Bicycle Bill of Sale Form (MS Word)

Bicycle Bill of Sale Form (MS Word)

Exchanging ownership of a bicycle through a private sale can seem simple enough, especially if the parties know each other. After all, it is just a bicycle, isn’t it? But what happens when the new owner of the bicycle gets into an accident and points the blame to the previous owner? Or when the previous owner suddenly claims ownership of the bicycle even after the new owner has paid for it?

Believe it or not, such problems can and do arise in private transactions and the only way for a buyer and seller to protect themselves is to create a bill of sale. This document will act as final and legal proof of the exchange of ownership and liability, meaning no one can ever scam the other person. This article provides you with all the information you need to know about the bicycle bill of sale.

What Is a Bicycle Bill of Sale?

A Bicycle Bill of Sale is a formal document that creates a legal record of the transaction between a buyer and seller involving a bicycle – much like a receipt. It describes all the terms involved in the sale, including the parties involved, bicycle details, purchase price, and condition of sale. Upon signing, the document deems the purchase and sale final.

Bicycle Bill of Sale (Word Template)


Bicycle Bill of Sale 20210831

A bicycle bill of sale form is a fillable, printable document that, when completed, acts as a legal record of the change of ownership of a bicycle through a private sale. Essentially, it acts like a receipt and records the involved parties, bicycle details, purchase price, and payment date.

Download: Microsoft Word (.docx)


    Why Do You Need a Bicycle Bill of Sale?

    Every transaction involving the transfer of a bicycle from a previous owner to a new owner is a private sale and should be recorded. Preparing a bill of sale can save you a lot of headaches down the road, as a buyer or seller, because it:

    • Acts as proof of sale and ownership.
    • Protects the seller from future liability if the bicycle is involved in an accident.
    • Protects the buyer from claims of ownership past the date of purchase.
    • Can help track the bicycle’s history in the event of theft.

    Where and How to Sell a Bicycle

    Private bike sales present a unique problem; the possibility of fraud. If you are not careful, you may attract a buyer looking to con you out of your bike. Here is the where and how of selling bicycles:

    Where: For private sales, it is advisable to stick to buyers you already know such as friends, family, neighbors, or reputable equipment stores. If you choose to sell to a stranger through public listings, make sure you make the exchange in a public space with many people around.

    How: Once you decide to sell your bike, you need to make it as attractive as possible to potential buyers. You will need to:

    • Step 1: Clean and repair your bicycle so all parts are functioning as they should. Remember to check the wheels, brakes, bells, etc.
    • Step 2: Determine your selling price by consulting local stores or researching similar bikes being sold in your area. Make sure your price is not too high or too low so you don’t chase away potential buyers. Ideally, you should also have a price in mind below which you are not willing to sell your bike.
    • Step 3: Take pictures of your bike and share them with friends, family, local shops, websites, and local newspapers, magazines, and newsletters.
    • Step 4: Negotiate your terms of sale with potential buyers until you find one with whom you can reach an agreement. Try to be diplomatic during the haggling process but don’t go below the price you set in step 2.
    • Step 5: Meet the buyer and exchange the bicycle for the agreed-upon funds. Finalize the sale by completing and signing the bill of sale.
    • Step 6: Maintain a copy of the bill of sale and provide the buyer with one too.

    What Does a Bicycle Bill of Sale Include?

    A Bicycle Bill of Sale must summarize the transaction in its entirety, which means it should contain a factual and detailed record of the following:

    • The seller and buyer names, contact information, and mailing addresses.
    • The date of the sale (closing date) and date of agreement (date the agreement was created).
    • The bike description by size, type, color, model, brand, year, serial number, etc.
    • The purchase price and preferred payment method.
    • The condition of sale (as-is/with warranty).
    • The buyer and seller signatures and signature dates
    • The signature and signature dates of any witnesses

    The transaction is considered final and binding once both parties sign the bill of sale, which is why you should confirm the validity of all the details before affixing your signature. For extra insurance, you can also elect to have the bill of sale notarized (only optional in states that don’t require it).

    Bicycle Bill of Sale Format

    On {date}, this agreement is created to record the purchase and sale between the Buyer {buyer’s name} of {mailing address} and the Seller {seller’s name} of {mailing address} of the bicycle described as {make, model, year, and serial number}.

    The buyer agrees to make a payment of {amount} as the purchase price by {date of purchase}, upon which the Seller shall transfer the ownership of the bicycle.

    The seller affirms that the bicycle is sold as-is, free of any debts, encumbrances, and liens.

    This agreement shall be considered final and effective upon the execution of the following signatures:

    Buyer {signature}, {signature date}

    Seller {signature}, {signature date}

    Witness (if any): {signature}, {signature date}

    Conclusion

    A Bicycle Bill of Sale fulfills a seller’s legal obligation to provide a buyer with all the relevant details about the product they are selling. The as-is clause, for example, informs the buyer that the bicycle is being sold in its present condition and that the seller will accept no responsibility for future problems. This information gives the buyer initiative to ask all the questions and perform the necessary inspections before committing to a purchase. Besides this, the bicycle bill of sale acts as legal proof of the purchase, which will come in handy if ever any disputes arise after the sale.