Purchasing a vehicle with a valid agreement is no different than doing any business. It is better to trust an agreement containing verification of both parties to avoid any type of trouble. A vehicle purchase agreement contains all types of basic information that are required to make a deal.
To secure the purchasing process and to make a valid deal over vehicles, an agreement is very necessary. This agreement targets the details of the vehicle, payment methods, delivery of the vehicle, and state law. The laws will act in case of any trouble between both sides.
What is the Motor Vehicle Purchase Agreement?
Purchasing vehicles like motorcycles, cars, trucks, and other vehicles requires both a buyer and a seller to have a copy of the vehicle purchase agreement. This needs to be done as proof of the purchase. In contrast, the motor vehicle purchase agreement has critical details about the parties which are engaged in the transactions about vehicle deals.
The important piece of information which motor vehicle agreement contains includes:
- All technical details of the vehicle such as its model, mileage, the capacity of engine and etc.
- Further information about the vehicle, such as its color, registration number, and status, is also written in the agreement.
- The details of the company, buyer, and seller are mentioned in the agreement, along with their personal data. The data includes their full names, contact information, and their postal addresses.
- The signatures and initials of both parties will complete the motor vehicle purchase contract.
The information above would be enough for a simple car purchase contract sample. It contains all the necessary information that a valid contract requires.
Terms and Conditions in A Vehicle Purchase Agreement
The terms and conditions mentioned in a vehicle purchase agreement are quite specific. They intend to cover all the possible aspects to make the agreement a valid one. The terms and conditions that make a contract are defined below:
- Detail of Vehicle: The required details of the vehicle are its:
- Body type
- Vehicle Identification Number (VIN)
- Considerations: The price which the buyer gives to the seller in order to purchase the vehicle. It will be done in the consideration section of the contract. This payment process will be covered in two components, that is:
- Down-Payment: This is the payment that the buyer will pay to the seller before the execution of the contract.
- Payment Due at Delivery: The payment which the buyer will pay at the time of delivery. The seller will decide the method of payment in both payment segments.
- Delivery of Vehicle: The delivery of the acquired vehicle should be done by the seller or third party. The seller should be informed about the timely delivery of the vehicle. The condition of the vehicle should be the same as when the buyer last verifies it before signing the agreement. The buyer should also visit the seller's place before the delivery date to check on his vehicle.
- Acknowledgments: Both parties will verify that they had an adequate chance to overview the contract and have consulted with attorneys as per their requirements.
- State Law: This contract shall be interpreted under, and governed by, the laws of the state. In case of any disputes between both parties, they shall have exclusive jurisdiction.
Checklist When Signing the Car Purchase Agreement
While signing a car purchase agreement, there are certain things that the parties should be clear of. Being a party within the deal, you need to be clear about every fact about the deal. The price of the vehicle and other payments of fees and taxes should be all decided before the deal is done.
It is necessary to recheck all the amounts entered in the contract and other information. The numbers of the price should be exact on which buyer and seller are agreed upon.
There are incidents when sellers switch vehicles. This is usually done when there is neglect while signing necessary paperwork. To avoid such losses, you need to match the details of the vehicle with the information given in the agreement before signing it.
If you have any doubt about the thought of purchasing the selected vehicle, avoid signing the agreement. You can back out of the agreement before signing it. Think carefully over all the aspects and proceed to sign the contract.
How to Fill Out a Motor Vehicle Purchase Agreement Online?
With the advancement of the world, people can do shopping, business, and almost all things through online sources. This also includes free printable vehicle purchase agreements that have been made available online on CocoDoc. Following are the steps to fill in the necessary information in an online CocoDoc contract agreement and then retrieve its copy.
- Open the website of CocoDoc and locate the motor vehicle purchase agreement template of the vehicle you want to purchase within the list.
- Click on the fields which require information regarding vehicle purchasing or personal details and fill those fields.
- Take a look back on the information you provided to avoid any kind of mistakes.
- Sign the PDF file by electronic signatures and add your initials too. CocoDoc allows you to share the PDF file with the seller to get the other party's signature on the contract.
- You can even download the complete motor vehicle purchase agreement on your device from the platform.
By following these steps, the buyer and seller can make a valid deal. The contract will also act as proof for both of the parties in case of any inconvenience between both parties.
Contracts build up a relationship of trust between buyer and seller. By signing an agreement, both parties act accordingly because they know the loss they could face by violating the agreement. A vehicle purchase agreement template makes things easy for both parties by clarifying their responsibilities. The above article has all the necessary aspects which need to be in a vehicle purchasing agreement.