A car is a tangible asset. Apart from providing you with the convenience of getting around quicker, and more comfortably, it enables you to transport stuff from one point to the other with minimal hustle. You can use it in your recreational activities, meaning that it also plays a part in your social life.
Your car can also act as collateral when seeking a loan, not forgetting the various ways you can use it to generate money.
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For these and more reasons, you need to have a document showing that you are the legal owner of the car. Well, if you guessed right, this is what is referred to as the car title. When the car changes hands from one owner to another, either through a sale, inheritance, or auction, title transfer becomes critical.
Since it is usually a process that can get rather lengthy, here are a few tips you should read in case you ever need to transfer a car title.
Making the Actual Transfer
Car title transfer is a standard legal process, even though the laws may vary from state to state. Nonetheless, the car seller needs to submit a completed title application form with a notarized signature on it. An odometer disclosure statement of agreement is a necessity. The situations where a transfer is needed could range widely depending on various factors. In most cases, however, it affects car buyers and sellers as follows:
When You Are the Seller:
First of all, be sure to have the required information (as will be described later) for a smooth transfer. Here, it is more of how you interact with the buyer. For instance, give all the information they ask for when they make any inquiries. This gives them the comfort and assurance they need before making the purchase. If they ask for a notarized signature, provide it. After all, disposing of a car for whatever reason is not always an easy task. Lastly, give a copy of the title to confirm ownership.
When Buying From A Private Seller:
As a car buyer, much of the responsibility lies on you as far as car title transfer is concerned. After all, you’re the one in need of proof of ownership. Now, the process becomes a bit complex if the owner has not paid up fully for the vehicle. This is because the car title transfer will only be processed if the previous owner has cleared any liens on the title before selling. But if he is in full ownership, the seller will only need to sign the sellers’ section and submit the paperwork to the DMV.
Of course, the verification processes may take some time as all this is being confirmed at the respective DMV offices. This is why as seen on this site, it is reasonable to get DMV help when approaching car title transfer. You can save tremendous amounts of time and money as the pros handle the research and process the transfer for you.
When Buying From A Dealership:
This is the simplest of all methods to get a title because the dealer will do all the paperwork on your behalf. Dealership purchases save you from a lot of hustle, no wonder the vehicles there buy low and sell high! When buying a ride from a reputable dealership, it usually takes hours to a few days before the title is processed and handed over to you after making the payment.
Know the Crucial Information Needed
The transfer process can be a bit slippery if you are not conversant with it. It can be more hectic if you do not have the required documents for the car title transfer process to take place. Assuming you are a seller, some of the required documents include the following:
- Government-issued state ID
- Title transfer fees
- Insurance policy documents
- Car insurance coverage
- Signed and notarized transfer form
- Damage disclosure
If you know the crucial documents needed, car title transfer becomes an easy feat. It is also worth mentioning that you can request a duplicate title if you are the legitimate owner of a vehicle. As earlier mentioned you may have to clear off your loans before you reclaim a car title or have one in your name.
The car title document usually contains various details about the vehicle and its owner. This includes details such as the car owner’s name, vehicle identification number, licensed and registered plate number, odometer reading, brand, year, model, color, body, and usage type. Most importantly, title transfer shows the history of ownership. The above are just a few things you should know when you need to transfer a car title.