If you`re planning to sell your car, a contract for personal sale of the vehicle can be an essential document to have in place. This legally binding agreement outlines the terms of the transaction and can protect both the seller and the buyer. Here are a few key things to keep in mind as you draft your contract for personal sale of vehicle.
1. Include Basic Information
Make sure to include all of the basic information about the vehicle, including make, model, year, and VIN number. This will help ensure that there are no misunderstandings about which vehicle is being sold.
2. Specify the Terms of the Sale
Be sure to specify the purchase price of the vehicle, as well as any other important terms of the sale. This might include payment method (e.g. cash, check, or online transfer), the date of the sale, and any other relevant details.
3. Address Liability Concerns
One of the most important things to address in your contract is liability. Make sure to specify that the buyer is responsible for any accidents or damage that occur after they take possession of the vehicle. If there are any outstanding liens on the vehicle, be sure to address them in the contract as well.
4. Outline Any Warranties
If you`re including any warranties with the sale of the vehicle (e.g. a manufacturer`s warranty or an extended warranty you purchased separately), be sure to spell out the details in the contract. This can help prevent disputes down the line if there are any issues with the vehicle after the sale.
5. Get Signatures
Finally, make sure to get both the seller and buyer to sign the contract. This will make it a legally binding agreement and can help protect both parties in the event of any disputes.
Overall, a contract for personal sale of vehicle can be an important document to have when selling your car. By including all the necessary information and addressing liability concerns, warranties, and other important details, you can help ensure a smooth and successful transaction.