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If the car won't pass smog but the buyer still wants to purchase the car is the seller still responsible?
Wiki User
∙ 12y ago
Sold as is means you are not responsible. You are selling it as it is.
Unfortunately in California there is no AS-IS clause for vehicle sales. If it is registered as operational and you sold as operational then the seller is responsible for smogging it. The title of an operational registered vehicle can NOT be transfered without a smog certificate. If it does not pass smog, the purchaser can require the seller to pay for repairs to pass smog.
The work around is to register the vehicle as Planed Non-operation (PNO) and sell the vehicle as non-operational. It may not be driven or parked on a public street and would need to be towed from it's residence by the purchaser. The purchaser would then not be able to drive or operate the vehicle on public roads until they registered it as operational. The purchaser would be responsible at that point for smogging the vehicle since they would be the title holder at that time.
Wiki User
∙ 12y ago
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Can you still sell a vehicle if the buyer and seller both signed the title without it being on the road?
yes
What is the difference between hire hypothecation and hire purchase?
Hire purcase is somthing to similar to instalment purcase through intermideary oa lender the ownershpi passes on it the byer no only after paying all the dues and installment but also when the lender agrees to sell. In Practical Hire Purchase, where only 2 parties are involved, the buyer and seller. Seller sells the goods with proper Invoice with Sales Tax, buyer ask him to charge some interest and give him facility to pay in installments. Property is of seller till contract is over. Hire Purchase finance, where 3 parties are involved, the buyer, the seller and the financier. Seller sells the goods with proper Invoice with Sales Tax, buyer pays whatever possible by him, and ask its financier to pay the balance. The seller is out of picture now. Property is of financier now till the contract is over. The financier recieves its money in installments, and nothing to do with Sales Tax. Hypothecation: Hypothecation is a position where the owner assigns the right of ownership to the lender through still holding the possession. In practical Hypothecation, where 3 parties are involved, the buyer, the seller and the financier. Seller sells the goods with proper Invoice with Sales Tax, buyer pays whatever possible by him, and ask its financier to pay the balance to be treated as "loan" against the property which he is about to acquire. The seller is out of picture now. Property is of buyer now. It is given as security against the loan which buyer has taken from financier.recieves its money in installments, and nothing to do with Sales Tax.
If a person buying a used car from a private party in Oregon cannot complete the purchase do they get back the money already paid?
Probably not. That's pretty much up to the seller. But in court it will probably be counted as rent paid towards the car during the time the buyer used it and the buyer won't get the money back. If the buyer were paying on the car, but never had it in their possesion, it might be different. But I'd still say that it's up to the seller.
How does title insurance affect the seller who had no title insurance?
A seller with no title insurance:If a person has offered their property for sale and accepted an offer to purchase generally the intelligent buyer's attorney will have the title to the property examined by a professional title examiner. If the title exam reveals a defect in the title and the seller was not covered by a title insurance policy then the seller must pay to have the defect resolved. Title defects can be very costly to resolve.Generally, if the seller chooses not to have the defect resolved the buyer can back out of the sale and get their deposit back. However, the seller has been put on notice regarding the defect.The new owner's title insurance:The new title insurance does NOT affect the seller in any way. Coverage is given only to the new owner under the Owner's Policy. If the seller cannot clear the defects and the buyer still wants to purchase the property, the issuing Title Agency has the option of insuring the title, but excepting the defects from coverage to the new owner. Thereby, the risk is assumed by the buyer, not by the Title Agency.
What does a broker do for work?
There are different types of brokers. Mortgage brokers help people take out mortgage loans. Real estate brokers act as a mediator between the buyer and the seller so that the buyer gets a good deal while the seller still makes money.
If you sold your car but the buyer never registered it are you still responsible?
Most states require that the seller notify the DMV within a specified period of time that the car has been sold. If you do that, you should be relieved of all responsibility for whatever happens after the car is sold, whether or not the buyer registers it. If you haven't done that, you should do so without further delay.
Why is owner of record listed as the seller on a contract for sale and purchase of a house and not the buyers name?
Until the sale is closed and funded the seller is still the owner.
If the title company missed a lien can they make the seller responsible?
Yes, the title company can hold the seller responsible because the lien still exists. It was just a paperwork mistake on the behalf of the title agency. Somewhere down the line, it will interfere with the property if not corrected.
Who is the principal for whom a real estate broker works?
A real estate broker has only one fiduciary duty and that is to his or her client, also known as the principal. Real estate agents act as the broker's representatives -- always. In every part of a real estate transaction, he or she is the broker's agent. Therefore, despite the fact that the agent may have procured the client, he or she did so as the broker's representative. Therefore, the only principal for whom a broker works is the client -- the home buyer or seller.
What section do you fill out on a car title when selling car?
You will out the sections that apply to the owner (seller) and sign the title over to the new buyer. The new buyer then takes the title to the motor vehicle office and has the ownership of the car transferred into his or her name. You might want to accompany the individual while this is being done to assure that the title was indeed transferred, otherwise you may still be responsible for any/all tickets and/or accidents the car is involved in.
Can a second lienholder of real property foreclose?
Yes. The second lienholder can foreclose. The new buyer is still responsible for any senior liens.
What closing costs can a seller legally pay for a buyer?
The underwriting requirements of a mortgage you may be taking to buy the property have restrictions that dictate the percentage and the type of closing costs that the seller can pay and still allow the borrower to qualify for the loan. These vary with all of the many mortgage programs that are available. == == Generally those closing costs that can be paid by the seller for the buyer are referred to as "non-recurring" closing costs. Call your local escrow company, and they can tell you what is appropriate for your area.
