Legal Question in Civil Litigation in Pennsylvania
Contract help for selling a motor vehicle
I may possibly sell a motorcycle to someone who would in turn make interest free weekly payments until the agreed selling price is reached. What are some of the important points I should cover in the contract? I can word the points and put them into sentences, but I just want to make sure that I'm covering all of the important areas I should be concerned about. Here's most of what I have so far:
Buyer pays weekly payments of $xxxxx until agreed selling price of $xxxxx is paid in full.
Seller holds title to vehicle until agreed selling price is paid in full.
Buyer purchases vehicle as is with no warranties or guarantees of any kind.
No payment(s) shall be refunded to buyer for any reason (dissatisfaction, vandalism, theft, damage, mechanical failure, etc.)
Seller will not charge any extra fees, interest, etc. in addition to the buyer's weekly payments.
Seller is not personally or financially liable for any damages (mechanical failures, vandalism, etc.) after the transaction.
Buyer agrees to pay weekly payments of $xxxxx on time with no granted extensions.
Failure to pay weekly payments after (period of time) will result in repossession of vehicle with no refund of prior payment(s).
Thanks in advance!
2 Answers from Attorneys
Re: Contract help for selling a motor vehicle
I suggest you consult an attorney. You should be listed as a lien holder on the registration of title. You should hold the title until you are paid in full. Gerald Hershenson Esq.
Re: Contract help for selling a motor vehicle
I agree with the advice given by Atty. Hershenson, with the following additions:
Buyer will always have x amount of full tort coverage for both liability and collision on the motorcycle.
Buyer will be licensed to drive a motorcycle and will not allow anyone not properly licensed to drive it.
Buyer will keep the motorcycle in good running order, keep up maintenance, etc.
Buyer takes possession of motorcycle as-is, having had the opportunity to inspect the motorcycle prior to taking possession and agreeing that there are no mechanical defects, etc.
Buyer agrees that you are not liable for any injuries, damages, etc., after he takes possession of motorcycle.
Let me just say this--these kinds of transactions are seldom a good idea. Let the person go to a bank or a relative and get a loan and pay you for the motorcycle to get you out of the loop. You don't need the liability, the headache, etc. And, contracts between friends are the best way to end friendships. Not a good idea. Don't do it.
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