What Kind Of Paperwork Do You Need To Sell Your Vehicle?
When you are ready or in the market to trade in your vehicle for a new set of wheels, you want to make sure you have all the necessary paperwork in order to ensure a smooth transaction. Having the necessary paperwork will free the seller up from making sure the vehicle is in tip top shape to wine and dine the new owner.
Before you turn your keys to the new owner, there are a few things to gather for the sale: vehicle title, service or maintenance records , record of sale, exemption of liability, warranty records and as-is declarations.
Pass The Owner’s Papers
Many years ago, the “papers” on a sale of a vehicle exchanged hands between the seller and the buyer. Now, the “papers” are referred to as the title. During a sale, the seller signs the title and gives the signed document to the buyer. After receiving the title, the buyer will take the title to a state motor vehicle agency to apply for a registration in the new owner’s name. Now, the tags will be issued to the new owner.
Act Of Good Faith
When a buyer agrees to the terms and conditions from the seller of the vehicle, a document of sale is created to protect the interests of both the buyer and the seller. It serves as a starting point of any problems were to arise as a result of the transaction.
Wiping Hands Clean After The Sale
To reassure and protect the rights of a seller when it involves the sale of a used vehicle, the seller can receive exemption of any liabilities or damages occur after the sale. For instance, the seller can certify that the vehicle was sold in working order. Unfortunately, a week goes by and the muffler goes bad on the vehicle. The seller is exempt from the liability because he or she indicated that the muffler was in satisfactory condition before the sale occurred.
A Statement of Reassurance
Some sellers may be ready to sell their vehicle well before a manufacturer is or an extended warranty is about to expire. Depending on the vehicle manufacturer, there are dealer or vehicle warranties that can be transferred when the vehicle is sold is transferred to a new owner. Before a vehicle is sold, a seller can acquire about the details and particulars of a warranty. If a warranty still exists, the seller can find out if the balance and time on the warranty can be transferred to a new owner.
You Get What You Pay For
Once it has been established that there is no warranty or the seller or takes exemption from any liabilities that can arise after the sale, the buyer will purchase the a defective water pump is the responsibility of the new owner and the seller is not liable for this damage or repair after the vehicle sold.
Its’ All In The Number
When selling a vehicle, make sure that the vehicle identification number (VIN) is visible and clear on the paperwork that is given to the new owner. Like an individual’s social security number (SSN), the VIN plays an important role when recording the sale of a vehicle. This number helps locate and identify the vehicle in a state motor vehicle agency. At the state motor vehicle agency, paperwork will be processed to transfer the ownership of the vehicle from the previous owner to the new owner. Sellers need to make sure to have all the information that pertains to the VIN so it will make the selling process very easy.
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