Automobile Purchase Agreement Template: Easy to Use

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Template Automobile Purchase Agreement

Template Automobile Purchase Agreement

Protect yourself with our professional Automobile Purchase Agreement template. This essential legal document clearly outlines the terms of any vehicle sale, including price, payment, warranties, and responsibilities. Avoid costly disputes and ensure a smooth transaction with this comprehensive and easy-to-use template.

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Created By Dolan W.

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An automobile purchase agreement is signed by a buyer and seller during the purchasing of a vehicle. It outlines important descriptions about the automobile and payment terms.

If you need to draft this agreement, you might feel stressed out. While you can have this agreement drafted by a vetted lawyer on ContractsCounsel, an online legal platform connecting clients to lawyers, you can also purchase a template from the site.

Read the rest of this article for information about why you should purchase an automobile purchase agreement from ContractsCounsel and what this agreement template contains.

Why Buy an Automobile Purchase Agreement Template from ContractsCounsel

It can be challenging to find and hire a lawyer for agreement drafting, especially if you’re short on time. An automobile purchase agreement template from ContractsCounsel is beneficial because:

• It’s instantly downloadable. Once you purchase the agreement template, you simply download it to your device.
• It’s drafted by professionals. The automobile purchase agreement template is written by vetted, skilled lawyers on the platform.
• It can be reviewed. You can hire the lawyer who drafted the template to answer your queries or review the document, giving you peace of mind before you sign.
• It’s editable. You can fill in specific details and make changes to the template, making it personalized for your situation.

What’s Included in an Automobile Purchase Agreement Template

This template contains essential terms that govern the buyer-seller relationship so that there are no misunderstandings or issues. Here is some important information it contains.

Automobile Description

In the template, you can fill out the details about the automobile for purchase. By providing specific details, such as VIN numbers, you’ll ensure that the vehicle’s conditions are reported accurately.

Payment

There’s a section describing the payment terms for the vehicle. You’ll have to explain how the payments will be done, such as at the time of sale or in installments after the purchase.

Earnest Money Deposit

The template gives both parties the option of an earnest money deposit being paid by the buyer within a certain amount of days of the agreement. It shows that they’re committed to purchasing the vehicle and can be seen as a security deposit.

Automobile Condition

The vehicle’s condition at the time of sale needs to be specified to prevent issues between parties later. The template provides two options for parties: either the vehicle is sold “as is” with no warranties, or it has specific warranties that will be included in the agreement.

The buyer has the chance to get the automobile inspected by a third party before they sign the document.

Title and Transfer

The seller provides a clear title to the buyer at the time of sale. Parties need to decide if vehicle registration and fees are the complete responsibility of the buyer or if the seller will cover certain costs.

Representations and Warranties

The seller represents that they are the legal owner and have the right to sell the vehicle, which is free of liens and claims. The seller will include any vehicle issues or defects in the space provided.

The buyer acknowledges that they have the authority to enter into the agreement with the seller and that they have understood all information about the vehicle provided to them by the seller.

Default and Remedies

This section highlights what will happen if the buyer doesn’t fulfil their duties, such as if they don’t make payment. The seller could keep the deposit or seek other legal remedies.

Similarly, if the seller does not fulfill their obligations during the sale, the buyer can terminate the agreement and recover their deposit or seek other legal remedies.

Odometer Disclosure

The seller will include the vehicle’s odometer reading and specify if it’s accurate. If it’s not, they will input the correct mileage.

How to Fill in the Automobile Purchase Agreement

This agreement template has many spaces to fill with information about the specific vehicle and selling process. Here’s how to fill it out.

• Step 1: At the start of the agreement, fill in the date, and the full names and mailing addresses of the buyer and seller.
• Step 2: Fill in the vehicle details, such as model and VIN number, which can be found on the vehicle’s registration documents.
• Step 3: Fill in the purchase price and payment terms. Tick the box that applies: the purchase is paid in full at the time of sale OR it’s paid in installments. For the latter, write down how much money is due by what date and when the rest will be paid.
• Step 4: If the buyer is paying an earnest money deposit, the amount needs to be included and the number of days after the agreement by when it needs to be paid. Choose if the deposit is refundable or not. Select if an escrow agent or seller will hold the deposit.
• Step 5: Select if the vehicle is sold “as is” without warranties or if there are specific warranties. For the latter, write these in the space provided.
• Step 6: The buyer must acknowledge that they can have the vehicle inspected before signing the agreement, such as with their initials in the space provided.
• Step 7: Fill out any vehicle defects that the seller knows about.
• Step 8: Select legal remedies if the buyer doesn’t fulfill their duties, such as keeping the deposit. Do the same for the buyer, who could terminate the agreement or seek other legal remedies. There's an extra line if you want to add any other remedies.
• Step 9: Fill in the odometer reading. Select if it’s accurate or not. For the latter, write down the mileage and state if it’s unknown or inconsistent with the actual mileage.
• Step 10: Fill in which state’s laws govern the agreement.
• Step 11: At the end of the agreement, both parties will add their names, signatures, and the date.

Do you need an automobile purchase agreement template?

On ContractsCounsel, click on the vehicle sales agreement template page and select ‘buy template.’ You’ll be directed to a page where you can complete your payment. Once you do, you’ll receive the template as a download.