Are you planning to sell your motorcycle? Whether it`s your first or last ride on that trusty machine, you`ll need to have a contract in place to protect both yourself and the buyer. Here`s everything you need to know about drafting a contract for selling a used motorcycle.
1. Start with the basics
The contract should include basic information about the motorcycle, such as the make, model, year, color, and VIN number. You`ll also need to specify the date of the sale and the purchase price.
2. Include any warranties or guarantees
If you`re selling the motorcycle “as is,” state that in the contract. If you`re offering any warranties or guarantees, spell out the terms and conditions clearly.
3. Define the payment terms
Specify how the buyer will pay for the motorcycle. Will they pay in full upfront, or will they make payments over time? If they`re making payments, specify the dates and amounts.
4. State any liens or loans
If you still owe money on the motorcycle, state that in the contract. You`ll also need to specify how the buyer will take over payments or pay off the loan.
5. Discuss delivery or pickup
Specify whether the buyer will pick up the motorcycle or if you`ll deliver it. If you`re delivering it, include any additional fees or conditions.
6. Sign and date the contract
Both you and the buyer should sign and date the contract, indicating that you both agree to the terms and conditions.
Once you`ve drafted the contract, keep a copy for yourself and give a copy to the buyer. This will help protect both of you in case any disputes arise in the future.
In summary, drafting a contract when selling a used motorcycle is essential to protect both the seller and buyer. Be sure to include all necessary details about the motorcycle, payment terms, and delivery or pickup. By doing so, you`ll be able to sell your motorcycle with confidence and peace of mind.