Only the transfer of ownership of the bike is not enough and bicycle insurance should also be transferred. To transfer the insurance policy, you must notify the insurance company of the purchase of the used bike. You should then submit the new RC book, which contains your name as the owner of the vehicle, the original policy document, your address proof and passport-sized photos. Once the file is filed, the insurance company will verify the documents and transfer the policy to your name. You may have to pay a fee for transferring the insurance policy on your behalf. This fee depends on the insurance company and will be communicated to you if you request the transfer of the policy. To be a valid contract, both the seller and the buyer must correctly sign this agreement with the witnesses and execute it on a valid stamp document, as applicable in the state of execution of the agreement. It is necessary to acquire a car tax certificate from a former owner before purchasing a used bike. If you are commissioning a bicycle possession transfer, you must also submit this certificate to the RTO. This is either an annual or one-time payment to the OTR and serves as proof of timely payment of tax. It is very important that the seller or previous owner transfers the property to the new buyer at the time of the sale of the vehicle, since the seller or previous owner is in difficulty and legally responsible for all offences committed by the buyer or new owner in the car without the property being transferred, such as traffic offences.
, traffic offences, accidents, if they exist. , offences committed in cars, etc. This vehicle sales contract does not change the ownership of the vehicle. After the sale of the vehicle, the corresponding forms must be submitted to the RTO (Regional Transport Office). The buyer`s and seller`s signatures on a proof confirm the conclusion of the sale by mutual agreement. This receipt also contains information about add-ons or taxes paid when transferring ownership of the bike. The application for transfer of ownership of the bike should be made in the state where the bicycle is allowed.