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What Is a Sales Contract?
When you purchase something valuable and expensive, you want to make sure you’ll get a receipt in case the thing you bought has damages. A sales contract serves the same purpose as a receipt. It is a legal paper that records or documents the transaction between a seller and a buyer. It is an agreement that the parties involved sign in return for products, services, or money. Moreover, a sales agreement details the background details of the parties involved, the transaction, the responsibilities and rights of both parties, and statements concerning contingencies. The agreement gives both the seller and buyer what they should expect from their deal. There are two common types of sales contracts: a house sale contract and a vehicle sales agreement. In this article, we are going to focus on the latter.
Statista reports that in 2019, there were approximately 5.34 million homes sold in the United States.
When we talk about vehicles, Statista stated that there were more than 4.7 million passenger cars sold in the U.S. in 2019.
Moreover, in the same year and the same country, the number of light truck and car sales were about 17 million and about 77 million worldwide.
Practical Tips to Apply When Purchasing a Car
Almost all of us depend on cars or other vehicles for transportation. As mentioned in the statistics above, many Americans do buy cars, and maybe you are one of them. Also, perhaps you’re still planning to buy one for the first time, or buy another to replace the old one. Regardless of what your purpose is, here are practical tips when purchasing a car.
How To Effectively Sell a Used Car
To earn more, and get all the cash, sell your vehicle directly to customers rather than selling it to a dealer. Learn how to price, advertise, and sell your car strategically by following the steps below.
Step 1: Prepare the Necessary Paperwork
Prepare the necessary documents before selling your car. First, you’ll need to get the car’s title. This slip will give you the right to trade your used vehicle. If the asset is still under a loan, call your lender and inquire how you can arrange it for sale. Then, check the Department of Motor Vehicles’ online site to see what other requirements you need to transfer ownership legally. Also, don’t forget to prepare a basic sales contract or a bill of sale contract for a safer transaction. Moreover, get a car history report in case your customer will ask questions regarding the vehicle’s history.
Step 2: Set the Price
Know the current market value of your vehicle, so you have a basis for setting your price. Then, set the price a little bit higher than the current value. So, if the price list says the vehicle is equivalent to $4,500, you can set the price at $5,000 to have space for negotiation.
Step 3: Advertise by Taking Good Photos
Take many photos that are good enough to attract your buyers and to compete with your competitors. Take pictures of your car from different angles and under good lighting. Park it in a beautiful location. Also, take a photograph of the inside. Moreover, include photos of the car’s current mileage or odometer, the engine, and the tires. You can post your pictures on different advertising sites, such as Craiglist, eBay Motors, Autotrader, etc.
Step 4: Screen Your Callers Carefully
Before actually doing business with your callers personally, do some screening first. You can make a separate Google account and phone number for the trade. When you think an offer is legit, call the buyer and meet him/her. You can expect several calls for a vehicle that you post on a low price, but let those calls go directly to your voicemail. Then, you can decide which potential buyers you’ll call back.
Step 5: Let Your Customer Do a Test Drive
Meet with your potential buyer and bring the car with you. You can meet at any safe place you can do a test drive. Let your customer do a test drive, but go with him/her. While doing the test drive, answer the customer’s questions. Also, let them pay for the mechanic’s fee if he/she wants to make a mechanic assess the vehicle.
Step 6: Close the Agreement
After everything, the buyer will most likely start to negotiate with the price. Allow him to make an initial offer. Also, before closing the agreement, make sure he/she is ready to pay you in cash or check. Several states may require you to submit a release of liability paper that serves as proof that you are no longer the car owner. Moreover, don’t forget to terminate your car insurance policy.
FAQs
What are other examples of a sale contract?
Examples of a sale contract include a property sale contract, a business sale agreement, and a horse sale contract. A property sale contract is a deal between two individuals concerning the purchase of real property. A business sale contract, or also known as a purchase agreement, is an official paper that spells out the terms regarding the sale of a business. A horse sale agreement is an arrangement between a seller of a horse and a buyer. The contract usually contains information about the horse’s history and some statements concerning contingencies.
What is a bill of sale contract?
A bill of sale contract is a paper that contains the details regarding the sale of possessions or the transfer of personal or real property from one individual to another. It serves as proof of the transaction between the seller and buyer.
What is the difference between a sales contract and a bill of sale?
A simple sales contract is used during the transaction between a buyer and a seller. A bill of sale is used during and after a purchase.
A sales contract is a document that smoothens the transaction between a buyer and a seller. It is most importantly used when these transactions involve large sums of money. Therefore, any seller or buyer, who reaches an agreement concerning the transfer of an asset, must use a sales agreement for their protection.