When it comes to buying or selling a two-wheeler vehicle, having a proper sale agreement in place is crucial to ensure a smooth and hassle-free transaction. A sale agreement not only protects the interests of both parties involved, but it also serves as legal proof of the transfer of ownership.
If you`re looking for a two-wheeler vehicle sale agreement format in Word, you`ve come to the right place. In this article, we`ll provide you with a comprehensive guide on what to include in a sale agreement and a sample format that you can use as a template.
What to include in a two-wheeler vehicle sale agreement?
1. Identification of the parties involved: The sale agreement should clearly identify the buyer and the seller, including their full names, addresses, and contact details.
2. Vehicle details: The agreement should include a complete description of the two-wheeler vehicle being sold, including the make, model, year, color, and the vehicle identification number (VIN).
3. Sale price: The agreement should specify the sale price of the vehicle, including any additional charges such as taxes or registration fees.
4. Payment terms: The agreement should outline the payment terms agreed upon by both parties, including the amount of the down payment and the due date for the final payment.
5. Transfer of ownership: The agreement should clearly state that the ownership of the vehicle will be transferred from the seller to the buyer upon the receipt of the full payment.
6. Warranties: The agreement should state any warranties provided by the seller, such as a warranty for any defects or malfunctions in the vehicle.
7. Liability and indemnity: The agreement should address liability and indemnity issues, such as who will be responsible for any damages or accidents that may occur after the transfer of ownership.
8. Signatures: The agreement should be signed by both parties and witnessed by a third party.
Sample two-wheeler vehicle sale agreement format in Word
[Insert buyer`s name and address]
[Insert seller`s name and address]
This agreement is made on [insert date] between [insert buyer`s name] (hereinafter referred to as the buyer) and [insert seller`s name] (hereinafter referred to as the seller) for the sale of a two-wheeler vehicle.
Make and model:
Year of manufacture:
The sale price of the vehicle is [insert amount]. The buyer will pay a down payment of [insert amount] upon signing this agreement, and the remaining balance of [insert amount] will be paid on or before [insert due date].
Transfer of ownership:
Upon the receipt of the full payment, the seller agrees to transfer the ownership of the vehicle to the buyer. The seller will provide all necessary documents, including the registration certificate, insurance papers, and any other relevant documents.
The seller provides a warranty for any defects or malfunctions in the vehicle for a period of [insert warranty period].
Liability and indemnity:
The buyer agrees to assume all liability and indemnify the seller against any damages or accidents that may occur after the transfer of ownership.
A sale agreement is an essential document when it comes to buying or selling a two-wheeler vehicle. By including the necessary details and following a sample format, you can ensure that the transaction is legally binding and protects the interests of both parties. So, use the above format as a template and create a sale agreement that works best for you.