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The Vehicle Sale Agreement (Agreement) is a document used to specify the terms and conditions entered into between the Seller and the Buyer of the Vehicle. This Agreement can be used by either the Seller or Buyer to Buy or Sell any types of the Vehicle including Car, Bike, Bus, Truck, etc.
This Agreement can be used by either individuals or businesses including the dealers of the Vehicle.
The Vehicle Sale Agreement helps to avoid any disputes over the sale of the Vehicle in the future. The important details about the Vehicle can be included in this Agreement.
The Vehicle Sale Agreement is different from the Bill of Sale. Bill of Sale is a document executed at the time of actual delivery of the Vehicle. On the other hand, Vehicle Sale Agreement is an Agreement entered into between the parties prior to the actual delivery of the Vehicle.
How to use this document
This Agreement can be used by the Seller intending to sell the Vehicle or the Buyer intending to purchase the Vehicle.
The details of both the Buyer and Seller will be included under this Agreement. All important details about the Vehicle can be specified to avoid any disputes in the future.
This Agreement includes the following clauses:
The Parties can include the Arbitration Clause in this agreement. Under the Arbitration, any dispute if arises between the parties will be referred to a third neutral person ("Arbitrator") appointed mutually by both the parties. The Arbitrator will hear both the parties and decide the case on merits. The decision of the Arbitrator will be final and binding on both the parties.
To be a valid contract both the Seller and Buyer along with the Witnesses have to duly sign this agreement and execute on a valid stamp paper as applicable in the concerned state of execution of this Agreement.
This Vehicle Sale Agreement does not legally change the ownership of the Vehicle. Once the Vehicle is sold, the appropriate forms have to be submitted in the concerned RTO (Regional Transport Office).
The methods of transferring the Vehicle
Documents required for transfer of ownership in case of sale
The Vehicle Sale Agreements in India are enforceable under The Indian Contract Act, 1872.
If the Vehicle is sold to an individual person for a non-commercial purpose (other than for self-employment) the Consumer Protection Act, 2019 will also be applicable.
The details of the Vehicle and other services can be found at Vahan Portal.
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