Selling a car can be difficult given the competition in the automobile market. If you are lucky, you will find a buyer and agree on everything including payments and how you’ll go about transferring car titles. In different states, the transfer process of vehicle titles is the same but there are pertinent details that you should know to make life simple. Read on to learn the things to keep in mind when transferring car titles.
The process of applying for a certificate of title involves a long document that should include the details of both the seller and buyer. The primary data includes names and addresses of both parties involved, a description of the vehicle, taxes paid, plate number, model, make, color, year, and the selling price. A car requires a certificate of title to be legally driven on the road in all states in the US.
In some states, the bill of sale is not required but it is a good way to show that an exchange of goods has taken place. Both parties should include their legal names and other vital details that are required when changing ownership of the vehicle. In some states, the sale agreement needs to be signed in the presence of a notary public. The buyer and seller will also retain their copies.
In all states, the transfer process of the vehicle title is done at the DMV. The entire process can be lengthy since some places differ in the exact forms that you will need to provide. Likewise, quick auto tags can give you an alternative if you want to change the certificate of title of the car. When you have no time to go to the DMV, you can call your agent and present them with the details to facilitate the transfer of the title for your new car.
The advantage of enlisting the services of an agent is that they offer same-day service, and you become the new owner of the vehicle. Additionally, there is no hassle of standing in long queues since the agents do everything professionally.
The buyer needs to pay transfer fees to get the title for the car. There different types of fees that you may pay depending on the kind of transfer you need and these include duplicate title, penalties, transfer, registration, or use tax. If you do not transfer ownership within 30 days, then you will be liable to pay penalties. It is essential to make sure that the new owner of the vehicle transfers the title out of your name within the stipulated period. You should also understand the risks that come with failure to transfer the title from your name.
The seller is required to disclose any issues the buyer may experience with the car to prevent potential liability. The general rule of thumb when selling a car is to be clear about any needed repairs or any unusual issues with the vehicle aside from wear and tear. This helps the buyer make an informed decision should they choose to purchase the car in a compromised condition. If you do not disclose all the details about the condition of the vehicle, the buyer may feel shortchanged and ask you to pay for repairs.
Other states require the seller of the vehicle to include the odometer disclosure when transferring the title of the car. This will help track the mileage history of the car to prevent discrepancies. A smog check is also required in some states, and it costs between $30 and $90. These details are important since they reflect the condition of the car to determine its worthiness.
When the title of the car is not in your name, then it is illegal to sell it since you have no right to do so. When you buy a car via a bank loan, you will co-share the title with the lender until you clear all the payments. Without doing that, you cannot sell the car. If the automobile is in the name of a family member, you can request them to present it as a gift so that you do not pay the sale tax.
Selling a car can be a daunting task since the process can be quite long if it involves transferring titles. When you find a used car that works for you, make your agreements clear with the seller and make sure to ask for a certificate of title, which proves that ownership has been transferred to you.
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