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Are you legally obligated if you turn a used car over to the buyer before the title is in his banks name?
Yes !! Until the new buyer re-registers the vehicle into his/her name, YOU are legally liable for any damages to people or property as long as your name is on the title. Best to hand carry the title with both seller and buyer to the motor vehicle office and get this done before handing over the keys.
What else can I help you with?
What is the difference between a buyer and a co-buyer when purchasing a car?
A buyer is the primary person responsible for purchasing a car and is legally obligated to make payments. A co-buyer is someone who shares the responsibility for the car loan and is equally liable for payments if the buyer fails to pay.
What is a nonbinding contract?
A non-binding contract is considered to be an informal contract. It means both the buyer and the seller are not legally obligated to go through with the bid.
Is the co-buyer obligated to pay the loan if the buyer defaults?
Yes
Is the co buyer obligated to pay the loan if the buyer defaults?
Yes
What are the responsibilities and obligations of a co-buyer on a car purchase?
A co-buyer on a car purchase is equally responsible for making payments on the loan and ensuring the vehicle is properly maintained. They are legally obligated to fulfill the terms of the loan agreement and may be held liable if the primary buyer fails to make payments.
Can a co-buyer legally take the car from the primary buyer?
No, a co-buyer cannot legally take the car from the primary buyer without the primary buyer's consent or a court order.
What is a principle meaning buyer beware in Latin?
The principle meaning "buyer beware" in Latin is "Caveat Emptor." This legal doctrine suggests that the buyer is responsible for checking the quality and suitability of goods before making a purchase. It emphasizes the importance of diligence and caution on the part of the buyer, as sellers are not obligated to disclose all information about a product.
Can a buyer move cattle onto land before closing on the sale?
No, because technically and legally that would be perceived as cattle rustling, especially if the buyer "forgets" to close the sale and make the payment after taking your cattle. The money must be paid in full before the buyer can legally remove the cattle from your land. If he/she cannot make the sale, the cattle must stay. No ifs, ands or buts!
What if the buyer does not get the title in their name?
if da buyer does not get da title in their name legally is not ders
Is the cosigner of an auto loan responsible for the loan if the loan was refinanced by the buyer without the knowledge or consent of the cosigner?
No, the refinancing without the consent or knowledge of the original cosigner created a breach of the original lending agreement and the cosigner is no longer legally obligated for the debt.
What does let the buyer beware mean?
"Let the buyer beware" is a legal principle indicating that the buyer is responsible for checking the quality and suitability of goods before making a purchase. It emphasizes that consumers should exercise caution and do their due diligence, as sellers are not always obligated to disclose defects or issues. This concept underlines the importance of informed decision-making in transactions.
Is it legal for someone to sell a property when they are aware of an unsettled encroachment?
The seller is obligated to notify the buyer of the problem. However, a buyer is also obligated to do everything possible to protect their investment. That includes having a comprehensive title examination performed by a professional and having a surveyor review the lot lines and draft a plot plan. The surveyor would specifically be looking for any encroachments. Buyer beware.
