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transfer onwership under finance


I'm planning to sell my bike which is under finance so I can't transfer the onwership till the loan is completely paid off . The buyer would like to continue the loan . so what all legal documents should I do to make sure that he is responsible for what all happens in future. and I heard that agreement paper has only 3 months validity if so what should I do ?
 
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Retired employee.

Enter into a Hire purchase agreement, and with a condition that the amount should be credited to your existing loan account with the bank, and all responsibilities from that date as an owner should be taken by him.

(  Contact a local advocate and study such possibility though it is illegal to transfer a vehicle when the vehicle is under finance and unless the vehicle is transferred, the other purchaser may not be responsible for the losses through the vehicle  IIn case of accidents to vehicle, self and to the third party).  It is highly risky and not legally proper as you have to take the responsibility to the third party in case of accidents.)

 
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