As with any other property, a vehicle needs to have the appropriate documents testifying of its ownership, and the title is one of those. A car title is the document that establishes ownership. It goes without saying that every time a vehicle changes ownership, a new title has to be issued to appoint the new owner, and this transfer has to be made with the DMV. Here are four situations where a vehicle title transfer would be required.
- Selling or buying a car
In this case, most states require a bill of sale in order to process the title transfer. A bill of sale outlines the terms and conditions of the transaction between the seller and the buyer. It also includes the purchase price and other information of the car such as the VIN, the make, model and year. Once the title has been issued, it serves as proof that the vehicle has a legitimate new owner.
2. Inheriting a vehicle
The process for a title transfer in the case of an inherited car is more intricate. Thus, it is recommended to consult a probate lawyer for legal advice. Since the car owner would be deceased, the aspiring owner needs to bring forth documents showing the relationship between both parties. Other supporting documents may be needed such as a completed Statement of Facts, a completed and signed title, a will, a death certificate or other certified court documents.
3. Gifting or donating a vehicle
The gifting of a vehicle is a bit different from inheriting a car because the party doing the gifting is still alive. Thus, this process is more similar to buying or selling a car. The donor must include the odometer disclosure, and both parties need to sign and date the title. The recipient must then take the title to the DMV to apply for a new title under his/her own name.
4. Paying off a loan
In the case of a financed car, the title can be transferred after the loan has been paid off. The lienholder would need to be removed from the title to transfer the title over. Usually, they would take care of the paperwork themselves. The soon-to-be owner would need to set up an appointment with the DMV as soon as the lien is released, signed and mailed to you. It is crucial to add that there is a transfer fee associated with the title transfer of a car with the DMV. You may also need the services of a notary public through this process.
Feel free to contact Wendy’s Signature Services to receive a knowledgeable and professional service to walk you through the ownership of your vehicle.