Vehicle title transfer
|What Is A Car Title?|
New Titles And Title Transfers
What Title Transfer Forms Do I Need?
How Much Does It Cost To Transfer A Car Title
Title Transfer Requirements When Selling A Car
Vehicle title transfer is required when you wish to sell, donate or present a vehicle to your loved ones. There are certain official procedures which must be followed in order to draft a legit car title. The question is, what is a car title and why is it important?
Before beginning to explain, let us tell you, a car title is not only important but also mandatory if you wish to ride your vehicle on open streets. Car title contains information that establishes the relationship between the owner and the vehicle. It also contains details about the unique identification digits that help to pin down a particular vehicle. In short, a car title is essential to own a vehicle. If you are planning to buy or sell your car, read the article to be aware and get more information about car title and its transfer.
What is a car title?
A car title, also known as ‘pink slip’, is a certificate that proves your ownership to the car you own. This certificate contains several important details like your name, the 17-digit vehicle identification number, its weight class and other details. Car titles are essential if you buy or sell a car. If you buy a car on loan, you won’t receive the title unless and until you have cleared the total amount. A car title exclusively establishes your ownership and it cannot be used by anyone else.
The information on your car title cannot be unchanged unless you sell or donate the car. It has some crucial information that will be required when you fill your taxes and use your vehicle for trading, business trips or for selling. Let’s look at the exact information which a car title contains:-
- Owner’s name
- 17-digit vehicle number for identification
- Odometer reading
- Weight of the vehicle
- Details about the lender if you have borrowed a car
- Information regarding the state from which the vehicle has been purchased
New Titles and Title transfers
The details of a car title can be changed only under specific conditions. In order to ride your car, you must have the latest information on your car title that meets the vehicle guidelines of your country.
Title transfers take place when-
- You pay the complete loan amount to your bank. This applicable only if you borrow money from your bank.
- You sell or donate your vehicle
- You inherit a vehicle from your family members
- The owner of a vehicle changes
Title transfer is a bit lengthy. It requires a transfer fee, the buyer’s signature and the seller’s signature(if any) and an official certificate from the Government permitting the change of car title. Generally, title transfer occurs on paper but you would be surprised to know that such transfers can be done on electronic devices too. Electronic title transfers occur when you buy a vehicle from some kind of dealership.
After you have registered the changes in details, a new car title will be assigned to your vehicle. Now, this new car title has to be used whenever you pay your taxes or plan to do any business with your vehicle.
What title transfer forms do I need?
There are multiple forms which you will need for a successful title transfer. We have listed the important forms below. Go through them to understand the procedure of title transfer.
- Registration certificate- This certificate is needed to establish the ownership of any vehicle. Your seller has to provide you with a registration certificate in order to confirm that the vehicle has been brought from his company and that you are the official owner.
- Pollution certificate- Your vehicle must meet the needs of the pollution regulations laid down by the Government. Basically, your car must follow the EURO-6 model and should be regularly checked for any damage. Once your car passes the pollution control tests, you will receive a pollution certificate.
- Insurance certificate- Your vehicle cannot be registered without an Insurance certificate. Your Insurance Policy will have to register you as the owner of a vehicle and only then, the Secretary of State will allow registration.
These were the mandatory documents that are required during car title transfer. Other files include-
- Form 29 and form 30, signed by the Directorate of Transport Office
- No Objection certificate of you buy a vehicle from a different state
- PAN card
How much does it cost to transfer a car title?
A car title cost varies from place to place. If you buy your car from a different state, you have to pay an extra amount. Also, if you are buying a second hand car, the car title cost will be different. A car title cost is also determined by its weight class. Higher the weight, higher will be the cost of your title.
On an average, car titles cost about
- $130 for vehicles of 3700 pounds
- $190 for vehicles more than 3700 pounds
To this basic price, there will be addition or reduction depending on the type of car you are buying.
Title transfer requirements when selling a car
When you are selling a car, the documents required are almost the same as those required when you buy a car. You can find the list of documents below-
- Registration certificate- To establish your ownership of the car. When you sell the vehicle, your buyer will have to make a new registration certificate with his name as the owner.
- Form 30- This form basically states that there will be change in ownership of the motor vehicle. It should contain photographs of the seller and buyer and also needs to be signed by the RTO.
- Residential certificate- You need a residential certificate to establish where your car was bought from by the buyer. It basically is a proof of your location.
- Pollution certificate- When you are selling a car, it must meet all the pollution control guidelines. Otherwise, it cannot be legally purchased by any buyer.
- Transfer fee- This is required to change the car title
- Form 28- It is required only if your car was originally purchased from any other state or country.
With these documents, you can easily sell your vehicle to a buyer without facing any inconvenience.