2- That I have received the full and final review of the sale of the above vehicle by the above buyer. Make sure the RC book is correct and that the engine and chassis number printed in the book matches the bike`s number. Similarly, the owner`s name must be correct, once the sale is made through the RTO office, the owner`s name is changed to the name of the new buyer. To be a valid contract, both the seller and the buyer must correctly sign this agreement with the witnesses and execute it on a valid stamp document, as applicable in the state of execution of the agreement. The bike must have a valid insurance certificate for the duration of the sale. Once the ownership of the bike is changed to the owner`s name, make sure they also change the owner`s name in the insurance certificate. This can be done through a written application with the insurance company. When the insurance expires, the new owner must pay the fine for the time without the insurance, so that the vehicle is insured. The vehicle sales contract helps avoid litigation over the sale of the vehicle in the future. Important details about the vehicle can be included in this agreement. Contracting parties may include the compromise clause in this agreement. As part of the arbitration process, any dispute, if any arises between the parties, is referred to a third party („arbitrator“) who is designated with each other by both parties.
The arbitrator will hear from both parties and decide on the merits of the case. The arbitrator`s decision is final and binding on both parties. Take the expression of these forms and let it be duly completed and signed. And do it in the RTO for a change of ownership of the bike. Form 28 and the transfer document are not required for sale/purchase, but form 29 and form 30 are mandatory. Documents necessary for the transfer of ownership in case of sale The bike must have a valid taxable receipt. Today, most vehicles have paid lifetime taxes, which is usually for 15 years [ranging from state to state] 1- That I sold my vehicle, that is, with its registration number. Chassis No_____and engine no – Model – to `Son of`, R/o___, Circle – Form 28 [ 3 copies], Not mandatory] – No Certificate of Opposition Form 29 [2 copies] – Property Transfer Notification Form 30 [1 Copy] – Property Transfer Report 4-That buyer is transferred to his name as soon as possible and bears all costs incurred if the vehicle is sold to an individual for non-commercial use (except for autonomy), the Consumer Protection Act will also be applicable in 2019.
5- That I am responsible for the Challan accident and all other cases until today and in the future, that is, from today, the harassment is entirely responsible for the tax, challanes, accident and judicial procedures. The deed of transfer is the certificate that the seller should possess in order not to have legal debts in the future on the bike. 2 original copies (no photos) of the deed transfer must be taken. The engine number, chassis number and registration number must be written on it.