Cash sale - afterhours

Ugur Dinch

Ugur Dinch

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Hi guys, I got a buyer who wants the bike tonight and paying cash.

How does ownership stuff work ? Do I just sign back and give it to buyer ? Do I get in trouble if he gets in accident, for example tonight - before the legal transfer ?
 
Ugur Dinch said:
Hi guys, I got a buyer who wants the bike tonight and paying cash.

How does ownership stuff work ? Do I just sign back and give it to buyer ? Do I get in trouble if he gets in accident, for example tonight - before the legal transfer ?
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You sign the back and give him the portion of the ownership thats the new buyers. Pull your plates off and the rest is his business.

Also make a copy of the bill of sale for yourself.
 
Ugur Dinch said:
Whats the bill of sale ? Is that the essay I write on paper ?
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lol yes it is.

Something along these lines:

I Bill Hicks sold a 2005 gsxr 750 VIN #J65743624634 to Lewis Black for $ 4,000. The bike is being sold as is, with no warranty or safety as of March 22, 2013 as of 9:30 PM.

SIGNED
Bill Hicks
Lewis Black
:)



This way you've protected yourself if he decides to ride it himself and crashes the bike into a mini van at 10:05 pm.
 
I try to write down their drivers licence number on the bill of sale (in case there is ever a problem or you are handed counterfeit money).

If selling, I always write something like "I, john doe am selling a yamaha zzr 250 VIN 789456123789 as is, where is to jane doe for $4000. $4000 cash was received and no further money is owing. From this point forward, Jane Doe is responsible for the bike (including insurance if it is required). Signed and dated John Doe, Jane Doe (DL#)."

If buying, I add a sentence like "The seller certifies that they do not believe there to be any liens on the property and they have no knowledge of any reason the property cannot be legally transferred (ie. it's not stolen)." I have been lucky at avoiding stolen property so far and I have no idea if this sentence would help me out legally if I got caught with stolen property, but I can't see it hurting.

Make sure you keep the plate half of the ownership.

Good luck
 
^^^ All of the above.....also, go to MTO office on Monday and request "sold status" to be placed on your old bike( you need to fill out a form, it takes two minutes).
 
Koval_68 said:
^^^ All of the above.....also, go to MTO office on Monday and request "sold status" to be placed on your old bike( you need to fill out a form, it takes two minutes).
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two minuntes of paper work and two hours in the line up.
 
Koval_68 said:
^^^ All of the above.....also, go to MTO office on Monday and request "sold status" to be placed on your old bike( you need to fill out a form, it takes two minutes).
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I believe you have to wait a minimum of a week to put a sold status on it. The guy at the counter next to me asked for it last time I was at the MTO and that's what they told him. Might have even been 10 days, cant remember.
 
Yeah you definitely want to say sold as is .. Just Incase he calls you back after revving the motor and blowing it up ... And blames you for selling a bad bike ..... After everything else you'll be good to go
 
Doesn't anyone get a UVIP anymore?
 
RetroGrouch said:
Yeah, UVIP also doubles as the bill of sale.
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Exactly, the last page of every UVIP is a fill in the blanks Bill of Sale. Add a "No warranty given" with initials from both of you if you like. Make a photocopy if it makes you happier.

As a seller make sure to keep the plate portion of the ownership after you sign it over.
 
I always write there licence number down as well. If it happens to cause trouble after it leaves u give it to the cops
 
Thanks a lot everyone. Quick replies especially were very useful in writing of the essay. I used the some of the stuff here word by word and made the sale that night.

Thanks again !
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