A Bicycle Bill of Sale documents the transfer of bicycle ownership from the seller to the buyer.
The bicycle bill of sale provides relevant information, such as the seller’s and the buyer’s name and contact details, sale price, bicycle information like the make and model, and parties’ signatures.
What Is a Bicycle Bill of Sale?
A bicycle bill of sale is a legal document that records the purchase and sale and the transfer of ownership of a bicycle from the seller to the buyer.
When you buy or sell a bicycle, it’s advisable to use a bicycle bill of sale to document the transaction.
The bicycle bill of sale is a receipt showing the buyer as the new owner.
It provides a detailed description of the bicycle, including the purchase price, the identities of the parties in the transaction, and both parties signatures completing the transfer of ownership from the seller to the buyer.
Why Use a Bicycle Bill of Sale?
A bicycle bill of sale is a simple document, but it’s essential for the following reasons:
- A bicycle bill of sale is a sales receipt and proof of bicycle ownership.
- The bicycle bill of sale provides security for both buyer and seller in certain circumstances. If the bicycle is stolen or used in illegal activity, it protects the buyer against anything that occurred before the sale and the seller from those that happened after the sale.
- The bill of sale form can help identify the real owner of a bicycle and provide a trail of the bicycle’s history.
- A bicycle bill of sale form can easily indicate “as-is” sales. In “as-is” sales, the seller transfers the property without warranties or promises to make modifications or repairs. However, the seller must fully disclose the bicycle’s condition to the buyer.
How To Sell Your Bike
Maybe you want to sell an old bike to buy a new one.
To sell your bike, you may need to make some repairs, advertise to attract potential buyers, negotiate the purchase price, and document the transaction.
Here’s how to do it:
Step 1 – Clean It Up and Repair Major Damages
If you have used your bike for a while, it may have developed some wear and tear. Maybe it has a flat tire or faulty brakes.
So, please clean it up and fix the damages. Although you can sell your bike as-is, fixing it up makes it easier to sell for a higher price.
Step 2 – Decide on the Price
Research and find out how much money you can get for your used bicycle before deciding on an appropriate asking price.
Find out the average selling price of similar used bikes in your area to know a reasonable price.
You may struggle to sell your bike if you set an asking price that is too high or lose money if your price is too low.
Step 3 – List Your Bike
There are many ways to sell your bike. You can inform friends and family and may find an interested buyer that way. You can sell it to a brick-and-mortar shop like a pawn shop or a used sporting equipment store.
One advantage of selling to pawn shops or used sporting equipment stores is that you can sell your bike the same day and collect quick and easy cash in just a few minutes.
The disadvantage is that you may not get the maximum value. Most pawn shops and used sporting equipment stores may not be willing or even be able to pay you a commensurate price for your bike. If you’re willing to make the compromise, go for it.
However, there is another alternative if you can wait to find a buyer: list your bike on online marketplaces that connect sellers with buyers. You can list your bike on popular ones, such as:
- Craigslist. A local marketplace where you can list your bicycle and other items and find buyers for free. You can meet up with the buyer in person to complete the transaction.
- Facebook Marketplace. Allows you to list your items for free. An advantage is that when potential buyers contact you, you can view their profile, which can help you weed out scammers and unserious buyers.
- eBay. The site allows you to list up to 250 items per month. So, even if you have previously sold items on eBay, you may still list your bike for free. However, eBay will charge you a fee when you sell your bicycle via the platform.
The advantage of listing on these niche websites, especially those with an active community, is that you can quickly sell your bike to a pool of bicycle enthusiasts via online transactions.
If you want to sell your bike on any of these websites or online marketplaces, here are some tips:
- Take a clear picture of your bike. A sharp, high-quality photo will make your bike look appealing to prospective buyers.
- Add a description of your bicycle and provide details such as the manufacturer, model, year, and how long you have used it.
- State your selling price (you can indicate if your price is negotiable or not).
- Indicate your shipping plan (if you are willing to ship it). State the shipping fee or if you’re offering free shipping.
Step 4 – Meet With Buyers and Seal the Deal
Negotiate with as many buyers as possible to find the best price. If the buyer wishes to inspect or to test ride the bike, arrange to meet them in an open place.
If you’re selling to a local buyer, you can agree to meet them in person to complete the deal. Otherwise, if the buyer lives in a different location, you can sell it without meeting the buyer.
When buyers contact you, screen them to weed out scam buyers, negotiate the price, collect a payment, and ship the bike to them.
Step 5 – Fill Out a Bill of Sale Form
After you have completed the negotiation and received payment, fill out a bicycle bill of sale form.
Both parties, the buyer and the seller, should sign the document to complete the transfer of ownership.
How To Write a Bicycle Bill of Sale
Follow these steps to create a bicycle bill of sale:
Step 1 – State the Date
This is the date you make the bicycle bill of sale.
Step 2 – Enter the Parties’ Details
These will include:
- Seller’s and buyer’s full names
- Parties’ address (street, city, state, zip code)
- Parties’ contact information (phone number and email address)
Step 3 – Fill Out the Bicycle Details
This will be:
- Year of manufacture
- Bicycle model
- Serial number
- Other relevant information
Step 4 – State the Price and Payment Method
Fill in the purchase price and indicate whether the buyer will pay with cash, by electronic transfer, or through Internet banking.
Step 5 – Add the Parties’ Signatures
Finally, the parties will sign to complete the transfer of ownership of the bicycle from the seller to the buyer.
Bicycle Bill of Sale Sample
The easiest way to create a bicycle bill of sale form is by using a template.
Legal Templates provides an easy-to-fill, downloadable bicycle bill of sale form template to complete your bicycle sale. Try our builder to see how simple this is.
Or, fill in the required information and download the form below.