![]() Initial registration may be completed at a Virginia DMV Office, a customer service center, or by scheduling an appointment with a mobile office. When to Sign Over the Car Title If you sell your car, youll need to sign over the title to the new owner. Once registered, renewals may be completed online. A notarized bill of sale signed by all sellers and buyers is required if the following conditions apply: The vehicle is less than 7 years old and The purchase price is at least 500 below the book value and The new owner (buyer) wants to base the excise tax calculation (6 of the vehicles value) on the sale price rather than the book value. Some states may have unique requirements, including a bill of sale. Registration is available in one-, two- and three-year increments. Required Documents in Virginia To sign over the car title, you'll fill out the pertinent portions of Section A on the front of the certificate. If the vehicle has been purchased at a dealership, the dealer will likely handle much of the paperwork on a buyer’s behalf, although it may take as much as a month for the change to be reflected in the buyer’s DMV records. You'll sign over the title certificate, remove your plates, and notify the Virginia Department of Motor Vehicles and your insurance company of the sale. For those occurring separately, there is no state law requirement about how quickly a vehicle must be registered after the transfer of ownership, but best practice is for the buyer to do so as soon as possible. However, for larger purchases such as a vehicle or a boat, the buyer in particular may opt to have the bill of sale notarized to protect them. ![]() As described below, in some cases the titling of a vehicle and obtaining registration are completed in the same transaction in others, it must be done separately. In most situations, a bill of sale is fairly straightforward and does not require notarization. Table of ContentsĪll vehicles owned by Virginia residents driven on Virginia roads must be registered, with the state Department of Motor Vehicles. ![]() Vehicles More than 5+ Years Old – The transfer of ownership of vehicles older than five years must be accompanied by Form SUT 1, which must be signed by both the buyer and the seller. Form VSA-5 should be used only when there is no title available. When to Sign Over the Car Title If you sell your car, you'll need to sign over the title to the new owner. Odometer Disclosure Statement (VSA-5) – Although state and federal law require disclosing the mileage when transferring ownership of a motor vehicle, Virginia procedure is to disclose the mileage on the existing title for a vehicle rather than with a separate form. Some states may have unique requirements, including a bill of sale. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |