I always plan on spending plenty of time with a prospective purchaser before I sell a bike. I think it builds a level of confidence and trust with them that what you are selling is good stuff. Any defects are pointed out in advance. If he wants to buy it he must:
1. Pay in full in cash. Absolutely no checks of any kind - no American Express checks, no Bank checks, none. If he doesn't want to handle cash for security reasons a bank wire transfer is the only other option available for payment.
2. I give him a bill of sale dated, purchase price noted, VIN, signed by me. Also noted in capital letters: SOLD AS IS.
3. I always have the title signed and notarized prior
to the sale so that I can give it to him on the spot. This is of course a document that must be kept in my home safe once notarized.
4. At this point it is his responsibility to make sure he has a motorcycle driver's license (if required) and insurance since HE NOW OWNS the bike!
I give him a written copy of this arrangement
before he rides off that we both sign:
The motorcycle is now legally HIS and he may take a 30 minute test drive to decide if he wants to keep it. If he doesn't and returns it undamaged I give him his cash back, he gives me the title back, and I tear up the bill of sale. If he paid by wire transfer I reverse it. Any type of damage voids this agreement and there will be no refund given.
Most importantly I ALWAYS have a witness watching over the whole process, and I encourage the buyer to bring one as well.
Having sold about 30 used motorcycles this way I've never had any problems. I also bring along one of the bill marking pens to verify that the currency is real - $3.00 at your local office supply store.
What's the old Reagan saying.... Trust but verify.