To my knowledge, there wouldn't be any penalties involved, if I understand your question correctly.
I've done this twice in the last 5 or so years, with bikes bought out of state, and didn't have any problems.
One of these times I also had the title put into my name but didn't register the bike for several months as it wasn't currently running and I didn't want to put a 12 month tag on a non-op vehicle. There are also no property taxes to pay until the vehicle is registered either.
Good luck with your purchase [smiley=thumbsup.gif]