When it comes to buying or selling a motor vehicle, having a contract of sale is a crucial aspect. This document outlines all the pertinent details of the transaction, such as the price, condition of the car, and terms of payment.
To help you understand the key elements of a contract of sale for a motor vehicle, we have provided a sample below:
CONTRACT OF SALE OF MOTOR VEHICLE
THIS AGREEMENT made and entered into on [insert date], by and between [insert seller`s name and address] (« Seller ») and [insert buyer`s name and address] (« Buyer »)
1. The Seller hereby sells and transfers to the Buyer the following described motor vehicle:
[insert make, model, year, VIN number, and license plate number]
2. The purchase price for the motor vehicle is [insert amount] Dollars ($[insert amount in words]), payable as follows:
[insert terms of payment, such as deposit, balance due, and date of payment]
3. The Seller warrants that the motor vehicle is free from any encumbrances or liens and that the Seller has the legal authority to sell the motor vehicle. The Seller also warrants that to the best of their knowledge, the motor vehicle is in good condition and is without any known defects that would affect its safe operation.
4. The Buyer acknowledges that they have inspected the motor vehicle and accepts it in its present condition. The Buyer also acknowledges that upon delivery of the motor vehicle, all risk of loss or damage will pass to the Buyer.
5. The Seller and Buyer agree to execute any and all documents necessary to transfer the title of the motor vehicle to the Buyer.
6. This agreement constitutes the entire agreement between the Seller and Buyer. Any modifications or changes to the agreement must be made in writing and signed by both parties.
7. This agreement shall be governed by and construed in accordance with the laws of [insert state/province/country].
IN WITNESS WHEREOF, the parties have executed this agreement on the date and year first above written.
SELLER: [insert signature and printed name]
BUYER: [insert signature and printed name]
As you can see from the above sample, a contract of sale for a motor vehicle is a legal document that should be carefully crafted to include all necessary information. Be sure to consult with a legal professional if you have any questions or concerns about your contract of sale.