25 May Buying Selling Inherited Property: Vehicles Probate, Argentine Attorneys
Buying & Selling Inherited Property: Vehicles Probate, Argentine Attorneys
The change of ownership of a vehicle can be a difficult process. This is especially true when transferring a vehicle’s ownership for an inheritance. Typically, all of a deceased person’s properties are distributed under a valid will in a process called probate.
Unfortunately, probate is a long and drawn-out process that can last from several months up to a year, and it usually involves heavy court and attorney expenses.
For these reasons, many heirs try to avoid probate by various methods. However, a motor vehicle change of ownership without probate involves specific requirements and procedures. These are mostly due to the special nature of the ownership of a motor vehicle.
This paper will try to cover the general process and requirements.
Required Documents and Fees:
- Certificate of Title
- Affidavit for Transfer without Probate
- Statement of Facts
- Odometer Disclosure Statement
- Transfer fee
If the heir plans to sell the vehicle, an additional transfer fee may be required. The buyer will thus need the above-required documents, the second transfer fee and a Bill of Sale from the heir to the buyer.
Additionally, other registration fees may apply, depending on the vehicle’s status. These fees will be determined when you submit your application.
Additionally, if the vehicle is not registered at the time of the transfer, the person receiving ownership of the vehicle may be held responsible for any due registration fees and penalties.
Grace Period before Transfer Can Be Made
Typically, there is a grace period after the death of the owner before which a change of ownership without probate cannot be made. However, if the vehicle’s registration is set to expire within that grace period, renewal fees will have to be paid.
Otherwise, the new owner may be faced with late penalties after the change of ownership has been processed.
While the regular change of ownership of a vehicle due to sale or a gift can be a complicated process. Doing so for an inheritance without probate can be just as difficult, if not more so.
However, being aware of all the various requirements, processes and rules involved will help you to do this with as few hitches as possible.
How to Complete a DMV Title Transfer
Completing a DMV title transfer can be a bad experience if you do not have all of your paperwork completed properly or if you accidentally make a mistake while completing paperwork.
There are some important steps that must be taken to properly transfer a vehicle title at the DMV. We will help you with your title transfer whether you are buying from a dealership, private party or transferring a title within the family.
Inspect the Title
Before filling out a title for transfer, inspect it carefully. Make sure that the VIN number, make and model match the vehicle. Ensure that there is no lien on the vehicle, as this will prevent the title from being transferred.
If the title is missing or you only have a memorandum copy, contact your local department of motor vehicles immediately to request a duplicate.
Fill out the Title
If you are selling the vehicle in a private party transaction, you must fill out the seller’s information section on the title. This will include an odometer statement that acknowledges the mileage on the vehicle at the time of sale.
Not all vehicles require an odometer statement, but your title should state whether or not one is required. Fill out your address, the cash selling price of the vehicle and any other necessary information before signing and dating the title.
Next, have the buyer fill out his or her name, address and driver’s license information. They should also sign and date the title.
Visit a DMV Office
The next step is to visit your local DMV office. Both the buyer and seller should visit the office together, as this can help prevent complications in paperwork and it will also keep the buyer from driving the vehicle without transferring the title.
While at the department of motor vehicles office, there are multiple things that must be taken care of. In order to complete a title transfer, the buyer must file and pay for an application for vehicle title and pay sales tax on the cash selling price of the vehicle.
If the vehicle is being sold from one close family member to another, the transaction may be sales tax exempt. Both the buyer and seller may be required to present their driver’s licenses or explain their relationship in order to waive the sales tax.
Applying for a new title
After applying for a new title, the buyer must register the vehicle with the DMV to make it roadworthy. The vehicle must have insurance that meets the state minimums in order to register the vehicle. Once the vehicle is registered, a license plate may be issued.
The buyer and seller visiting the DMV together can offer great peace of mind. The seller will know that the title is transferred, holding the selling party harmless from any liability.
On the other hand, the buyer will be comfortable knowing that the title is transferred and the vehicle is registered for use on the road. If you have any specific questions regarding a DMV vehicle title transfer, contact your local DMV.
How to Transfer a Vehicle as a Gift
Completing a change of ownership as a gift is similar to transferring the title to a local department of motor vehicles office.
A DMV title transfer can be a very quick experience as long as you have all the required documentation in order before visiting the office.
Check the Title
Before signing the title over as a gift, make sure that you have the original title and that it does not show any liens or secured interest. Contact your local department of motor vehicles office to request a duplicate if you do not have the original.
If you pay off a lien, or you have only the memorandum title, contact your finance company in order to receive a lien termination letter at your address.
If not, you will need to contact your finance company and arrange a payoff.
Fill Out the Title
Even though you are transferring a vehicle gift in a no-cash transaction, the title information must be filled out completely. The family member who is selling or giving away the vehicle must fill out the seller information section on the title.
This section includes an odometer statement, certification of mileage and driver’s license information. The seller must sign and date the title and, in some jurisdictions, the title must be notarized. In that case, do not sign the title until both parties are in front of a notary.
The family member who is receiving the vehicle gift must also fill out part of the title. The buyer’s information section requires the new owner to write their name, address and driver’s license information. Again, like the seller’s section, this will also require a signature and date and, potentially, notarization.
Visit a DMV Office
After signing the title (a notarization is an option), you should visit a local DMV office together. This will allow you to transfer the title, register the vehicle and get license plates.
Visiting the office together will also keep the new owner from driving the vehicle before transferring the title. This can provide peace of mind for both buyer and seller. After paying for an application for vehicle title and getting a temporary title, the vehicle can be registered.
Sales tax will not be due, as the vehicle is a gift. In most states, the new owner should show proof of insurance before registering the vehicle. After paying for the registration, you should also pay the fees for the new plates.
After completing all of these steps, the gift vehicle transaction is over. The new owner can drive the vehicle without restrictions.
Going through probate
You can only sell the vehicle after the estate has gone through the probate process. Probate is a legal process in which the estate is settled as per the previous owners Will and Testament. All assets in his or her name at the time of death are subject to go through probate.
During the probate, it is the executor’s job to keep all assets maintained and safe. For example, theft or damage. The executor is also responsible for filing tax returns for the deceased person and for the estate.
If you are a legal heir, legatee or distributee this is what you need to do:
- A legal heir is a person, usually a descendant of the deceased individual, who inherits property and/or wealth owned by the deceased.
- A legatee refers to a person named within the will of a deceased, not necessarily a relative.
- A distributee describes a person entitled to share in the distribution of the estate of the deceased.
- You need the original letters of administration, naming the administrator, and the title to transfer the ownership. Please be sure to give the administrator’s full name and address.
If you are the estate executor or administrator this is what you need to do:
- If the executor or the administrator is in charge of selling the vehicle, they should fill out the “assignment of ownership” section on the back of the “Certificate of Title.”
- They should also include the buyer’s full name and address with the amount the buyer is paying for the vehicle. Also, submit the letters of testamentary or administration with the original title.
- If there is a lien on the title for the vehicle, the lienholder should provide an authorization to sell the vehicle, along with the original title, to the buyer of the vehicle.
- Upon paying off the vehicle, the buyer receives a “Notice of Security Interest Filing,” or a letter on the lienholder’s original letterhead, along with the original title.
- In both cases, you should fill out the required lien information on the back of the title. If the vehicle is not subject to a lien, write “none” in the lien section.
- You should purchase new tags, regardless of the type of transfer of ownership.
- Vehicles should have a complete safety inspection. The request for the transfer of ownership should include the inspection certificate, especially if you need new registration plates.
Frequently Asked Questions
Is There an Added Vehicle Gift Tax when Giving Away a Car?
In general, there are no charges on a vehicle gift tax when you give your car as a gift.
However, both parties should fill out special forms to certify that the car was a gift. The Motor Vehicles Department determines its value and applicable registration fees.
Are there Any Fees when Gifting a Vehicle?
You are thinking of gifting a vehicle to a friend or loved one. You need to know what sort of fees will be involved. The vehicle should have a current smog check certificate prior to registration. When the new owner registers the vehicle, the Motor Vehicles Department determines its value and the applicable registration fees. If the new owner wishes special plates, the fee for these will also be assessed at this time.
Is there a Fee for Getting a Car Certificate of Title?
A car certificate of title is a document that certifies ownership of a particular vehicle. You need a clean title in order to sell the vehicle. If there is a lien on the vehicle, you should notify the lien company (holder of a loan for the purchase of the vehicle) in order to certify that you can sell the vehicle.
What Is a Certificate of Title?
Normally, this is an official document that certifies the legal ownership of a particular piece of property. In this case a car. The owner of a car has two documents that prove ownership of a car. One is the vehicle registration document, which you should show to the law officers upon request.
The title is usually kept in a safe place and only taken out when the vehicle is sold.
Where Can I Get an Odometer Disclosure Form?
An odometer disclosure form is a document shows to the Motor Vehicles Department and the new buyer the actual mileage at the time of sale of the vehicle.