Auto title payoff

[Rob Sewell]

I want to sell my car to a private party but I can't give the buyer the title until I pay it off (and I need the proceeds from the sale to do that ). What's the best way to structure the sale or contract so that the buyer will feel assured that he will get the title? (Illinois)

 

[JudgeJudy]

Very simple my dear...have the buyer make out two checks...one to the lein holder for the payoff amount, and the other to you for the balance. By the way, you most likely only have a duplicate title in your possession...the lein holder (bank, finance company, etc. has the original)

In any event, give ensure the buyer has receipts for both checks, and even if you never produced the title, the state can issue a new one based on the sales receipts.


Pretty standard stuff.... watch 2 weeks of Judge Judy, and next time you'll know!