When it comes to selling a car, having a proper draft agreement of sale is crucial to ensure a smooth and safe transaction. This document serves as a legal proof of sale and protects both the buyer and seller from any future disputes.
Here are the major components that should be included in a draft agreement of sale of a car:
1. Vehicle Information: This section should include the make, model, year, VIN number, and the current mileage of the car. It is important to accurately fill out this information since it will serve as a reference in the future.
2. Seller Information: The seller`s name, address, and contact information should be included in this section. It is also important to mention the seller`s ownership status of the vehicle.
3. Buyer Information: This section should include the buyer`s name, address, and contact information.
4. Purchase Price: The agreed-upon purchase price should be clearly mentioned in the agreement.
5. Payment Details: This section should include the payment method, the amount of the down payment (if any), and the deadline for the full payment.
6. Transfer of Ownership: The agreement should mention that the ownership of the vehicle will be transferred to the buyer upon the full payment of the purchase price.
7. Warranty and Disclaimer: If the seller is offering any warranty or guarantee, it should be clearly mentioned in the agreement. Additionally, a disclaimer should be included to state that the vehicle is being sold “as-is” and that the buyer is responsible for any future maintenance or repairs.
8. Signatures: Finally, both the buyer and seller should sign the agreement to make it legally binding.
To ensure that all the necessary information is included in the agreement, it is recommended to consult a legal professional or use a template available online. By having a proper draft agreement of sale, both parties can have peace of mind knowing that the transaction was conducted properly and securely.