What is the name of your state (only U.S. law)? NC
We are selling our car to an individual via a private sale. We still owe a balance on the car and therefore do not have a title in hand. I want to do this this as safely as fairly as possible. If we draw up a bill of sale showing the following:
1. a statement (notorized) showing receipt of payment in full
2. a statement (notorized) showing the title will be forwarded upon receipt (we have been told 7-10 days)
3. a statement (notorized) showing the new owner being liable for any damage or problems and once he takes possession of the vehicle
4. proof of insurance by the new owner (we will obviously keep insurance as well until we transfer the title)
At this point is it safe to let the new owner take possession of the vehicle?
We are selling our car to an individual via a private sale. We still owe a balance on the car and therefore do not have a title in hand. I want to do this this as safely as fairly as possible. If we draw up a bill of sale showing the following:
1. a statement (notorized) showing receipt of payment in full
2. a statement (notorized) showing the title will be forwarded upon receipt (we have been told 7-10 days)
3. a statement (notorized) showing the new owner being liable for any damage or problems and once he takes possession of the vehicle
4. proof of insurance by the new owner (we will obviously keep insurance as well until we transfer the title)
At this point is it safe to let the new owner take possession of the vehicle?