Buying a car, motorcycle, truck or any other vehicle requires you to fill out a long list of supporting documents. It’s necessary for both the seller and the buyer to have one document in particular, that provides the proof of purchase.When purchasing vehicles, you will need a Purchase Agreement that legally binds the buyer and the seller. The motor vehicle purchase agreement contains important details regarding the car that was purchased and all parties involved in the transaction. This agreement, which is referred to in different terms, such as car sale contract, usually contains information about the buyer, the dealer and the car itself. It will also contain prices and the manner the vehicle is paid for
Dealerships always use a purchase agreement to finalize a sale and such is an agreement between the buyer and seller. However, if you are purchasing a vehicle from a private individual, the latter will require you to sign a Bill of Sale, which is a simplified form of a purchase agreement. Such is necessary for the private individual so he can show proof that he/she indeed is no longer in possession of the vehicle in case the vehicle would be involved in a hit-and-run accident or if the vehicle was abandoned.For purchases made with dealerships, the agreement you sign is more complex, especially when the buyer will be financing a new vehicle.Your car sale agreement is a binding contract. It is important that you review it carefully before you sign.When buying or selling a car, make sure a legal and binding contract is issued to finalize and formalize the deal.
Features of Vehicle Purchase Agreement:
1.Sets out the Rights and Liabilities to be transferred
3.Contains a clauses for Mode of delivery of Vehicle
4.Contains a clause for method of payment
Passport photo of all parties.
PAN card of all parties.
Aadhar card of all parties.
Utility bill of Electricity or Telephone.
Valid Address Proof of all the parties.
Driving Licence of all the parties.
Terms and Conditions
Terms and Conditions between the parties.
Other documents will be intimated through e-mail.
The motor vehicle purchase agreement contains important details regarding the car that was purchased and all parties involved in the transaction.
Yes, your car sale agreement is a binding contract.
Vehicle sale price, Trade-in credit, Interest rate, Loan length, Add-ons, such as service contracts (extended warranties), theft-deterrent systems or additional insurance products, Amount financed, Rebates, Total down payment.
Buyer’s details, sellers’s details, Vehicle description, consideration to be paid for it, Loan, method of delivery
It’s necessary for both the seller and the buyer to have one document in particular, that provides the proof of purchase. When purchasing vehicles, you will need a Purchase Agreement that legally binds the buyer and the seller.