Are you looking for a Free Illinois Moped Bill of Sale template? Owning a moped is nothing less than a dream come true for all motocross enthusiasts. They love to stride across a variety of terrains to experience the thrill of dirt biking. However, owning a dirt bike is not enough; you need to have the skill to look after it too. And the trouble doubles when you are planning to move homes since it is not always possible to carry the moped everywhere. In such cases, most individuals transfer the ownership of their vehicle to someone else.
For the ones planning to sell their off-roading partners to someone else, the Bill of Sale is critical. At the time of purchase of a moped in Illinois, you should always insist on signing an agreement which will define your ownership of the moped. Once you have this document, you can use it to transfer the ownership to someone else too.
The document contains the sales price of the vehicle, its condition, and other terms that the buyer should know while entering the contract. Therefore, we suggest you hold the document for as long as you have the vehicle to protect the buyer and seller.
Reasons why a Moped Bill of Sale is important in Illinois
You need to have a moped bill of sale while purchasing or selling a moped because:
- The price of a moped can vary from thousands to hundreds of dollars according to their build, material, functionality, and design. So, with the cheaper mopeds, you can do away with a bill of sale since there are little chances someone will doubt your claim of ownership on your moped. However, if your moped belongs to the expensive lot, some malicious minds might question your ownership of the moped after you have paid a fortune for it.
Hence, if you want to secure your rights of ownership on your moped, it is only wise that you obtain a Bill of Sale along with the purchase. Now, even when you are selling it, you can show your buyer that the moped that you are selling belongs to you. A Bill of Sale will also help you when you are getting your moped insured and help you claim damages after purchase.
- Not all, but owning some mopeds come under state jurisdiction, such as the ones exceeding the engine size of 50cc need to be registered with the state. So, if you want that your vehicle gets registered under your name, you should have a bill of sale. This is convenient because the states consider the possession of the Bill of Sale as a parameter for ownership and transfer the title to the holder’s name in a jiffy.
- A moped Bill of Sale is proof of ownership that protects the rights of the seller against the damages found in the vehicle after the sale. It implies that the vehicle is present in front of the buyer in the “as-is” condition, and it is left to the buyer to buy it. The receipt is the guarantee that the damages, repairs, defects detected in the vehicle after-sale are not the seller’s liability.
Components of a Valid Moped Bill in Illinois
The contents of the moped Bill of Sale might vary from state to state in form. However, in essence, the following comprise of a valid Bill of Sale in all the states:
- Offer: The offer suggests the monetary transaction involved in the transfer of moped and that the two parties have agreed upon the same. Also, the condition of the moped at the time of sale can also be described in the bill itself.
- Consideration: It talks about the amount of money that has to be or has been exchanged by the seller and the buyer to complete the agreement.
- Acceptance: The agreement is given by both buyers to enter the contract through signatures.
- Competency and Legality of the two parties: For entering into a contract, the parties involved should be legally aged, mentally fit, and should share free and mutual intent. If even one of these elements is not present, a moped Bill of Sale is not valid and can be declared null and void by the court of law.
Step-by-Step Guide to Sell a Moped
- Carry out Repairs and Clean your Scooter
- Advertise the Offer
- Clear the Title
- Present your Moped
- Fill out the Bill of Sale
Now that you know how important it is to have the moped Bill of Sale while purchasing or selling a moped in Illinois, here is how you can execute a moped sale.
Carry out Repairs and Clean your Scooter
Whenever you are out for buying anything, you would not want to go near the offers, which will leave you with a dirty, broken item in hand. Therefore, when you are looking for buyers for your moped, your first step should be to clean and repair your moped thoroughly.
The repairs might require some investment, such as the oils for renewing the plastic, replacements for the parts which are damaged, and more. But, you should not overlook such damages because they can reduce the value of your moped considerably. On the other hand, when your moped looks like new, you can easily recover a good amount from the sale.
Do a test run before putting your vehicle out for sale so that you are sure that it won’t disappoint you in front of your potential buyers.
Advertise the Offer
Once you have a like-new moped ready to sell with you, you need to let the world know that you are selling it. For this, you should take attractive, well-lit pictures of your moped and put them up online and around the town. You can also spread the word by advertising the offer on the local cable with a few lines about how your moped is perfect for your buyers.
Another way is to pass the word through friends and family about the town so that they can share a story about the moped too. Using a mixed advertising technique will fetch you a good number of buyers, of which someone will definitely make the purchase.
Clear the Title
If your moped as an engine higher than 50cc, you need to get it registered with the state even if you do not need a license to ride one. For registering your moped with the state, you need to have the proof of ownership yourself before you can transfer the ownership to someone else. So, clear any dues you owe to the previous owner and obtain a Bill of Sale. The state will accept as proof of ownership and assign the title to you.
Present your Moped
Now, you are ready to present your moped to the interested buyers who can test it for themselves. Make sure that you keep the facts about your bike as transparent as possible so that there are no questions raised after the sale.
Some buyers might ask for a test ride and run off with your bike. Therefore, keep something of theirs in return as collateral.
Fill out the Illinois Bill of Sale
Once your buyer comes to terms, you can fill out the Bill of Sale. The document is available online, as it can be downloaded according to the state regulations.
You can hand over the bill of sale to the buyer when they have paid off the amount in full.