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Old 11-09-2015, 12:15 PM
 
258 posts, read 576,616 times
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Quote:
Originally Posted by Irvinegal View Post
One more question... and it's an important one: If you don't go with the buyer to transfer the title together officially at the DMV, what happens if the buyer drops the ball and doesn't file the title transfer? Someone could buy your vehicle, you do all the paperwork properly at the time of sale, but then that buyer takes his sweet time to actually file it? (and maybe gets into an accident and your name is still on the title...) In North Carolina, is there a form that the seller can file themselves that releases the seller from liability after the sale? In California, there is a form exactly for that purpose. It takes the "what if?" out of the scenario. Most people just don't have the time to wait in long lines at the DMV to accompany the buyer.
This happened to me with a "boat project" i sold... new owner never finished and "dropped the ball"

I got a tax letter in the mail since I still "owned it"

there was a checkbox there if you had sold the vehicle....i checked it and sent it in...

end of story, nothing happened
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Old 11-09-2015, 12:34 PM
 
434 posts, read 554,482 times
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Quote:
Originally Posted by Irvinegal View Post
One more question... and it's an important one: If you don't go with the buyer to transfer the title together officially at the DMV, what happens if the buyer drops the ball and doesn't file the title transfer? Someone could buy your vehicle, you do all the paperwork properly at the time of sale, but then that buyer takes his sweet time to actually file it? (and maybe gets into an accident and your name is still on the title...) In North Carolina, is there a form that the seller can file themselves that releases the seller from liability after the sale? In California, there is a form exactly for that purpose. It takes the "what if?" out of the scenario. Most people just don't have the time to wait in long lines at the DMV to accompany the buyer.
The NCDOT form VR_MVR46F may cover this scenario.

Last edited by ncrkd; 11-09-2015 at 12:42 PM..
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Old 11-09-2015, 12:36 PM
 
Location: Raleigh
6,982 posts, read 5,196,162 times
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Quote:
Originally Posted by Irvinegal View Post
Thanks NCRKD. That makes it make more sense that I notarize it before meeting with the potential buyer. I just couldn't figure out how to make it work logistically as I really don't want to hook up the trailer when the sale is settled just to go hunt for a notary.
By TAGS, do you mean the license plate? Can anyone explain how it's legal to drive a vehicle/trailer on the road with NO plate (as that's what the buyer would need to do, right?)
I don't think you have to hook the trailer up, just bring the title to the Notary.
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Old 11-10-2015, 01:07 PM
 
10,710 posts, read 20,133,318 times
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Originally Posted by 68scout View Post
In the old days the notary was to witness the signatures between Seller AND buyer

they changed it a few years ago and now only the notary witnesses the "sellers" signature and buyer no longer needs to be present. this is referred to as an "open title"

Its not that hard...i deal in boats...and quite often I will buy from one person, have the title notarized, and then when I finish the restoration i pass that title to the new owner and I have never signed or applied my name to anything...I see no reason to pay the state extra $$ just to turn around and sell something...not to mention waiting weeks for a title..

It's not that hard.
Mostly because it's against the law to do that. Also the new buyer will get hit with fees for not registering within the allotted time, even though you were responsible.

You sound like a standup flipper.
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Old 11-10-2015, 01:16 PM
 
10,710 posts, read 20,133,318 times
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Quote:
Originally Posted by Irvinegal View Post
One more question... and it's an important one: If you don't go with the buyer to transfer the title together officially at the DMV, what happens if the buyer drops the ball and doesn't file the title transfer? Someone could buy your vehicle, you do all the paperwork properly at the time of sale, but then that buyer takes his sweet time to actually file it? (and maybe gets into an accident and your name is still on the title...) In North Carolina, is there a form that the seller can file themselves that releases the seller from liability after the sale? In California, there is a form exactly for that purpose. It takes the "what if?" out of the scenario. Most people just don't have the time to wait in long lines at the DMV to accompany the buyer.
As long as you turn in your plates you're fine. What they do with the vehicle afterward isn't your concern. Turning in your plates voids your title.
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Old 11-10-2015, 01:26 PM
 
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Quote:
Originally Posted by wheelsup View Post
Turning in your plates voids your title.
I don't think this statement is accurate - do you have a reference?
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Old 11-10-2015, 01:31 PM
 
10,710 posts, read 20,133,318 times
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Quote:
Originally Posted by ncrkd View Post
I don't think this statement is accurate - do you have a reference?
I may be using the incorrect term but when you turn in your plates it tells the DMV you are no longer responsible for the car. You even get a pro-rata refund for property tax paid on it. The registration canceled (maybe that was the term I was looking for). The OP was worried, my info still stands though, you are not responsible for the new owner registering the vehicle. At all. You've washed your hands of it when you turn in the plates.
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Old 11-10-2015, 01:57 PM
 
Location: NC
581 posts, read 1,189,371 times
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When buying from a private party - What is the safe way to pay for the vehicle? I am talking like $20K used vehicle.

In the past, when buying cheap 2-3k cars - I would meet the seller inside the DMV office. Gave the seller cash in one hand & and take the signed title on the other . Then we both would walk up to the counter and finish the rest formalities...
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Old 11-10-2015, 02:10 PM
 
10,710 posts, read 20,133,318 times
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Quote:
Originally Posted by gcretro View Post
When buying from a private party - What is the safe way to pay for the vehicle? I am talking like $20K used vehicle.

In the past, when buying cheap 2-3k cars - I would meet the seller inside the DMV office. Gave the seller cash in one hand & and take the signed title on the other . Then we both would walk up to the counter and finish the rest formalities...
Meet at your bank. If you are lucky they bank there, then the bank can actually transfer between accounts. If you aren't lucky, you just get a cashier's check for the amount (or cash, but that's kinda looked down upon). If you are really concerned you can get a blank cashier's check. Hand them the cashier's check when they hand you the notarized title. Works good, lasts long time.

With a blank cashier's check if things don't look right you just write your name in the "to" line and turn around and deposit it back to your account.

The vehicle does have a clean title, correct? No lien?
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Old 11-10-2015, 02:56 PM
 
258 posts, read 576,616 times
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Quote:
Originally Posted by wheelsup View Post
Mostly because it's against the law to do that. Also the new buyer will get hit with fees for not registering within the allotted time, even though you were responsible.

You sound like a standup flipper.

I don't read anywhere it is against the law...sometimes the boats I sell are consignments as well
sometimes sold as parts hulls..

I Do know the "fee" is $10 if your not within the "allotted" time if the title was notarized

" standup flipper"??
Don't think the fact that I don't want to pay the state unnecessary extra cash makes me a bad person

Sometimes the boats I buy don't get restored...sometimes they do... at $130 per title transfer no I don't put my name on each state title...I do give a bill of sale with my name....and I do explain why I didn't put it in my name (if it is a re-sell) It's just a hobby for me bro.


people do this all the time....its really not a big deal.
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