Car Sale Agreement is a legal contract that clearly states the relationship of buyer and seller of a car. When you are set out to sell your car, you must prepare this contract to protect your rights, as well as the buyer’s rights. This piece of paper should provide detail information on the details of the sale. It’s definitely a must to provide Car Sale Agreement when you are going to sell or purchase a car. The contract becomes your legal protection that can keep you save from all possible scam and frauds coming from the sale. If the agreement is meant for car sale, then it should not have end of period date. This periodic information may be required if the agreement isn’t about sale but it’s more on rental or lend out car. The fixed period should be inserted on the contract.
Purchasing a Car; Do You Need Car Sale Agreement?
Most of the time, it is much useful for the buyer. It gives more protection on buyer’s legal standing on the ownership of the vehicle. You must sit down and prepare for legal Car Sale Agreement if you are in the following conditions:
- You own a car and have the intention of selling it off to someone else.
- You purchase previously owned car and require protection on your ownership status.
- You own car dealer and sell off one of the car presented in the dealer.
What Must Be Written In Car Sale Agreement
As this legal document is meant for protection, you must ensure to have the following information written down in Car Sale Agreement:
- Complete contact information of both parties.
- Price settled for the vehicle.
- Financial details such as the dates for the down payment and final payment, late fees, or any deposit required.
- Method of payment.
- Date for handing over the vehicle.
- Responsibilities of both parties related to the vehicles, such as any details of the maintenance and service for the vehicle.
- If it’s required, detail information on the condition of the vehicle can be inserted into the contract agreement.
Car Sale Agreement Brings Safety to Both Parties
By signing Car Sale Agreement, both parties can be fully protected by the law on the transaction. Buyer can get legal documents that state the vehicle has become his/her, meanwhile seller also gets protection on the payment of the previously owned vehicle.
This Microsoft Word template below should give you idea how to start creating an agreement for your car transaction.
Car Sale Agreement Template (17.0 KiB, 620 hits)