In America, if you want to buy a new or used Motor Cycle, you will need a bill of sale. Bill of sale is needed to show that the person is legal owner of the vehicle. Even legal tax authorities or jurisdiction, demands bill of sale to determine the taxes.
The Motor Cycle Bill of Sale also provides the detail of the make, mileage, manufactured year and most importantly Motor Cycle identification number. The federal law has also stipulated that such sale bill should show an Odometer Disclosure Statement for recording the exact mileage of the vehicle at the time of the sale or transfer of ownership.
A Motor Cycle Bill of Sale can be termed as an agreement between the Two Wheeler owner and the buyer, whereby the Motor Cycle owner transfer the ownership to the buyer, with full responsibility of proving his ownership at the time of ownership transfer or sale.
Why Motor Cycle Bill of Sale is essential?
Motor Cycle Bill of Sale is beneficial for both buyers and sellers, because through such sale bill, the seller and buyer can protect their rights and also helpful for tax and other accounting purposes. Such sale bill also makes the buyer legal owner of the vehicle and at the time of need he can prove his ownership, through this bill.
The basic feature of Motor Cycle Sale Bill includes:
· The Two Wheeler amount or value
· The contact detail of both parties helps to identify the parties to the sale and purchase deal. For any disputes they can be located at their given address.
· The sold Motor Cycle can be identified by Make, Model, Year, Mileage and Vehicle identification number, which are given in the sale bill.
· The Motor Cycle bill of Sale proves the true ownership of seller, who has right to sell the vehicle to the buyer.
· The bill also proves that seller is offering guarantee or warranty that the sold vehicle does not have any liabilities, such as security interest, lien and so on.
· Through the agreement, the seller is also verifying that in case of any claim or demand, he can defend his ownership of the vehicle at the time of sale.
· The buyer should also enquire with the local authorities about the specific ownership documentation that are required for the ownership of the Motor Cycle.
· Below given single payment Motorcycle Bill of Sale Form is informative, for the transferring of title (ownership) of either a new or used motorcycle.