Motorcycle Bill of Sale Templates By States:
Florida | Texas
What Is a Bill of Sale?
A bill of sale is a legal document that serves as a receipt. It is used in transferring ownership of different types of property. When buying or selling a motorcycle, both the seller and the buyer need to have the document proving the change in ownership. A bill of sale can be used in this case. It is a short document that includes only the most important details of the transaction.
If you wish to have a document consisting of multiple clauses and describing various terms of ownership transfer, then you need to prepare a contract of sale or a similar document, allowing adding as many sections as you need.
Why Should Use a Bill of Sale to Buy or Sell a Motorcycle?
A bill of sale provides you with necessary guarantees in case of disputes and other problematic situations. For example, as the seller of the motorcycle, you do not want to be liable for it any longer. If someone has been injured using the vehicle or it has been used for committing another type of crime, such as robbery, you want to prove that the motorcycle does not belong to you any longer and you have nothing to deal with it. It is essential that you have a document proving the transfer of ownership from the very first second you sell your motorcycle.
The same applies to the buyer. If you purchase a motorcycle, you want to get a document proving that you have paid all the money for it. Also, you do not want to have possible problems due to the unlawful actions of the previous owner related to the use of the motorcycle that you bought.
Another reason to get a bill of sale is for tax purposes as it may be required by the Department of Revenue (DOR) in your state. Therefore, it is strongly recommended to use a bill of sale for transferring ownership of a motorcycle.