Additionally, some appropriate background checks are usually done before an official seal of approval or signature gets affixed on the document. All these measures minimize, if not prevent possible counterfeit and fraud.
- You can use it in litigations
Should there be any legal issues that might arise because of the sale, the existence of this document can make things easier for you. The jury will rely on this to ascertain as to which party is at fault. The details in the document make this possible.
- For the purpose of taxation
You can also use the document when filing your tax returns as it serves as proof that you carried out the transaction that you specified. Moreover, you can use the same document to get tax returns or breaks should you qualify for these exemptions.
How do you write a bill of sale for a motorcycle?
If you plan to sell your motorcycle, you should learn how to write a motorcycle bill of sale for it. Writing this document only takes a couple minutes but it has innumerable benefits.
Until the new owner registers the motorcycle with the Department of Motor Vehicles in your state, this document acts as the registration and title. Since there isn’t an official format for a bill of sale for motorcycle, here are some tips to help you write it:
- Include the basic details
The document must include the complete names and addresses of yourself as the seller and your buyer. You should also include the apartment number and zip code as part of the details. In case there is more than one buyer, list all of their details. Also, before thinking of selling, make sure that you can sell your motorcycle legally.
- Add the required statements
Make a note on the document about which party is the one that will transfer ownership of the motorcycle along with the price next to your intention to sell. Include a brief statement if the buyer gives the entire payment or if you agreed on an installment basis.
- State the details of the motorcycle
State the details of the motorcycle like the model, make, VIN, year, odometer reading, engine number, and any other relevant information that identifies the vehicle specifically.
- Add a warranty if needed
It is uncommon for sales of personal vehicles to have warranties. If this is the case, you should explicitly mention that the motorcycle doesn’t come with a warranty. Also, add comments if you had the motorcycle inspected by a mechanic prior to the sale and if you discovered any defects.
- Affix your signatures
Make sure that your document is both signed and dated by yourself and the buyer at the bottom. Remember to specify who the seller is and who the buyer is.
Motorcycle Bill Of Sale Templates
Can you handwrite a bill of sale?
Although you may write a bill of sale by hand, it’s always recommended to use a printed template motorcycle bill of sale form, especially if you’re running a business where you provide this document to clients regularly.
Filling up the printed forms is much easier and it saves time. Additionally, you can easily download these templates online and print them free of charge. After completing the form, give the buyer one copy and keep a copy for your own records too.