The Following REQUIRED Information Is Missing Or Needs Attention. You May Enter/Correct The Information Here,
Or Close This Panel And Enter It On The Main Form
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YOU'RE ONLY FOUR EASY STEPS FROM GETTING YOUR VEHICLE TRANSACTION INTO A CUSTOM-TAILORED VEHICLE PURCHASE AGREEMENT
1. In the table below, enter the information specific to your transaction.
2. Use your credit card to pay $14.95 for the custom-tailored contract.
3. Print the contract that is immediately emailed to you.
4. Have the buyer and seller sign the contract. Breathe a sigh of relief--you have your deal in writing!
Contingent on Funding:
In some cases, a Buyer will need to borrow the funds necessary to purchase the vehicle. If that is the case with your agreement, including this provision requires the Buyer to use his or her "best efforts" (a legal term meaning, loosely, "try really hard") to apply for and get the loan. However, if the Buyer fails to get the loan by the Closing Date, then he or she is not obligated to go through with the purchase.
This provision is an optional clause available in the Vehicle Purchase Agreement available at Bill-of-Sale.com
Arbitration:
Traditionally, disputing parties to a contract had to take their case to a judge or jury to get a resolution. Solving disputes through the courts can take months or years and often costs thousands of dollars in attorney's fees. One alternative to lengthy and costly litigation is a process called "arbitration." As with litigation, parties in arbitration present their evidence to a neutral arbitrator, who acts like a judge. The arbitrator hears the evidence and makes a binding ruling. The benefit of arbitration is that you can have your case heard in weeks rather than months, and your attorney's fees should be significantly less. The drawback to requiring arbitration is that you give up a lot of rights; such as having your case heard by a jury, that you would have in the courts. If you want to insert a provision in your agreement requiring disputes to be resolved through arbitration, rather than the courts, check the arbitration box.
Attorney's Fees:
An attorney's fees provision says that in the event your agreement ends up being litigated, the loser in court has to pay the winner's attorney's fees. Without such a provision, the laws of most states require each of the parties to pay their own attorney's fees regardless of who wins in court. Often, just the threat of having to pay the other party's attorney's fees is enough to dissuade someone from filing a lawsuit. If you want an attorney's fees provision in your contract, check the attorney's fees box.
Days To Return:
Type in the number of days the Buyer may return the vehicle for a full refund if he or she discovers a non-cosmetic defect in the vehicle or property. Remember: the Buyer's option to return the vehicle or property only applies if he or she discovers a defect that is not disclosed in the box above.
Actual Mileage:
By checking this disclosure statement, the Seller is certifying that the mileage displayed on the odometer is the actual mileage of the vehicle. The Seller might know this is true if the Seller is the original owner of the vehicle.
Broken Odometer:
By checking this disclosure statement, the Seller is certifying that the mileage displayed on the odometer is not accurate because the odometer is or was broken.
Beyond Mechanical Limits:
By checking this disclosure statement, the Seller is certifying that the mileage displayed on the odometer is not accurate because the actual mileage exceeds the mechanical limits of the odometer.
Odometer Condition Unknown:
By checking this disclosure statement, the Seller is certifying that he or she does not know whether the mileage displayed on the odometer is accurate. This would be the appropriate box to check if the Seller is not the first owner of the vehicle, because the Seller may not know what, if anything, happened to the odometer before the Seller took possession of the vehicle.
Odometer Statement:
Federal law requires that the mileage of a motor vehicle be stated upon the transfer of ownership. Failure to disclose the mileage or failure to provide an accurate statement about the odometer may result in fines or imprisonment or both.
Vehicle Identification Number:
V.I.N. is an acronym for Vehicle Identification Number. Every titled vehicle in the United States has a unique VIN. The VIN can be found on a small plate located on the driver's side of the dashboard or doorjamb.
Defects Disclosure:
You selected the "limited warranty" provision for your warranty option. That means the Buyer can return the vehicle within a certain number of days if the Buyer discovers an undisclosed, non-cosmetic defect. In order to protect the Seller against this possibility, the Seller should disclose all known defects by writing them into the box on this page. It's very important to describe all of the defects in this box. If you're unsure about whether a particular defect is "non-cosmetic", include it anyway just to be safe.
Limited Warranty:
Limited warranties for used vehicles can cover whatever the Buyer and Seller agree upon. At Bill-of-Sale.com, we've drafted a limited warranty provision that covers what most Buyers and Sellers would agree upon if they wanted to include such a provision. Here's how it works: The Seller "discloses" any known, non-cosmetic defects in the vehicle by writing a description of them into the contract (if you check the "limited warranty" box, you'll be prompted for a description of each such defect on the next page). Because these defects have been disclosed to Buyer, Buyer agrees to accept them without recourse against Seller. However, in the event that the Buyer discovers a non-cosmetic defect in the vehicle that was not disclosed by Seller in the contract, Buyer can return the vehicle for a full refund. You choose how many days the Buyer has to exercise the return option.
This limited warranty provision works well to protect both the Buyer and the Seller. It encourages the Seller to disclose any known problems with the vehicle, so that the Buyer knows what he or she is getting. At the same time, the Seller shouldn't be required to make costly repairs if a vehicle defect is discovered shortly after the sale. This is why the return option works so well: if there's an unknown problem with the vehicle, the Buyer gets his or her money back and the vehicle is returned to Seller. Both parties are restored to the the position they were in before the agreement was signed.
No Warranty:
In most private party vehicle sales, the Seller does not intend to include a warranty with the sale of the vehicle. Instead, the vehicle is sold "as is." This means that if something goes wrong with the vehicle after it is sold to the Buyer, the Buyer is solely responsible for fixing the problem and cannot return the vehicle to the Seller. If that is how your agreement is structured, check the "No Warranty" box for your Bill of Sale or Vehicle Purchase Agreement available at CarContracts.net
If in your agreement the Buyer has the right to bring the vehicle back after discovering a problem, read the description of the "Limited Warranty" provision to see if it captures the terms of your deal.
Closing Date:
The Closing Date is the day by which Seller must deliver the property (or vehicle) to the Buyer and the Buyer must pay for it. The Closing Date need not be the same date the contract is signed, although it can be. You should think about what date would be appropriate here. Will the Buyer need a few days to get funds together for the Purchase Price, or are both Buyer and Seller ready to complete their deal on the same day they sign the contract? Whatever day you pick, it is "D-day" in terms of your agreement. Either party's failure to consummate the sale by the Closing Date is a breach of the contract.
State:
Whatever state you select will be the one whose laws will govern interpretation and enforcement of the contract. In the unlikely event of a lawsuit, this provision will also require that the lawsuit be brought in the courts of the state you select. If the buyer and seller reside in different states, the party drafting the contract may wish to select his or her home state simply for the sake of convenience.
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