How To Complete A Car Sale Transaction

Table of contents:

How To Complete A Car Sale Transaction
How To Complete A Car Sale Transaction

Video: How To Complete A Car Sale Transaction

Video: How To Complete A Car Sale Transaction
Video: 🤓How To Sell A Car Privately-What Paperwork Is Needed🤓 2024, December
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When registering the sale of a car, three main documents are used, recording the fact of sale and its conditions in writing. This is a sales contract, a certificate of account and a power of attorney.

How to complete a car sale transaction
How to complete a car sale transaction

Instructions

Step 1

The sales contract is the most reliable from a legal point of view. For its registration, the car is usually removed from the register, although this is not necessary. After deregistration, the seller and the buyer draw up an agreement in writing and in duplicate. At the time of signing the contract, ownership of the vehicle passes from the seller to the buyer. The new owner of the car, when registering it with the traffic police, will have to present his copy of the sales contract. The price to be specified in the contract is determined by agreement between the seller and the buyer. In the event of subsequent litigation, the court will take into account only the price that is specified in the contract.

Step 2

The account statement provides for the participation of a third party (intermediary) in the sale of a car. It is often a thrift store or car dealership. In theory, the seller is obliged to conclude a commission agreement with the intermediary, and the buyer is obliged to enter into a sale and purchase agreement. In practice, the seller together with the buyer in the store (salon) draw up a certificate-account and transit numbers for the car deregistered. Here, the new owner fits into the TCP. From this point on, ownership passes from the seller to the buyer. When registering a car with the traffic police, the new owner must have this certificate with him. In further legal proceedings, all claims are presented to the intermediary, and not to the seller. Please also indicate the real cost of the car in the reference-invoice.

Step 3

When selling a car under a power of attorney, the simplicity of the transaction is attractive. The car is not removed from the register. The seller simply notarially draws up a power of attorney for the car to the buyer. At the same time, the ownership right does not pass to anyone. Therefore, this method is unattractive from a legal point of view for both the seller and the buyer.

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