Posted on

Vehicle Sale Agreement India Stamp Paper

From the buyer`s point of view, choosing a used vehicle has its own advantages – if the vehicle is reasonably new. For example, there are no high registration or insurance fees to pay, as is the case for new vehicles. Contracting parties may include the compromise clause in this agreement. As part of the arbitration process, any dispute, if any arises between the parties, is referred to a third party (“arbitrator”) who is designated with each other by both parties. The arbitrator will hear from both parties and decide on the merits of the case. The arbitrator`s decision is final and binding on both parties. The purchaser of a vehicle must ensure that the vehicle is free of any traffic offences and that no fines are to be paid. This can be guaranteed by checking the city`s traffic police portal. It is important to ensure that the seller`s identification is verified and that the signatures on the forms must be made in the presence of the buyer.

The buyer must ensure that the seller has and has, among other things, all the necessary documents in terms of registration, taxation, insurance. Ideally, a copy of the seller`s identity document should be collected after checking the original. The sworn insurance must be printed on a stamp document of a corresponding value mentioned in the stamp law of the state concerned. Since this is an affidavit, it must be attested by a person who has an oath. B for example a notary or a judge. He will then legally be accepted as a solemn confirmation by the buyer and acts as evidence against him in case he withdraws from his promise. 2- That I have received the full and final review of the sale of the above vehicle by the above buyer. 6- That I have no objection to the vehicle being transferred in the name of the purchaser in question. An affidavit for the sale of vehicles is a document drawn up and sworn in the name of the purchaser and generally certified by a notary. He mentions the sale and the details of the delivery.

And on the responsibilities of the buyer in the transfer of securities and liabilities with respect to violations committed after delivery and up to such a transfer. Perhaps the seller`s most important concern would be that the vehicle`s securities be transferred to the buyer as soon as possible. The absence of the latter could make the seller liable for injuries or accidents that occurred prior to such a transfer of ownership.