anjan_c2007

Transfer Of Ownership of Motor Vehicles

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TO WHOMSOEVER IT MAY CONCERN

Certified that we namely Shri_______________ , s/o____________ resident of

____________________________(seller) and

Shri_____________________________________________________________son of

Shri________________________________________________

____residentof_________________________________________________(buyer)

have entered into an agreement to sell the automobile (make,class and

model year)_______________bearing registration no.________________ ,

engine no.___________and chassis no._______________in a

mechanically fit, sound and satisfactory running condition to the

buyer. The automobile has been checked by a competent mechanic and the

buyer Shri________________________ is fully satisfied. No complaints

of any kind whatsoever as far as the automobile (make)

_______________bearing

registration no. __________________ is concerned will be entertained

hereinafter by the seller.

The sale is being effected from this ______day of __________ during the

year_______ at _________A.M./P.M after which every action with the

automobile (make)________________registration no.

_______________________will solely be the liability and responsibility

of the buyer Shri_______________ who is also the new owner, hereinafter

the quoted date and time from when the sale is effected. The seller

Shri _____________________bears no liability and responsibility

hereinafter since the sale is fully effected.

The buyer Shri___________________________________undertakes to effect

the transfer of ownership viz. insurance, registration and taxation

certificates in his own name within a reasonable time period of time,

in any case not later than two weeks from the date of the sale.

The sale is being effected for a consideration of a sum of

Rupees_________ which the buyer has paid the seller by Cash/Cheque/

Demand Draft/Bankers cheque bearing no.______________dated and drawn on (bank and branch).

signed with name and address signed with name and address

(BUYER)                                                                    (SELLER)

Dated

Witnesses

(1) Signature Name and Address_________________________

(2) Signature Name and Address_________________________

This is a proforma for all of us who may sell his or her automobiles- Its very

essential as there are cases when the new buyer does not transfer the

vehicle in his or her name and in such cases all the liabilities rest

with the old owner who was the seller.Thefts , criminal acts including involvement in accidents or acts of terrorism and everything else like evasion of taxes and insurance will all be the responsibility of the owner in whose name the vehicle is registered at the time of commitment of such acts.

anjan_c20072009-05-28 15:54:17

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Does not this form available with RTO?

I mean when we transfer the vehicle to the New Buyer through Registration Certificate and some Forms, wont that fully transfer the Responsibility of the Vehicle to the Buyer.

   Also is it necessary to inform the Insurance Company too when transferring the vehicle to another person?

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Well made. But, in the Transfer Forms, which are available at most Driving Schools, or at the RTO, there is an Official Delivery Slip. Instead of going through all this, you can just make the buyer Sign that document, which is binding.

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Well made. But' date=' in the Transfer Forms, which are available at most Driving Schools, or at the RTO, there is an Official Delivery Slip. Instead of going through all this, you can just make the buyer Sign that document, which is binding. [/quote']

Thanks and true Cyrus, but this is helpful both for the buyer and the seller. In Maharashtra we compulsorily require an affidavit on a stamp paper, signed by a notary now a days, where this proforma can be printed.

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Does not this form available with RTO?

I mean when we transfer the vehicle to the New Buyer through Registration Certificate and some Forms' date=' wont that fully transfer the Responsibility of the Vehicle to the Buyer.

   Also is it necessary to inform the Insurance Company too when transferring the vehicle to another person?[/quote']

No sudeep this proforma is drafted by yours truly for the buyer and the seller to be on the safe side. Now a days people buy a motor vehicle , get the transfer papers signed but choose not to transfer ownership for some obvious reasons. Then the onus of responsibility for any civil and criminal wrong doings with the motor vehicle rests with the registered owner, who sadly is the seller without a voice now. If the time and date of sale and the terms for transfer of ownership (say within two weeks from the date of purchase) is recorded thats a legal document which can save the seller should any unforeseen event happen!

Insurance transfer should take place first, prior to the RTO transfer based on the sale deed or document. This done by the new owner and there's no need for the seller (vendor) to inform the insurers.

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Excellent draft, but I would add a comment. In general if the car is on insurance other than Act Only it makes sense not to transfer it tot he new owner. You can get the NCB transferred to your new vehicle. Within 90 days you do not need anything other than a copy of his Insurance Certificate proving that the vehicle is insured. You can also get a certificate from the Insurer about the closed insurance and this is valid for three years. I before selling a car put it on Act only and take the NCB certificate.

The new owner does not benefit from your NCB in any case!

sgiitk2009-06-01 05:46:27

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Excellent draft' date=' but I would add a comment. In general if the car is on insurance other than Act Only it makes sense not to transfer it tot he new owner. You can get the NCB transferred to your new vehicle. Within 90 days you do not need anything other than a copy of his Insurance Certificate proving that the vehicle is insured. You can also get a certificate from the Insurer about the closed insurance and this is valid for three years. I before selling a car put it on Act only and take the NCB certificate.

The new owner does not benefit from your NCB in any case!

[/quote']

Thanks sgiitk thats more information for all of us.

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