Although the title transfer process can vary slightly by state, there are certain steps that will probably need to be gone through regardless of the state in which you are transferring your title.
It's important to have an understanding of the title transfer process before you buy or sell a vehicle. The following are five steps to the title transfer process that you should be aware of before you get started:
1. Draw up a bill of sale for the transaction
The first thing to do once a sales price on a vehicle has been agreed upon is to draw up a bill of sale between the buyer and seller that details the transaction.
While some states have bill of sale forms that you can download from the state DMV website or pick up at the DMV, other states allow you to write up your own bill of sale. You'll generally have to include details like the vehicle description, the identity of the buyer and seller, and the price the vehicle is being sold for.
2. Exchange funds and pay off any title liens
Funds need to be exchanged from the buyer to the seller so that the transaction is carried out as detailed in the bill of sale.
If there is a lien on the title that is being transferred, it needs to be paid off at this time. A title lien indicates that a lender has partial ownership of the vehicle. This debt needs to be paid off and the lien relinquished so that the title is "clean" and can be freely transferred to the buyer.
3. Acquire and fill out the appropriate DMV paperwork
Your state DMV will have a title transfer form that you'll need to fill out and submit along with the bill of sale. Usually, DMV procedures will involve signing somewhere on the back of the original title to transfer the vehicle over to the new vehicle owner so that a new title can be produced in the new vehicle owner's name.
4. Remove the license plate from the vehicle and surrender it
The vehicle's original license plate will need to be removed from the vehicle and may need to be surrendered to the DMV. However, the seller may end up keeping the plate if he or she has another vehicle to register and transfer the plate over to.
5. Wait for the new title to be sent in the mail
After all of the paperwork has been submitted to the DMV and all fees have been paid, it will take a few weeks for the new title to come in the mail to the vehicle buyer.
However, the buyer can still register the vehicle right away so that he or she has a plate to put on the newly bought vehicle and can begin driving the vehicle right away. Click for more info on title transfers.
Do you spend a considerable amount of time in your automobile? Perhaps, you’re a traveling salesman. Or, you might be the busy parent of two kids who participate on numerous sports teams. Regardless of the reason you spend a lot of time in your vehicle, you might desperately desire to make it more comfortable. Think about investing in a neck pillow. You might also want to buy soft car seat covers to sit on. Purchasing a fragrant air freshener for your car is a great idea. On this blog, I hope you will discover additional, ingenious ways to make your automobile more comfortable to ride in for extended periods of time. Enjoy!