![]() ![]() ![]() The Power of Attorney I mentioned is a limited POA.good ONLY for the sale of that particular vehicle. Buyer would issue payment directly to lien holder. ![]() Buyer and Seller notarize Bill of Sale / Contract. From this point on, the Seller's responsibility for the lien and his ownership of the car would be completely removed. Once completed, the rights of the loan and title will be granted to me. After "pay-off amount" confirmation, the Transfer of Equity can occur. If the balance is less than the sale price, then I would cut him a cashier's check for the difference. If so, Seller would have to cut me a cashier's check for the difference. This is to ensure I am not inheriting a debt larger than the sale price of the car. Before the transfer though, Seller would have to add me as a secondary account holder to confirm the loan balance or what they call "pay-off amount". Seller contacts lien holder to request Transfer of Equity, which would transfer his loan and ownership rights of the car into my name. Earlier this morning, I contacted the bank, the current lien holder, for more advice and they proposed the following: 1. I really want the car which is why I am researching for alternative ways to perform this transaction. Unfort, the seller cannot afford to pay off the loan before selling the car. (assuming buyer and seller do not have to notarize at same time) Once when title arrives, owner notarizes title and ships to buyer. Confirm that loan is fully paid off on the spot and have seller request lien holder have title mailed directly to bank.Ĥ. Buyer issues payment for car directly to lein holder.ģ. They sign, notarize and acknowledge Bill of Sale/Contract (there is a lien on the vehicle and that the lien is to be lifted upon purchase and that buyer will transfer notarized title to seller immediately).Ģ. To reduce the risk of fraud, I plan to use the following approach:ġ. I understand the risks involved with purchasing a car without the title in hand. I only ask b/c the title is currently under lien and will only be released by the lien holder after I have my bank cut the lien holder a check for the loan balance. In order to legally transfer the title, am I required to have the seller notarize the title before releasing it to me so that I may register the title in my name in VA? Also, does the buyer have to notarize the title? If so, does the seller and buyer have to notarize it at the same time? In other words, if I can't be there physically with the seller can the seller's notarization process still proceed? I am a Virgina resident and am purchasing a vehicle from a private owner in Ohio. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |