Bill of Sale for buying used bike

[randomweather]

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What is considered Bill of Sale when buying a used bike?

Is it the receipt when seller bought the bike new from dealer? Or a written agreement by both seller and buyer on the price of the used bike?

 

[Mina]

What is considered Bill of Sale when buying a used bike?

Is it the receipt when seller bought the bike new from dealer? Or a written agreement by both seller and buyer on the price of the used bike?

The last page of the UVIP is considered a bill of sale.

 

[randomweather]

The last page of the UVIP is considered a bill of sale.

that's where the seller put down the price we agreed on? or the market price by the ministry?

 

[Mina]

Yes. The MTO does not have a wholesale value for bikes like they do cars. So whatever price you and the seller decide to put on paper is the price that you will pay taxes on.

 

[RetroGrouch]

that's where the seller put down the price we agreed on? or the market price by the ministry?

The price you paid the seller. But as far as I know, you still need a bill of sales. It can be a simple handwritten page stating seller's name, buyer's name, amount paid, vehicle year/make/model, VIN and seller's signature.

 

[Mina]

The price you paid the seller. But as far as I know, you still need a bill of sales. It can be a simple handwritten page stating seller's name, buyer's name, amount paid, vehicle year/make/model, VIN and seller's signature.

All noted on the last page of the UVIP.
http://www.mto.gov.on.ca/english/dandv/vehicle/used.shtml

 

[randomweather]

Thanks for the responses! That cleared up a lot of Q's I had

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