Transferring a car title is a lot easier than you think, find out all you need below!
Transferring a Car Title: All You Need to Know
Buying or selling the vehicle is not a big task; however, getting the authentic title is the main thing. Moreover, the car title is an important document showing ownership. Owning a lien-free title ensures secure commuting across the state without facing any complications. In addition, you won’t face any legal issues when having complete documentation.
It is important that you make sure if a car is sold to you that you have the original title. That legal document is very important to have when you look to do the transfer of ownership of a motor vehicle. There is no need to accompany the buyer to the DMV office.
The DMV website will give you all the instructions you need to transfer a vehicle title. Now if there is a lien on the vehicle it is very important that you pay off the remaining balance owed on your car. Pay all the sales tax on the license plates as well before you sign the title away.
Why is having a car title important?
A car title is one of the crucial documents when you purchase a new vehicle or used one. Check out the important aspects of having a car title:
- The car title proves the ownership of the person owning the car.
- When purchasing a used vehicle it becomes necessary to complete the transferring car title process.
- Seller helping the buyer to get a new title from DMV ensures they have made the right purchase.
- If you own the car with a pending loan then it becomes important to let lenders know about title transfer. Moreover, make sure to update them before selling the vehicle.
A Simple Transfer of a Car Title
Transferring a car title is easy and fast. Moreover, the terms may differ from state to state and have different requirements. The car title transfer includes signing the current title to the new buyer. In addition, you may need to provide additional details such as the car’s odometer reading, purchaser’s name, sales contract info, and price.
If you have purchased a vehicle having two owners then it becomes fundamental to get the title signed by both owners. Once you have done so then you need to visit the DMV for completing the title transfer process.
At last, the need is to fill out the application form and input the details asked. You must pay the fees to complete the process. Besides, on completing the process, the DMV will send the title to your residence. The authorities will update you regarding the arrival of the title.
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More Complicated Scenarios in Transferring a Car Title
A few complications can take place especially when you have a pending loan on the vehicle you want to sell. Moreover, the need is to update the lender regarding the selling. A few states may request for a lender affidavit mentioning that the lender knows about the title transfer.
Besides, it is important to do so to avoid legal complications. Some lenders want that loan to be paid in full before transferring the car title.
The seller is accountable until the title is transferred to the buyer’s name. Moreover, the fees for title transferring may vary from state to state. To avoid any legal complications, the seller must assist the buyer in completing the title transfer process.
Another situation where you can face title transfer complications is when you want to sell the vehicle at dealerships. The dealership won’t apply for title transfer instead they wait until the used car is sold to the new buyer. In addition, the legal guidelines state that the buyer has to apply for title transfer within 40 days of purchase.
Know What You Need to Bring to the Title Office
Transferring car title follows an easy and flexible process. However, the terms may differ from state to state. A car title is the proof of ownership and it is important to transfer the title from seller to buyer for avoiding legal complications.
How to transfer a car title?
When going to the DMV, you need to submit the following documents.
- Payment Receipts
- Sales Agreement
- Proof showing seller has payback the loan taken from lenders
- Complete information about the vehicle
- Paying the fees
If you want to know things clearly then you can visit the DMV’s official website for understanding how to transfer car title.
As said car title proves the ownership and states who owns the car. The seller must assist the buyer in transferring car title process. Also, the buyer must get the title signed by the seller to avoid any complications.
If the vehicle has any pending loan then the lender must know about the title transfer. Besides, if they agree to the transfer then only things can move ahead. Getting a car title in your name is important to drive freely around the state.
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