A car contract which is also called a bill of sale is used to make the deal authenticated when someone is selling or buying a car. As you give a lot of money to buy a vehicle, it’s essential that you make sure that everything is legal and there is nothing wrong with the vehicle. This document is also used to make sure that the car is not an illegal one and if the legal department finds out anything wrong about the car, the purchaser can provide this contract that he has bought the car from another dealer or individual person who took all the responsibility if something wrong comes up about the car.Here is preview of this Car Sale Contract Template,
Essential elements to add in a car sale contract:
Offer and acceptance
this is where one party offers some conditions and the other party agrees to it.
Mutual consideration what each party is getting out of the contract is actually written here. In this situation, you get the vehicle and the other party gets money.
Agreement to bind this point is just to make sure that both parties will stick with this agreement and no one is allowed to change anything without preparing a new contract.
Legal competence this is just to make sure that both parties are agreed to something or those conditions that are acceptable by the local law and there is nothing illegal going on there.
Essential elements to prepare a car sale contract:
classify both parties and the purpose of the contract: at this point you are required to name out the both parties the seller and purchaser and the key purpose of creating this contract i.e. purchase or sell of a vehicle.
Write the complete description of the car:
here as a seller of the car, you are required to provide each and everything about the vehicle i.e. model, HP, manufacturer, chassis and engine number and current market value of the car along with faults if there are any.
Provide date of the sale and price of the car:
here you provide the date you sold the car or someone else purchased it and the price that you both are agreed.
Provide a summary about the condition of the vehicle:
purpose of this point is that when the seller has sold the car and the new owner is using it, it there is some fault or it broke down, the seller will not take the responsibility of that fault as he has transferred all the rights to the new owner.
Details about the documents that the seller will provide with the car:
here the seller provide information about the documents that he will provide to the new owner along with the vehicle. This includes original sales letter, transfer deed, registration document and other as per the local law.
Sign the contract: here both parties sign the contract and put a thumb impression to make it sure that both parties are agreed to all the conditions and this document will be used against such a person who will do something against the agreement.
Here is download link of this Car Sale Contract Template
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