Bike Buyer Seller Agreement

If you meet the potential buyer, it is best to show them the bike and possibly allow a test drive if you are comfortable with the person. The bike should be in showroom condition, which means it should be as good as possible for its current condition. It`s safer to sell your bike to people you know or to reputable sporting goods stores. If you have to sell to a stranger (either online or via an information ad), then meet and exchange in a public place with a lot of people around. The best way to find out how much a motorcycle is worth is by looking for similar bikes that are for sale near you and compare or using a price stimulator that can be found online. Beyond the best estimate is the Kelley Blue Book (KBB.com), although it is always recommended to use all available appraisers in addition to checking your local market. The “Bike Sales Bulletin” form is a document used to record the legal purchase or transaction of a bicycle from buyer to seller. Think of it as a receipt. It provides proof of ownership by describing the fine details of the bike for purchase, the cost of the bike (if any) as well as the contractual signatures of the buyer and seller. The Bicycle Bill of Sale is a simple document that will prove the legal purchase and sale of a bicycle between the seller and the buyer and proof of the change of ownership.

This document contains information on the identification of the bike, the cost of the sale and the signatures confirming the sale between the parties. The bike must have a valid insurance certificate for the duration of the sale. Once the ownership of the bike is changed to the owner`s name, make sure they also change the owner`s name in the insurance certificate. This can be done through a written application with the insurance company. When the insurance expires, the new owner must pay the fine for the time without the insurance, so that the vehicle is insured. Once the bike ticket form is complete, copies are given to the buyer and seller and the sale price is filled out, and then the sale of the bike is completed. In most cases, the buyer will be ahead of their interest in the bike. If they decide to buy, then usually open a stock exchange on the spot and a price can be negotiated. If a verbal agreement is reached, then the terms of the transaction can be supplemented by the motorcycle sales bill. Even though this certificate is mandatory for vehicles over six months old, unlike insurance certificate buyers do not have to pay the penalty for cycling time do not have the certificate.

Therefore, if the seller does not have one, the buyer may have another one as soon as he has possession of the bike. Contracting parties may include the compromise clause in this agreement. As part of the arbitration process, any dispute, if any arises between the parties, is referred to a third party (“arbitrator”) who is designated with each other by both parties. The arbitrator will hear from both parties and decide on the merits of the case. The arbitrator`s decision is final and binding on both parties. The Motorcycle Bill of Sale is an agreement that allows a person to purchase and retain a receipt after the transaction required for titling and registration. With respect to the buyer`s cash payment, this document is the only paper document that provides evidence that a legal sale and purchase took place and that the transfer of ownership took place.