You put yourself at risk if you transfer any kind of asset without a contract or in accordance with the regulations. Signing or making a formal statement in front of a notary public protects you whether you’re purchasing or selling a car, motorbike, or another vehicle.
Let’s pretend you’ve spent $6,000 on the car of your dreams and are now driving away in it with a smile on your face. But as soon as you get behind the wheel, the police will flag you down and claim that you’re driving a stolen vehicle.
You are now stranded since the person you purchased the automobile from is ignoring your calls. A notarized sales contract provides that level of assurance. A notary will retain a record of the transaction and will ask both parties for identification. This is done to prevent a third party from “second-guessing”.
FREQUENTLY ASKED QUESTIONS
It is a legal document that transfers ownership of a vehicle from one person to another, and can include documents such as a bill of sale, title, and registration.
To transfer the ownership of a vehicle, you need the vehicle’s title (including the names of the current and new owners), a bill of sale (ensuring you have purchased the vehicle), the purchase price and other details relevant to the transaction.
The process varies depending on state, but it generally involves submitting required documents to the state’s Department of Motor Vehicles or any other relevant agency that deals with vehicle transfer. You may also be required to pay a transfer fee or applicable taxes.
The time taken to transfer ownership of a vehicle varies according to state, and the type of vehicle. It may take from anywhere between a few days to a few weeks for the whole process.
The process of transferring ownership may be delayed or denied if the vehicle transfer documents are not completed correctly. For this reason, it is important to review all documents before submission.