Sale rules for private carOctober 22, 2014
There are few options available for the owner who wants to sell his car. They can sell it through a dealer, can exchange it for another car or can sell it by himself without the involvement of a bank or an agent. When going with the private sale, few rules should be kept in mind for the protection of both the buyer and the seller.
Validating the car
The buyer and the seller should keep in mind a few things. The buyer should carefully inspect the vehicle before buying. If the buyer does not know much about the car he can take a mechanic along to verify if everything is all right. The seller on the other hand should decide from before what kind of payment would he accept. If the seller is accepting checks he should call the bank and verify the funds of the buyer. The seller can even make a simple contract and add the buyers driving license to it.
After the sale
It is necessary for the owner to have possession of the car title or the trade is difficult to happen. The owner should sign the registration and the title to the new owner. One should make copies of the record and inform the insurance agent and the local tax commissioner office about the sale. The new owner then gets the new registration and carries his own insurance after 30 days or so.
Keeping records is important for both the buyer and the seller. The sellers should keep the records in order to prove that the car is no longer theirs in case of an accident or theft. The buyer can keep the records of the sale and apply for registration and insurance and use these papers until the legal documents for registration are received.
Check properly before buying
You should carefully examine the car before making the purchase. All the details of dents, scratches, rust, peeling and mechanical defects should be taken into consideration. The sellers should inform of any problem or defects with the vehicle. The buyers should note the VIN number and request the copy of service reports.