Many transactions that go on when purchasing a vehicle and one of them is the transfer of ownership. But what exactly is Title Transfer? It is a legal document that holds all the vehicle details and also proves the buyer’s ownership.
The title is important because it establishes the buyer as the legal owner of the vehicle and ensures all legal liabilities of the vehicle are transferred to the buyer. Title transfer is different from Title only, which is issued to vehicles that are not required to be registered. Wondering what you need to.
The certificate of ownership contains all the personal information of the buyer and the vehicle. These include license plate number, Vehicle Identification Number, car description, buyer’s name, buyer’s address, and many more.
It is important to know that all the information needs to be very accurate if you want the title to be valid. This is because nothing can be changed once the title is issued. Unless the vehicle is sold or donated. If the title has more than one name, all parties must sign before the vehicle can be sold. Read on as Global Multi Services takes us through why Title Transfer is necessary.
Title Transfer Requirements
When changing vehicle ownership, all the original titles should be signed by the seller before reassigning it to the owner. The buyer should also provide detailed information about the change of ownership.
The information includes the purchasing price, odometer reading, date of purchase, full name, and address. We can help you take care of all this process at Global Multi Services. All you need to do is to get the right signatures.
Proper documentation about the proof of insurance for the new owner must be provided before a vehicle title can be transferred permanently. The signed title must also be included. Without these essential documents, Title Transfer will not be processed.
The Title Transfer documents must also contain a copy of the buyer’s driver’s license. The new owner can continue to use the vehicle license plate if both the buyer and seller are living in the same state.
Other documentation might be required depending on the state the Title Transfer is done. The state may ask for the following documentation:-
- Notification by an attorney
- Duplicate of the original title
- Sign-over title
- Bill of sale or invoice
Title Only Requirements
Before submitting your Title Only application form, you have to state why you are applying for a Title Only. You will also be asked to submit documents that prove you are the owner of the vehicle. The required documents also vary depending on the applicant’s reason for applying for a Title Only. Here are reasons you can apply for a Title Only:-
- Out of state repossession
- Sale of vehicle confiscated by the government agency
- Vehicle not required to be registered
- Insurance company settlement
- Out of state buyer
- Sales of the vehicle donated to Non-profit organization
- Out of state IRP Registration