X

27th December 2020

Superadmin

Transfer of Car Ownership: Know All About It

There are many instances where you want to sell your old car. You are thinking of getting a new car, so you have first to get rid of the old one. Thanks to the Internet, finding a potential buyer for your cars has become easy. You can put up an advertisement on the Internet, and the interested buyers can contact you. 

After the required negotiation, the deal is finally closed. But there is an important step that remains. That important step is to transfer car ownership.

At the time of purchasing that car, you took the ownership of the car on your name. It implies that in case of an accident or activity with the car, you are responsible. The ownership implies that all intellectual rights of the car remain with you. 

In case if you are selling your luxury car to another person, you need to transfer all these responsibilities. It means that the new owner should undertake all the legal responsibilities of the car. Title transfer of car should be duly done before making the actual sale. It should state that the new owner solemnly takes all the rights & responsibilities. 

You might doubt it, as to how to transfer ownership of a vehicle to the new owner?

But before finding out that, let us see what happens if we do not transfer the ownership.

The Consequences of Not Transferring the Ownership Are 

  1. In case of any traffic rule violation by the new owner, you would be answerable. As the ownership of the car is still in your name, you would be liable for a fine.

  2. In case of any accidents involving the car, you would face charges as the court sees the owner of the car as the culprit, in case of road accidents. 

  3. It is illegal to sell your car without transferring the ownership. 

Therefore, it is essential to transfer car ownership before selling your car. 

So now, the question arises: howtotransferownershipofavehicle?

The process of transferring the ownership of the car can be fully initiated online also. You need first to have the basic document required for car ownership transfer. 

The buyer and seller both should have the following documents ready with them-

  1. PAN card (both buyer and seller)

  2. Registration certificate (seller)

  3. Clearance certificate (seller)

  4. Insurance of the car (seller)

  5. Address proof document (both buyer & seller)

  6. PUC certificate (Pollution Under Control)

  7. Form 29 & 30 (buyer)

  8. An envelope with stamps ready (self-attested) (both buyer and seller)

  9. Passport size photograph (both buyer and seller)

After the availability of all these documents with buyer and seller, you can proceed. 

Process for Transfer of Ownership Change Vehicle 

Offline Method for Title Transfer for Used Car

  1. Prepare an agreement of sale

An agreement of sale should state all the important conditions of the sale. The document should contain the details of the vehicle and both buyer and seller. It should also provide the method of payment, insurance details and so on. 

  1. Authorise the RTO

After the payment is successfully made, notify the RTO with all the documents. The RTO requires Form 29 & 30 for the transfer of ownership. You have to submit all the documents to the local RTO. 

  1. Exchange of necessary documentation

After the submission, both parties need to provide each other with all the documents. The seller should hand over insurance and PUC certificate to the buyer. 

  1. Clearance certification

The buyer has to again contact the RTO for the issue of a clearance certificate. The clearance certificate certifies that the sale and ownership are successfully made. 

  1. New RTO certification

After all the process, the buyer now needs to register the vehicle with the RTO of his area. He should also affix the above-stated documents with the RTO. 

You can also do the transfer online now. You can now sell your luxury cars and transfer them online. The government has undertaken steps to shift the vehicle ownership transfer online. 

Process for Online Title Transfer for Used Car 

  1. Log in to the official website of the Ministry of Road Transport & Highways.

  2. Click on the ‘online services’ option and then click on ‘vehicle services.’

  3. Click on ‘misc’ to generate OTP.

  4. Upon entering OTP, select ‘transfer of ownership.’

  5. Under the section, mention all the relevant details as asked.

  6. After entering the information, select ‘payment’ to pay the necessary amount. 

  7. After the fee receipt is successfully generated, take a printout of these. Both parties need to sign the documents.

  8. Only the necessary documents stated above need to be registered to the RTO. 

  9. After the submission, you will receive the online transfer certificate.

 Conclusion: Transfer Car Ownership For Safe Experience

With the process, you can successfully get a clear title for used cars. This could prove instrumental in getting back the used car financingamount. You can invest the money wherever you like. 

The process of transfer benefits both the parties. The transfer of ownership provides a fair chance to sell your luxury cars legally. As a buyer, it provides you with a fair chance of buying used luxury cars.

So, the next time you think of getting your car sold, think about car ownership too. 

 

Read more:
  1. Avoid These Seven Mistakes When Buying A Pre Owned Car

  2. No Claim Bonus For Car Insurance: All You Need To Know !

  3. Must-Have Documents When Buying A Used Car

Leave Your Comment

Your email address will not be published. Required fields are marked *

Recent Post

Porsche Boxster…

25th January 2020

Manual Or Automatic…

14th September 2020

Diesel Or Petrol…

01st October 2020

Difference Between…

02nd November 2020

Top Five Luxury…

06th November 2020

Tips To Keep In…

20th August 2020

How to Get the…

24th August 2020

Avoid These Seven…

24th August 2020

Second Hand Car…

29th August 2020

Perks Of Investing…

29th August 2020

10 Ways to Save…

29th August 2020

Car Organizers…

05th September 2020

Useful Tips for…

05th September 2020

How to Get a Used…

05th September 2020

10 Tips When Selling…

11th September 2020

Items to Keep In…

11th September 2020

10 Tips for Financing…

25th September 2020

A Comprehensive…

25th September 2020

Car Servicing:…

01st October 2020

Second-Hand Luxury…

01st October 2020

Performance-Check…

01st October 2020

Clear Title for…

12th October 2020

Best Modifications…

15th October 2020

No Claim Bonus…

17th October 2020

Questions To Ask…

19th October 2020

Learn How To Clean…

26th October 2020

Step-by-Step Guide…

29th October 2020

Ten Reasons To…

31st October 2020

5 Common Mistakes…

04th November 2020

Easy To Maintain…

08th November 2020

Best Fuel-Efficient…

22nd November 2020

Petrol V/S CNG…

05th December 2020

Used Car Selling:…

10th November 2020

Tips To Make The…

12th November 2020

Tips To Drive A…

18th November 2020

How To Avoid Car…

20th November 2020

Tips To Protect…

24th November 2020

How GST affects…

26th November 2020

Tips That Can Keep…

01st December 2020

Car Maintenance:…

03rd December 2020

Perks Of Having…

07th December 2020

Tips To Drive A…

09th December 2020

Winter Car Care…

11th December 2020

5 Typical Scams…

13th December 2020

Easy Maintenance…

17th December 2020

Kilometers Driven…

23rd December 2020

Transfer of Car…

27th December 2020

How To Calculate…

30th December 2020

Car Warranty Vs…

03rd January 2021

Why Is It Important…

06th January 2021

How To Choose The…

08th January 2021

Benefits of Buying…

10th January 2021

Safety Measures…

12th January 2021

Used Car Polishing…

14th January 2021

Car Seat Care:…

16th January 2021