Pravin (Executive) 10 January 2019

Bike sell

Dear Sir/ Madam, Pls guide i want to sell my old bike of year 2001 but other party who is purchasing it saying that he won't transfer bike in his name due to high cost of transfer in RTO. Kindly guide if I sell my bike through sell deed on Rs.100 stamp will it valid and save me in case if other party misuse or met with an accident due to which third party liability arises.

Reply Follow

2 Replies

SIVARAMAPRASAD KAPPAGANTU (Retired Manager) 11 January 2019

As far as possible do not sell to such party which is risky.

No matter to whom you sell the two wheeler or four wheeler, with or without transfer, it is always better to take a receipt from the purchaser stating the Registration Number, Descripttion of the vehicle, Engine/chasis number alongwith the existing Insurance Policy Number. Such receipt should be signed by the Purchaser with date and time and it is better the signature is got attested by his Bank Officials. This precaution shall save you from any mischief and accident by the purchaser subsequent to the date and time mentioned in the receipt. However, you should obtain Identify Proof and Address Proof of the person.

G.L.N. Prasad (Retired employee.) 11 January 2019

As per notifications, the responsibility in case of accident payable as compensation will always be by the name of the registered owner of the vehicle.