People buy bikes for varying reasons. It can be budget bikes as a means of transport for some; a high-end bike can be a status symbol for few and then there can be young people who consider it a must-have to set out on road trips with friends. India has emerged as the largest growing two-wheeler market in the world in the past few years. There are ample of choices available in all budgets. If you are buying a new bike from a showroom, you don’t need to worry about the paperwork, but if you are buying or selling used bikes, you need to know the right procedure. It is important to avoid any trouble later.
Once you finalize your second-hand bike after thorough testing and getting it examined by an expert, here is what you need to do as a part of the legal formalities.
Transfer Vehicle Registration Certificate (TVRC): This is the most important document that gives the buyer the legal possession of the bike. To obtain TVRC, you need to submit the following documents:
- Original Registration Certificate (RC) of the Vehicle: This is the registration book of the bike, which should have the details of one-time road tax paid. These details include the receipt number and the stamp of the RTO where the payment was made. In case the previous owner has any bike finance on it, then the bank’s details like bank seal are also there. In case of such a seal, you will require a NOC from the specified bank that the loan is clear along with a signed and stamped form 35. The loan entry is then canceled in the RC book for which the RTO charges some nominal fee.
- Insurance Certificate: Everyone buys an insurance cover for the vehicle and the current insurance certificate is then transferred to the new buyer’s name. The seller needs to sign on the insurance transfer letter for it.
- Transfer Papers: These are in the form of Form 28, 29 and 30, which can be procured from the RTO. Form 29 and 30 are mandatory and you are required to have one copy of each. Form 29 is the notice of transfer of ownership of a motor vehicle and once the TVRC process is completed it is given to the new owner. Form 30 is an application for intimation and transfer of ownership of the two-wheeler. In case you require NOC to transfer vehicle to a city other than where it is registered, you need three copies of Form 28.
- Valid Address and Identity Proof: Valid address and ID proof are required. For this, a person can submit a copy of any specified documents like PAN card, Aadhaar card, Passport etc.
- Pollution Certificate: A valid and updated PUC certificate is required.
You need to have all these documents in original and one set of attested photocopies of these.
Apart from these documents that are required for legal procedures of buying or selling, one should also do the following.
- Get a sales letter cum receipt typed on a stamp paper so as to avoid any complication in the future.
- Get a delivery-note signed stating that from now onwards the said vehicle and all the related responsibilities are of the new owner. Make two copies of it for the respective buyer and seller.
- On the RC copy, the chassis number and the engine number of the machine are mentioned. Check if the bike you are buying has the same number as mentioned on the RC.
Once you take care of all these documents, you will never face any trouble in the future.