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We also suggest both the seller keep a copy of the Bill of Sale, and the buyer keep the original. We always suggest locking up your bill of sale in a filing cabinet or safe, where a combination or key is needed to access. If lost, you won’t be able to apply for registration, won’t be able to prove ownership if someone claims the vehicle is theirs, and you may have some difficulty selling the moped. What Should the Buyer do with the Bill of Sale?Īfter you have made a purchase and received an executed bill of sale the first thing you should do is put it in a secured location. A contract to complete an illegal act is not binding. The contract is also valid only if it is lawful. Usually in a numeric and written form.Īcceptance: Signatures of both parties on the bill of sale.Ĭompetent Parties and Legal Intent: Both parties entering the contract must be competent (age, mental capacity, and not impaired or forced). May also include conditions of the sale for the buyer and the seller.Ĭonsideration: The amount of money being exchanged. Offer: The agreement to exchange the vehicle for an amount of money. Each state has different rules for what they consider a valid bill of sale, but a contract itself must abide by the following rules: What Does a Bill of Sale Need to be Valid?Ī bill of sale acts as a contract between the buyer and seller of a Moped.
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In short, a properly executed Bill of Sale will protect you from future liabilities during use of the moped and allow you to register the vehicle (if required). Proper documentation of ownership is needed in order to register your Moped.
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Some states require you register a Moped with the department of motor vehicles (usually when the engine size is larger than 49cc). Whether you giving or receiving cash for an item, you want proof of the transaction in the event someone claims your ownership (if you are the buyer) or if someone is injured by the vehicle (if you are the seller). Mopeds can range in price from hundreds to thousands of dollars. The general bill of sale is a detailed receipt for secure trading.
#FREE MICHIGAN BILL OF SALE TEMPLATE FREE#
CocoSign serves you with the best free vehicle bill of sales template that checks all standardized protocols in Georgia. There are two general reasons why you want to get a Bill of Sale in Michigan when purchasing or selling a Moped:ġ. Bill of sale is mandatory for the successful trading of vehicles in Georgia. These are the main elements any bill of sale must include: The date of the transaction. Still, it’s better to write it using a bill of sale template, especially since there are many free templates available online. We also suggest securing a Michigan bill of sale to properly document the sale including the sales price, condition of the vehicle, and hold harmless language to protect the buyer and seller. The bill of sale is a generic document, so its sections aren’t too many or complicated. Typically this is done by signing the “Transfer by Owner” or “Assignment” section on the rear of the original title. When buying or selling a Moped in Michigan you always want to document the transfer of vehicle ownership from the seller to the buyer.