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When you sell a vehicle that you have clear title on and the buyer plans on financing who do you name as the vehicle owner on the title?
Wiki User
∙ 19y ago
The buyer.
Wiki User
∙ 19y ago
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What is purchase money financing?
Purchase money financing is when the seller agrees to take back a mortgage for the new buyer. It is owner financing in whole or in part.
If you are financing a vehicle can you remove the co-owner from the vehicle?
Only if you refinance the vehicle without the cosigner on the new loan.
Does owner financing and contract for deed mean the same thing?
When a home seller offers "owner financing", they are essentially offering to hold a mortgage note for the deed on the property. The mortgage note is the "contract". The contract pledges the deed to the buyer once they pay in full. Once the "contract" is paid off, then the deed is transferred to the buyer as the new owner.
Does the vehicle buyer need to smog vehicle if previous owner just did a smog the vehicle?
I thought the selling owner needs to smog vehicle before selling it- the new owner does not need to re-smog the car.
Does a person have to own property free and clear in order to do owner financing?
For the most part it varies from state to state, but the majority say No
Who pays the insurance on the home when its owner financing?
Property insurance is traditionally paid for by the buyer and is part of the mortgage financing contract. The property insurance is to cover the home and must name the mortgage financng entity as a co-insured mortgagee. It does not matter who does the financing.
I sold a vehicle and gave a bill of sale can I cancel the sale?
If you and the buyer are in agreement, then certainly. You would give the money back, and the buyer would give back the vehicle and the bill of sale. However, if the new owner has already registered it with the DMV, then the sale is completed and the vehicle has changed ownership. If the buyer still owes you money, and you didn't put a lien on the title, you would have to take the buyer to court.
How does owner financing work?
Owner financing is a method of financing a house or other item without using the assistance of a realtor or broker. Be sure to use a bank that is familiar with working with individuals for financing.
What does open title mean?
When the owner of a car signs the title, it becomes and open title, and the holder of the title is the owner of the car. When selling a vehicle, the owner should not sign the title until they have the money because if the buyer has possession of the open title and the vehicle, they can clam ownership.
Does the owner of a vehicle have any liability if the co-buyer has an accident while driving it?
You might. Many states have vicarious liability laws. Vicarious liability in this situation means that as the vehicle owner, you may be responsible for how the vehicle is used. You should consult an attorney licensed for your jurisdiction.
What are land grant contracts?
A land grant contract is an agreement between a buyer and seller to purchase real estate. The contract will specify terms and conditions and sometimes involve owner financing.
Can you legally take back a car that you sold when the person who bought it never paid you off the vehicle is still in your name and the buyer is in jail and going to prison?
yes. The person who the vehicle is titled to is the owner of the vehicle.
