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Is it safe to sell your car if the buyer doesn't want to transfer the ownership

Started by konichiwa, December 17, 2020, 02:10:39 AM

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konichiwa

Hi, I would like to ask your expert opinion.  I plan to sell my car.  But a buyer told me that he wants an open deed of sale and he will not transfer the ownership to his name yet.  Is this safe?  What are my assurance that I will not be held liable if something happens to the car or if someone uses the car doing something illegal?

Will a separate notarized deed of sale with my name and the buyer's name in it save me from all of this trouble? 

Any advice will be greatly appreciated.

Brent

No. It is not safe. The practice is technically not allowed, but nobody is apprehending. This falls under improperly registered motor vehicle. You really no assurance, better sell it to someone else who will transfer to their name.

papa_boss

Quote from: Brent on January 05, 2021, 09:44:03 AMNo. It is not safe. The practice is technically not allowed, but nobody is apprehending. This falls under improperly registered motor vehicle. You really no assurance, better sell it to someone else who will transfer to their name.

Agreed. Deliks iyan, sir, plus it is against the law. No guarantees or safeguards iyan for you if something untoward happens involving your old car.

evdude83


kdf3

It's not safe as everyone knows

If in case of buyers wrong intent and put you on the struggle! 

bonduell

QuoteNo. It is not safe. The practice is technically not allowed, but nobody is apprehending. This falls under improperly registered motor vehicle. You really no assurance, better sell it to someone else who will transfer to their name.
Thank you very much for the information. Useful.

edmondpogi

In most cases, it is not advisable to sell a car without transferring the ownership to the buyer's name. If the buyer insists on an open deed of sale and does not transfer the ownership to his or her name, there is a risk that you may be held liable if something happens to the car or if the car is used for illegal activities. This is because, legally, you will still be considered the owner of the car until the ownership is officially transferred to the buyer.

To protect yourself, it is important to have a notarized deed of sale that clearly states the terms of the sale, including the date of the sale, the purchase price, and the names and addresses of both the seller and the buyer. This can serve as proof that you have sold the car and transferred the ownership to the buyer, even if the buyer does not transfer the ownership to his or her name immediately.

However, it is still important to be cautious when selling a car and to make sure that all necessary steps are taken to ensure a smooth and legal transaction. If you have any doubts or concerns, it may be best to seek the advice of a legal professional who can help guide you through the process and protect your interests.

In addition to having a notarized deed of sale, there are a few other steps you can take to protect yourself when selling a car. For example, it's a good idea to keep a copy of the deed of sale for your own records and to provide a copy to the buyer as well. You may also want to make sure that the buyer has a valid driver's license and insurance before transferring the ownership.

If you are concerned about the buyer's intentions or ability to pay, you may also want to request a cash deposit or certified check before completing the sale. This can help ensure that the buyer is serious about the purchase and has the funds to pay for the car.

Overall, it's important to be cautious and take the necessary steps to protect yourself when selling a car. While a notarized deed of sale can help, it's also a good idea to seek legal advice if you have any doubts or concerns about the transaction. By doing so, you can help ensure that the sale goes smoothly and that you are protected from any potential legal issues that may arise.

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