When you want to sell a car in the current market- time is a valuable tool to have on your side, especially if you have set your sights on a new car. To make sure that you are ready to immediately hand over the keys of the car once you get a good offer, plan to have all your documents ready before you have even listed the car. Remember, having all your documents ready translates to a quicker sale and perhaps even more money in your account. Read on to find out the documents that are needed when selling your car.
The car title document is the most important document you will need when selling any vehicle. It acts as proof of ownership and also details the make, model, year and vehicle identification number of the car. Trying to sell a car without a car title poses a serious problem, therefore, you should want to get it replaced or find the original document before listing it.
Bill of Sale
A bill of sale usually contains information such as the vehicle identification number (VIN), a thorough description of the vehicle, the selling date, and the purchase amount. It should be signed by both parties when the vehicle is sold. A bill of sale, unlike a title transfer, does not legally transfer car ownership. Instead, it lays out the terms of the sale and functions as a receipt for the buyer as well as a liability release for the seller.
When a vehicle is being sold separately, it is important to give the buyer more confidence to help sell the car faster and increase its value. This can be done by presenting extra documents such as maintenance records, a vehicle history report, and transferrable warranties.
Maintenance records are used to indicate the car’s reliability to the client as they show your maintenance routine and service records. A vehicle history report lists the car’s past owners, total mileage, and any incidents that the car may have been involved in.
Transferrable warranties reassure the buyer and add value to the sale because any remaining warranty coverage from the manufacturer’s warranty can be transferred to the new owner.
Proof of Sale
Once you have successfully sold your vehicle, some states may require you to report the sale to the DMV within a specific time period. This is done to waive all liability from the previous owner once the sale is complete. To ensure that this final step is done without any hitches, check with your state’s DMV for the paperwork requirements after the sale is done.