You finally found a buyer to take over the possession of your car, you came up with a deal that matches your financial goals, and the buyer’s targeted budget. You now have to make sure that you fulfill the legal requirements enforced by the state and city officials, you also need to make sure that the liability is also turned over, and that you will not be liable for the buyers engagement in and accidents, moving and non moving violations.
The fine details vary by state; however, this should equip you with a road map to use. Check with the local department of Motor Vehicles for the specific details. Write up a bill of sale that includes the vehicle identification number, a description of the car, and the financial details. Sign the title over to the buyer. Even if your state doesn’t require the title to be notarized, sign it over along with the bil of sale before a public notary service, and keep a photocopy of the signed title for future records.
Now that both you and the buyer are aware of the ownership is transferred you should be aware that there is still uncertainty with the liability transfer. The safest practice to follow is providing copies of the bill of sale and the signed copy of the title to your local motor vehicle department. Taking this extra step will ensure the transfer of liability even if the buyer takes longer than promised to re-title and re-register the car.
On a concluding note, I am not by any mean an expert in the rules and regulation of every state nationwide, however this is just like I mentioned earlier is a road map, and you should contact your authorities to ensure that the requirements are completely fulfilled.
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What Paperwork Do I Need When Selling My Car
