[lHarpreetl]

Need help regarding selling of my car
1. The buyer is from another state and he would like to transfer the registration from on state to another. I have been asked to get a NOC before the transfer. I am only here for a week and I will be moving back to Pune where I intend to buy a new car. Based on the timelines what would be the best possible option for me to sell the car.
2. Regarding NCB I have 50 percent NCB which I would like to utilise while buying my new car. When I call my insurance company and give them the delivery note I can get the NCB certificate. What I would like to understand what will happen to the insurance will that still be valid for the buyer?

[vpillai]

Originally Posted by cdmanju

@vpillai - As far as I know, RC card/book needs to be submitted to the registration authorities for the transfer process. If ownership transfer is a concern for you, would recommend you to collect the transfer charges from the buyer and get the transfer done yourself with the help of a known agent. This is a time consuming process but its peace of mind.

When you say transfer charges, how much would it be? And, are you sure that we have to submit the original RC book to the RTO office for the ownership transfer formalities?

Also, I'm planning to put forward a condition while selling my car. Either DD/Check only. And will sign the papers only after the amount is credited to my account. Will that be okay with the buyers. Will they have any problems when asked to do so? I don't want to take any risks at all in the deal, thats why.

Also, I want to cancel my insurance right after the ownership transfer is completed (for this reason I want the ownership transfer process to be completed as early as possible) and let the buyer take a new insurance in his name. And what will happen if the transfer process is not completed even by the next due date of insurance premium? I don't want the buyer to renew the insurance in my name.

Please provide your suggestions guys.

[hserus]

The normal procedure is a token advance at first, and once the RTO *accepts* the paperwork - the remainder of the money is transferred over. DD / NEFT only - don't take cheques if you're concerned about fraud, they might bounce and the process anyway gets delayed till the cheque clears.

[earthian]

@GTO:
Thank you for a very informative and excellent thread. Knowing the sorry state of affairs in most Government offices, it would have been quite a chore getting all the relevant details.
I have two suggestions to add to your check list of things to do before you sell your car:
1. Erase all personal data and contacts from the media player cum telephone, if your car has one.
2. Inform your dealer, where your car gets serviced that you have sold your car. ( the dealer may erronously send the service bill to your address creating unnecessary issues.)

[vpillai]

Hi Guys,
Generally how many days does it take to complete the ownership transfer process? Does it take more than a month?

Thanks.

[KK_HakunaMatata]

Originally Posted by vpillai

Hi Guys,
Generally how many days does it take to complete the ownership transfer process? Does it take more than a month?

Thanks.

As I have seen in two of my cases, it has taken between 2 to 3 weeks after submitting all the documents with RTO. Also, to some extent it depends on whether you submit yourself or through an agent, as agents tend to push things and get it bit faster.

KK

[cdmanju]

@vpillai - Most agents at the RTO will get the transfer done in two weeks. If you pay a premium, they can get it done bit early as well. In terms of charges - approximately 2.5k. I would suggest you to hire a reliable/known agent; it saves your time and things happen lot quicker than dealing yourself.

As suggested by @hserus - dont depend on cheque or demand draft. Please opt for the fund-transfer, its quicker and safer option as well.

[vpillai]

Hi Guys,

Another question. Is it possible to register a vehicle in one state with your permanent address in another state? What is procedure to get a vehicle registered to your name in the city where you work (which is outside of your home state), where you only have a temporary stay address(which of course will not be there in any of your govt. id proofs) ?

Thanks.

[hserus]

Ration card, telephone (preferably BSNL) bill will surely be in your name for the new address? You can produce those as address proof.

Originally Posted by vpillai

Hi Guys,

Another question. Is it possible to register a vehicle in one state with your permanent address in another state? What is procedure to get a vehicle registered to your name in the city where you work (which is outside of your home state), where you only have a temporary stay address(which of course will not be there in any of your govt. id proofs) ?

Thanks.

[vpillai]

@hserus, How about Proof of Address letter from employer(MNC)? Will that work?

[hserus]

Not on the list of approved proofs.

However you can get an affidavit from a notary or 1st class judicial magistrate for the address declaration.

Best is to apply for a bsnl landline or mobile and produce the bill (or even sanction letter as the bill will be generated a month later) as an address proof.

[pgupta]

I am about to sell my car and was wondering A. What happens to the existing insurance when the buyer transfers the car in his name , does the insurance also then gets transferred to his name ? B. I have a 50% NCB and I would like to apply that to my other car - what should I do to be able to do so ? Thanks for your advice.

[hserus]

The sale papers include an insurance transfer letter

Also get an ncb letter from your insurer so it can be transferred to your new car

[pgupta]

Originally Posted by hserus

The sale papers include an insurance transfer letter

Also get an ncb letter from your insurer so it can be transferred to your new car

Thank you ! I was also wondering about how does the insurance cover work between the time the car is handed over to the buyer and it's actually transferred in his name and the insurance gets transferred to the buyers name. Normally this can take 1-2 weeks time to effect all the transfers. Does the delivery note provide any cover to the buyer legally in case of disputes.

[hserus]

Originally Posted by pgupta

Thank you ! I was also wondering about how does the insurance cover work between the time the car is handed over to the buyer and it's actually transferred in his name and the insurance gets transferred to the buyers name. Normally this can take 1-2 weeks time to effect all the transfers. Does the delivery note provide any cover to the buyer legally in case of disputes.

None. You have 15 days after the issue of a changed RC book for you to submit transfer of insurance paperwork. However in my experience, you can just give the insurer the form 29 / 30 xerox, RTO receipt, delivery note etc copies immediately after submitting Transfer of Ownership papers at the RTO, and the insurer will initiate the name change on the insurance policy, on the understanding that once the RC is endorsed to your name, you will give them a copy of the same.

My advice is to not even use a broker or do it online, but to just walk into the nearest office of whichever insurance firm issued the policy, and get the transfer processed.

The legal position in case there is an accident during transfer of ownership is very contradictory so be very careful in the 2..3 days it takes to transfer insurance to your name or just don't take the car out for a spin till that happens.

See this for what I mean - https://www.policybazaar.com/motor-i...a-smooth-ride/

So - if there's not more than a month or two in the existing policy, the best possible way to go would be to ditch it and get a brand new policy for your 2nd hand car, from your regular insurer that you already have a relationship with, so it becomes easier that way.