An “All-Terrain Vehicle (ATV) Bill of Sale” is a legal sales document that records and vouches for the exchange of an all-terrain vehicle from one owner to another. It clarifies all the issues that pertain to the transaction like security deposits, warranties, conditions, and prices of the vehicles, to name but a few!
It is a term that is used to denote that the condition of the vehicle is to be deemed as it is. That means the faults, positivity, and advantages it has are all treated as one whole. Put differently, and the buyer ought not to complain later on that the conditions are not what he had in mind before purchase.
It mainly exists to shield the seller from unnecessary litigations after the purchase of the equipment altogether. To be on the safe side, the prospective buyer has to hire a professional mechanic to inspect the piece of property before purchasing it.
Bill of Sale Form
What an “All-Terrain Vehicle (ATV) Bill of Sale” should include?
Date of Sale: This is the official date when the ownership of the vehicle is passed on from one owner to another one. It acts as a reference for future litigations and follow-ups.
Buyer’s Name and Address: It is the name and the contact details of the buyer or the new owner of the vehicle.
Seller’s Name and Address: Likewise, the document showcases information about the present owner who is currently disposing of the vehicle to a new party.
Vehicle Information: This is the core of the document. It breaks down the finer traits of the vehicle to reveal its uniqueness from the others around it. It contains the following:
- Make: Make refers to the company that produces the vehicle. Examples are Toyota, Honda, Mitsubishi, and Daewoo, among others.
- Model – Model, on the other hand, is the exact name of the vehicle. These could include Toyota Hilux, Mercedes Benz, Tata Nano, and so on.
- Year – It is when the car in question was manufactured. This metric is used as the base for subsequent references more so with regards to those requirements that demand age.
- Color – The vehicle no doubt comes in a certain color. Yet again, the information is displayed here for the buyer to see.
- Number of Cylinders – Each vehicle draws its power from the engines. The amount of power is largely determined by the number of cylinders that are present in the engine.
- Title Number – Each vehicle bears a unique number that sets it apart from the others that are found within the same address. You have to include it here.
- Odometer Reading – It is the measure of the total lifetime distance that has been traversed by the vehicle. This metric gives a clue on just how long you may utilize the vehicle after that.
- 17-digit Vehicle ID Number – Lastly comes the vehicle identification number. It is 17 digits long and sets two vehicles of the same makes and models completely apart from each other.
Down Payment: Many transactions require a down payment that is followed by periodic remittances of the installments. The amount has to be displayed right here.
Sales Price: It is the full price of the vehicle displayed in totality. This is the one that is broken down into a down payment and the periodic monthly installments.
Date Full Payment is due: This is the day when the last installment should have been remitted.
Deadline Date for Vehicle Check: Before purchasing the vehicle, it has to be inspected. The inspection has to be done within a stipulated deadline that is generally agreed upon beforehand by both parties.
Signatures and Dates: The signatures and the dates of all the parties to the transaction are showcased and dated appropriately. The witnesses accompany them to the transactions.
NB: As a general rule, it is always advisable to obtain a ‘Certificate of Acknowledgment’ from a public notary after filling the form for your added security.