Buying & Selling question

Hello all,

Let's say you want to buy a non working bike, fix it up, and then sell
it. Let's say the bike in non-oped. Let's say it will take 1-3 months
to get it fixed and running well.

What's the lowest priced way of doing this?

Obviously the "correct" thing is to register the bike in my name for
the 1-3 months ... so I'd have to pay the $10 non-op fee (it is current
with non-op payments) and sales tax on the purchase price and maybe
some other DMV fees.

I guess it is illegal for me to just hold all the signed paperwork and
then pass that along to another buyer?

Any ways to pull this off for less $$$?

Thanks!
David

 

The legal owner of the bike is responsible for any damage the bike
causes to third parties, whether or not the bike is running, as well as
for parking tickets. Any seller with an ounce of sense will notify the
DMV posthaste of the transfer of ownership, which could put you in line
for penalties when you do get around to taking the paperwork to the DMV.

If you and the seller have a relationship of trust, you might be able to
structure the deal whereby he will let you work on his bike and you will
pay him for an option to buy it at an agreed price upon completion of
the work or a date certain, whichever comes first. The option should be
priced at enough to compensate him for the liability insurance he would
be smart to carry for the option period and compensation for the risk he
takes that you will not complete the project.

Rich, Urban Biker

 

How do dealers do it? If I trade in a used motorcycle and it sits in
their shop for 3 months, do they register it in the shop's name?

Thanks,
David

 

Dealers are agents of the DMV was the way my dealer explained it to me.