[druva]

Originally Posted by ajmat

Best way is not to sign the insurance transfer note until the seller comes back with proof of transfer

That doesnt let you off the liability, if the buyer gets into an accident.

[druva]

Originally Posted by hydrashok

Every time I've sold a vehicle, I have filled up all the forms in duplicate and got the buyer's signature on all forms. I also collect:

a) A receipt from the buyer for all the papers I've handed over to him,
b) A receipt from the buyer for the vehicle and the duplicate keys, and
c) A written undertaking from the buyer that he/she will send the papers to the RTO for registration within 14 days of the sale of the vehicle, and that he/she will be responsible for all matters (legal and otherwise) arising from the vehicle from the date of sale onwards.

After all this, I send the full set of papers (one of the as-good-as-original copies with me) to the RTO the very next day after the sale by Regd. Post Ack. Due. I file the receipt from the PO and the Ack. card when I receive it back from the PO.

This much is good enough to show that I have taken all effort to get the vehicle registration changed to the buyer's name. And so far (5 vehicles so far) it has worked like a charm.

However this works only when you sell the vehicle directly to somebody (through a broker or through direct contct). This does not work when you sign the sale-papers and "sell" the vehicle to a used-car/2-wheeler showroom/broker.

This is good info. Seems to be a easy procedure to follow. Has anyone used Automobile Associations to complete this?

[ram_hyundai]

See thats were the true value dept or the auto mart guys come into the picture.Whenever a true value person takes a vehicle they sign an agreement book in which the responsibility of the vehicle is born by the true value executive from the time and date of taking the car.We should be really carefull in dealing with used cars guys.
ram

[DileepKS]

In USA, there is state-to-state difference in law. In California, registration number is issued to the vehicle, and gets transferred with ownership. The exception is a fancy number, which you can keep for use on another vehicle.

For transfer of liability, you need to send a form to the DMV within 5 days of the sale. There will be a bill of sale indicating date/time and odometer reading at transfer, so liability transfer point is clear.

In India, one of the three forms is actually to be filed by the transferror with RTO. But I don't think the babu there will accept it, because their procedure is to accept all three forms together. You send the form, and it will reach the RIP of the trash can.

The ONLY way to protect yourself is to do the transfer yourself. This is difficult to accomplish in most cases.

The next best case is to make a billa of sale, detailing the information of the vehicle (regn/chassis/engine/make/model/colour/tyres) seller and buyer, with the correct place, date, time and odometer reading. Get it signed by the buyer, and two witnesses. White paper is good enough, but if you want, use stamp paper. This document is enough proof of the sale and release of liability.

I wrote my own once. Can't find it now. Maybe any lawyer BHPian can draft one and post it here.

[BaCkSeAtDrIVeR]

@rkbharat - you are wrong. The seller has an obligation to inform the registering authority that he sold the vehicle.

See this pdf file:-

http://www.dorth.gov.in/writereaddat...3554262991.pdf

More rules are linked from here:-

Department of Road Transport & Highways


Hydrashok's approach is the correct one - he is overdoing it, but in my experience, that is teh only way we can do it. People do not want to get vehicles into their names fro several reasons, and if the buyer fails to insure the vehicle and it is involved in an accident, it is your liability to pay the damages. (that is what the supreme court says).

I would suggest an addition to Hydra's post - get a copy of an ID and address proof of the buyer. And put the money in your bank account before giving it to the dealer for your next car. What if somebody claims later that you are faking the sale?

@ajmat - That threat wont work - or is useless. the buyer can always take a fresh insurance cover.

In fact, this is the safer option for seller, especially if the insurance in due to expire in less than 2 months. Ask for the buyer to take a fresh insurance (third party only insurance policy) in his own name and ask for a photocopy for your records. If somebody claims that the sale is faked (liek the MV department / cops coming and saying that your vehicle was involved in a hit and run and you do not have proof of the buyer - not proof of the sale) you can come up with this insurance policy.
__________________
Learn from the mistakes of others.
You won't live long enough to make all of them yourself.

[dsskumaran]

I do not know whether this is relevant to this topic, but did not find any. Excuse me.

What is the procedure for a name change of Insurance?
I bought a used car which has Insurance till Dec2008. Now my father approached the Insurance Company and was told to bring the vehicle for inspection and also need to pay a fees (do not know how much). Is this the process for transferring the Insurance?

Friends, guide me with you your experience. Thanks in advance.

Rgds,
SK

[babhishek]

Originally Posted by Technocrat

See a Seller would get into trouble if the vehicle is sold & meets an accident, on the other hand the buyer might face trouble if the seller has proper sale papers.
So depends on the cop who do the feel worthy of milking

On a serious note it should be the seller as he stand more risk.

completely agree, my dad faced the brunt of an accident situation with xfer of ownership not done by the buyer. Went on to a court case in a district court.
This was around 5 years back. As the seller , transferring ownership is priority no 1.

[BaCkSeAtDrIVeR]

Originally Posted by dsskumaran

What is the procedure for a name change of Insurance?

Look out to pay something like less than Rs. 100/- depending on which co. it is.

They may ask for proof of transfer of ownership - especially in RTO records or sale letter.

[blorebuddy]

Originally Posted by dsskumaran

I do not know whether this is relevant to this topic, but did not find any. Excuse me.

What is the procedure for a name change of Insurance?
I bought a used car which has Insurance till Dec2008. Now my father approached the Insurance Company and was told to bring the vehicle for inspection and also need to pay a fees (do not know how much). Is this the process for transferring the Insurance?

Friends, guide me with you your experience. Thanks in advance.

Rgds,
SK

I have not done for car but for a bike I did.

It is simple. Go to the insurance company, give a letter asking to change the name transfer as you have bought it. Provide the RC Book copy as the proof and also Original RC for verification.

Thats all. No money paid. He did not ask for Vehicle inspection. (I was renewing before the insurance expires)

[cruiser_1982]

Guys,
I am buying a used car. I would like to know what are the formalities to be done in an RTO in Chennai.I am listing the items objectively. Please help me on this.

1. Transfer of ownership: I see two forms, form-29 and Form-30. I am not sure If I should fill both the forms. Following is the link for both.

Form-29 http://www.tn.gov.in/sta/forms/form29.pdf
Form-30 http://www.tn.gov.in/sta/forms/form30.pdf

2. The owner has paid off the loan, but the R.C book still holds the hypothecation entry and the owner has promised to remove the entry before handing over the car to me. Do I need to request for any further documents from the owner like NOC from the bank, etc?

3. The car is registered under TN07 RTO (Thiruvanmiyur) and my home addredd comes under TN02 RTO( Thirumangalam). Do I have to do anything additional to this reason?

4. From this thread, I already understand that I can get the Insurance transferred. So no questions on that.

[ajmat]

Not worth starting a new thread

Just heard of a case where a person sold a car to someone who failed to transfer ownership and installed an LPG system using domestic cylinders. Car blew up. This being a non-bailable offense, the original owner is having an extremely hard time.

[dash]

Need some urgent help!! I sold my car to an individual on saturday and he had got RTO forms 29 and 30 signed from me. Now within 1 working day, he says he has got the ownership transferred and RC book is showing the change!!!

Not sure how this is possible. Even if it is done through a agent and greasing etc.. how on earth is it possible to complete the transfer with in one working day is confusing me...

I have still not looked at the Transferred RC book but is there any thing that I need to watchout for... Please help....

[tanwaramit]

This is India, anything is possible in government offices. If you are unsure you may do the following.

1. Go and see the RC book to check if it is indeed updated (if yes, check the signing authority and office)

2. Go to RTO and check with them if they have indeed approved any such thing.

If alls well, then relax and carry on with your other tasks.

[.anshuman]

It can be possible, you must have taken a affidavit stating his responsibility in future from the guy who bought the car

[bblost]

Why don't you verify it?
http://www.team-bhp.com/forum/indian...e-details.html