What are some “must do’s” I should remember when selling a vehicle myself?
When selling a vehicle, it is very important to follow your state’s requirements for proper title transfer and to protect yourself should something arise such as the buyer of your vehicle never getting the title transferred to his/her name. If you do not fulfill the proper requirements and do not have a paper trail, you could still be the legal owner of the car and be held liable for any wrongdoings should an accident occur and the actual driver is not found.
Listed below are things that should be done when transferring a vehicle title. Be sure to always check with your state for any updated requirements.
- Always have a signed and notarized Bill of Sale.
- Always have a signed and notarized receipt.
- Always sign the back of your title and include the exact odometer reading. (Do not round off this reading. Be precise.)
- Make a photocopy of the front and back of the title after the above items are completed.
- Again, always check with your state for any additional or updated requirements.
These steps are crucial to protect yourself against possible legal liabilities and tickets arising out of the new owner’s failings.