Sorry if this doesn't belong here, I posted in off topic and didn't get any replies, and I'm selling the truck today. I'm just wondering if theres any other important documents I need to sell my truck. This is in Texas.
I have:
Title
Bill of Sale
Release of Liability

Is there anything else I should have the buyer sign? I don't want to be responsible for anything that may happen after I sell the vehicle. thanks for any help

 

Once you sign off on the title, and hand it to the new owner, you are no longer responsible for it. (at least, that's the way it works in michigan.)

If you have a clear title, you should be golden. If there is a bank on the title, you will also need a release of lien.

 

in Georgia, only the title is required, but i always add 2 copies of the bill of sale, one for seller and one for buyer.

as a seller, once the buyer and the title is gone, if someone shows up with a problem, then you have the bill of sale to prove its NOT yours.

i'm not familar with the release of liability???

 

There is a bond on the title would that require a release of lien?

edit: the release of liability is also called a notice of transfer. I found a pdf of it for Texas. It basically says the buyer is the owner of the vehicle now even if they don't transfer the title.

 

Bond? Not sure what that term means when it comes to titles..... can you explain that one a bit?

 

To much red tape! LOL Once the title or bill of sale is signed it's no longer your problem(unless you owe on it), Just don't let them use your plates to get it to where they want it. Or you drive it there, remove the plates, have em sign, and walk away.

 

In Texas we take the plates and registration sticker. Prevents the new owner from robbing a bank and getting traced back to you... Also forces them to register the vehicle in their name.

 

Its an insurance bond on the title. When I bought the truck the PO hadn't transfered the title into their name. So they technically were supposed to sell me the truck, even though the PO before them had signed the title.

The bond insures the value of the truck to me, in case someone claims the truck is theirs. It lasts for 3 years and I've had it for a year now so 2 more years left. Then the title is clear. I asked the DMV and I can sell the truck with it bonded.

 

i'd say the release of liability might be equivalent to the bill of sale. it sounds like both say - this is yours and not mine. any problems from this moment on are your problems.

edit - oops - bigdip explained it before i finished.
i also don't understand bond... if you have an unpaid loan then you have a lien against the title. most states don't allow the owner to hold a title with a lien since technically, they are not yet the owner. the lien holder typically holds the title. when (and only when) the loan is paid off, and the checks clear, do they sign off the lien and mail you the title. you can then sign it over to the buyer, who can then go get his own new title, tag and registration.

an exception to this is Kentucky. their DMV issues titles with liens direct to owner. when owner receives a payoff letter they are SUPPOSED to keep it with the title as legal release of the lien. many get lost and then the selling of the vehicle becomes a mess. i got caught up in one of those.

buying and selling a used car with an outstanding loan can be a hassle. its up to both parties to bend over backwards to make it successful. i bought one recently with a lien and went to the owners credit union and delivered the payoff directly to them on a bank check and we did all the paperwork their at the credit union. had it been a out of state bank i would not have mailed the check without bill of sale and possession of car. i don't trust anybody.

 

A notice of transfer is better than a bill of sale since you have to turn it in to the DMV. I'm going to use both anyways though.

heres a link to it if you want to read it: http://www.frytitle.com/Forms/VTR%20...UNE%202007.pdf