Registration/Title Issue - Need Your Opinion
Well I may have done it this some. Long story short: Talked with a kind and seemingly honest man about his 1992 Ecoline Ford Coach Leprechaun -25', pristine condition, 87,000 mi., new tires and ev...
Forum Discussion
My SIL in Alaska bought a travel trailer that way. The "seller" was not named on the title, somebody else, apparently a previous owner, was. We were able to get it re-titled in SIL's name. But to my perception it was touch-and-go. In my opinion, on these private deals with strangers, money should change hands at the tag office, nothing signed till then, with insistence that the title is processed Then and There. You are protected as Buyer.
If you insist on this as Seller, then you get a liability protection. When we sign off on a title and hand it to the Buyer, even if you get cash, and even if you send the form in to the State DMV saying you sold it (at least here in FL such a form exists), we still legally OWN that vehicle! The plate may not go with it, depending on the state (in FL it stays with seller), but (again at least in FL) the form specifically says title remains with Seller till Buyer transfers it. We don't want anybody that's not us putting us in legal jeopardy with a vehicle we no longer own or exert control over.
Finally, another case. FL no longer requires notary on a sale. Say you buy a vehicle at well under book value. Legitimately, that's really the price, not a lowball to avoid sales tax. DMV can flag that sale and send a notice to the extend that you've committed a criminal act, unless you can prove with a notarized bill of sale showing that the reported deal was actually the deal. Additionally, there's a penalty twice what the correct tax would be, in addition to the tax due. Your Goose is Cooked if you bought the vehicle from somebody who sold it at distress to pay the movers to get out of town, etc. So to me, that calls for a notary as well.
Worst case might be a boat. Numbers stay with the boat. Expiration sticker is even current. Boat looks legal. But it sinks an creates a pollution incident. That's literally a federal case and ownership tracks back to the seller if the transfer was not actually made.
If you insist on this as Seller, then you get a liability protection. When we sign off on a title and hand it to the Buyer, even if you get cash, and even if you send the form in to the State DMV saying you sold it (at least here in FL such a form exists), we still legally OWN that vehicle! The plate may not go with it, depending on the state (in FL it stays with seller), but (again at least in FL) the form specifically says title remains with Seller till Buyer transfers it. We don't want anybody that's not us putting us in legal jeopardy with a vehicle we no longer own or exert control over.
Finally, another case. FL no longer requires notary on a sale. Say you buy a vehicle at well under book value. Legitimately, that's really the price, not a lowball to avoid sales tax. DMV can flag that sale and send a notice to the extend that you've committed a criminal act, unless you can prove with a notarized bill of sale showing that the reported deal was actually the deal. Additionally, there's a penalty twice what the correct tax would be, in addition to the tax due. Your Goose is Cooked if you bought the vehicle from somebody who sold it at distress to pay the movers to get out of town, etc. So to me, that calls for a notary as well.
Worst case might be a boat. Numbers stay with the boat. Expiration sticker is even current. Boat looks legal. But it sinks an creates a pollution incident. That's literally a federal case and ownership tracks back to the seller if the transfer was not actually made.
