A motorcycle bill of sale is the document that testifies to the details of a transaction between two parties, concerning a motorcycle. It proves the transfer of ownership from the seller to the buyer in exchange for the price both parties have previously agreed on.
The motorcycle bill of sale form is beneficial both for the seller and the buyer. So, to make sure the document is complete and accurate, it’s best to write it using a good motorcycle bill of sale template.
Once the transaction is over, the buyer will use the bill of sale, along with other necessary documents, to register the motorcycle under their name.
What Is a Motorcycle Bill of Sale?
The sale of any vehicle needs written proof that the buyer is the new owner of the item, and motorcycles are no exception. When you buy a new one from a dealership, they handle all the registration paperwork.
But most transactions are between individuals, and concern used motorcycles. In that case, you need to handle the registration yourself once you buy the item. And to register it, the buyer needs to show a motorcycle bill of sale.
Motorcycle bill of sale forms are documents that prove that the seller gives up the right of ownership and transfers it to the buyer, in exchange for the price they negotiated.
Then the seller can erase the motorcycle from his tax records, and the buyer can register it under their name. Using a motorcycle bill of sale has advantages for both parties.
The seller has written proof that the buyer accepts to buy the item in its current condition, and the buyer has the evidence that they paid the amount they have set and is now the legal owner of the motorcycle.
When Is a Motorcycle Bill of Sale Needed?
You need to issue a motorcycle bill of sale when the ownership of the item is transferred from one party to another, regardless of the type of transaction.
Whether you buy the motorcycle, receive it as a gift, or it’s part of a trade deal, it has to be written down in a formal document so that the current owner can have solid proof of proprietorship.
On the other hand, using a motorcycle bill of sale form is also an efficient way of keeping track of the vehicle’s history. If needed, you can check previous owners and find out if the motorcycle had any accidents, malfunctions, or warranty issues.
In some states, the motorcycle bill of sale is mandatory, and it also has to be notarized; otherwise, the buyer cannot go through with the registration.
To be the legal owner of the item, you will need to have the title transferred, and in those particular states, that doesn’t happen unless you have an accurate bill of sale for a motorcycle.
What to Include in a Motorcycle Bill of Sale?
Even if the state you live in doesn’t require a bill of sale, it’s best to have one anyway. The motorcycle bill of sale is a straightforward document that only takes a few minutes to complete, especially if you use a motorcycle bill of sale template.
But the benefits for both parties are so numerous; it would be a shame not to issue it. Since there isn’t an official motorcycle bill of sale form imposed by the authorities, you can write your document any way you want.
However, it’s better to use a motorcycle bill of sale pdf so it can be well-written and organized. These are the elements any bill of sale for a motorcycle must include:
- The price both parties have established together.
- The identifying information of the buyer: name and address.
- The identifying information of the seller: name and address.
- The detailed description of the motorcycle: make, model, vehicle identification number (VIN), color, odometer reading (mileage), year of fabrication.
- The date of the transaction.
- The names and signatures of the buyer, the seller, and the witnesses.
- If necessary, the seal of a notary public.
In the states where this is required for the registration of the vehicle, a notary public will be present at the transaction, will check the motorcycle bill of sale, make the necessary mentions, identify all the parties involved, including the witnesses, and affix their state notary seal.
Selling a motorcycle has to follow the same rules as all other transactions involving vehicles. All the details of the purchase must be included in a motorcycle bill of sale; that way, both the seller and the buyer can have written proof of the transfer of ownership.
Even if the law doesn’t require it, it’s a useful document and should be issued with care, using a motorcycle bill of sale template; that way, you can make sure it’s complete and efficient.
If you need one, take a look at the bill of sale for motorcycles created by CocoSign. You will also find many other useful templates for all the documents you may need.