Car Sale Contract
CAR SALE CONTRACT
This Car Sale Contract "Contract" is made on March 20, 2050, by and between [Your Name], "Seller" of [Your Address], and [Buyer’s Name], "Buyer" of [Buyer’s Address].
1. VEHICLE DETAILS
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Make & Model: [Make, Model]
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Year: [Year]
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VIN: [Vehicle Identification Number]
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Odometer Reading: [Odometer Reading] miles
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Color: [Color]
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Condition: Used
2. SALE PRICE AND PAYMENT
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Sale Price: The total sale price of the vehicle is $15,000, payable by the Buyer to the Seller.
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Payment Method: The Buyer agrees to pay the Sale Price via certified bank check in 5 installments, each due on the 15th of each month.
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Deposit: The Buyer has paid a deposit of $3,000 on March 20, 2050, which is non-refundable except as provided in this Contract.
3. WARRANTIES AND REPRESENTATIONS
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Seller’s Warranties: The Seller warrants that the Seller is the legal owner of the vehicle, the vehicle is free from all encumbrances, the odometer reading is correct to the best of the Seller’s knowledge, and the Seller has the right to sell the vehicle.
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As-Is Sale: Except for the Seller’s Warranties, the vehicle is sold "as-is," and the Seller disclaims all other warranties, express or implied, including any warranty of merchantability or fitness for a particular purpose.
4. INSPECTION
4.1 Buyer’s Inspection:
The Buyer acknowledges that they have been allowed to inspect the vehicle fully or have it inspected by a third party of their choosing. This inspection can include but is not limited to a physical examination, a test drive, and a review of the vehicle’s maintenance history and any documents related to its condition.
4.2 Seller’s Disclosure:
The Seller has disclosed to the Buyer all known defects and issues with the vehicle, including but not limited to mechanical, electrical, and cosmetic problems, as well as any accidents or damage the vehicle has sustained in the past. A comprehensive list of disclosed defects and issues is attached hereto as Exhibit A.
4.3 Acknowledgment of Inspection:
The Buyer hereby acknowledges either having inspected the vehicle to their satisfaction or voluntarily waiving the right to inspect. The Buyer understands that the vehicle is being sold "as-is," except as otherwise specified in the warranties and representations provided by the Seller in this Contract.
4.4 Inspection Results:
If the inspection reveals conditions that were not disclosed by the Seller and significantly affect the vehicle's value or safety, the Buyer may:
a. Accept the vehicle in its current condition with no further warranty or recourse against the Seller.
b. Negotiate with the Seller for repairs or a price adjustment based on the findings.
c. Void this Contract subject to a mutual agreement, with the Seller refunding any deposit or advance payment made by the Buyer, less any costs for services already performed or agreed upon as non-refundable.
5. TRANSFER OF OWNERSHIP AND RISK
5.1 Transfer of Ownership:
The transfer of ownership of the vehicle from the Seller to the Buyer is conditional upon the Seller’s receipt of the full Sale Price as stipulated in this Contract. Ownership transfer will be evidenced by the Seller delivering to the Buyer the vehicle's title, free and clear of all liens and encumbrances, along with any necessary endorsement and transfer documents, as required by the law of [State/Country].
5.2 Transfer of Risk:
The risk of loss or damage to the vehicle shall pass from the Seller to the Buyer upon the latter of the following events: a. The Seller’s receipt of the full Sale Price. b. The physical delivery of the vehicle to the Buyer or a designated agent of the Buyer.
5.3 Responsibilities After Risk Transfer:
Once the risk of loss has been transferred to the Buyer, the Buyer shall assume full responsibility for the safety, maintenance, and insurance of the vehicle. The Buyer is advised to arrange for insurance coverage on the vehicle to commence no later than the transfer of risk date.
6. RESPONSIBILITIES OF THE BUYER
6.1 Financial Obligations:
The Buyer is responsible for all financial obligations associated with the purchase of the vehicle. This includes, but is not limited to, the full Sale Price of the vehicle as agreed in this Contract, any applicable taxes, and additional fees required for the transaction.
6.2 Title Transfer and Registration:
The Buyer agrees to promptly undertake all necessary steps to transfer the title of the vehicle into their name and to complete any registration requirements as per local and state regulations. This process must be completed within [Specific Number] days from the date of sale. The Buyer is responsible for all costs incurred during this process, including:
a. Title transfer fees.
b. Registration fees.
c. Sales tax, if applicable.
d. Any other fees imposed by local or state authorities.
6.3 Insurance:
Before taking possession of the vehicle, the Buyer shall secure an adequate insurance policy for the vehicle. Proof of such insurance must be presented to the Seller before the vehicle is delivered to the Buyer.
7. GOVERNING LAW
This Contract shall be governed by and construed under the laws of [State/Country].
8. DISPUTE RESOLUTION
Any disputes arising from this Contract shall be resolved through arbitration in [Location] by the rules of [Arbitration Association].
9. ENTIRE AGREEMENT
This Contract constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements, understandings, negotiations, and discussions, whether oral or written.
10. AMENDMENTS
Any amendments to this Contract must be in writing and signed by both parties.
SIGNATURES
This Contract is executed by the parties as of the date first above written.
Seller’s Printed Name: [Your Name]
Date: [Date]
Buyer’s Printed Name: [Buyer’s Name]
Date: [Date]
