Finding a buyer for your new or used car is only one part of the equation when it comes time to selling your vehicle. Unfortunately, handing over the pink slip is not enough as you also must transfer the title into the new owners name. Before the new owner presses his foot on that gas pedal, there are some significant things you have to do in order to successfully transfer the title of your vehicle over.
Getting Your Vehicle Titled
According to the website, Kentucky: Mead County Clerk, if you just purchased a new car or if you just moved into the Kentucky area, you are advised to title your vehicle within 15 days. If the owner of the vehicle does not own a residence or is not based in the Bluegrass State, he or she must register the vehicle with the particular county where the vehicle will be used. The registration may be done with the county clerk as well.
Requirements for Car Title Transfer
The documents that you need to prepare include the Kentucky Certificate of Title are: the application for title and/or registration; the buyer's proof of insurance; and the Social Security number of the parties/persons cited on the title.
The Kentucky Certificate of Title must be clean as a whistle, which means that it is legally free to be sold and bought. The certificate must be completely detailed, with all assignment portions filled out by both the buyer and the seller. It is important for you to note that the transfer procedure is dependent upon the year that the title was issued.
Application for Transferring a Title
The application for title and/or registration is listed as VTR form TC96-182. If your title was issued before February 2000, you application must be signed by all registered owners. If you are merely processing the papers and are using the power of attorney for the owner, you must include a copy of the power of attorney document with the application. You also have to notarize the document. Always bring valid identification of all persons involved once you start visiting the county clerks office.
Understanding Buyer Proof of Insurance
In purchasing a vehicle, youll need the buyer's proof of insurance to get it properly titled. "Title-only transfers" may be done, but only if there is no available insurance for you or if the vehicle in question is non-operational. In cases like this though, the county clerk will ask for you to surrender the license plate.
Title Transfer Costs
As of July 2010, the Kentucky Title fee will cost you $9. The notary fee, meanwhile, usually comes at a $2 price tag, but the title is delivered through mail by the Kentucky Transportation Cabinet in about six weeks. If however, you opt for the Kentucky Speed Title, it will cost $25 and the title is immediately mailed to you the following business day. The transfer fee costs $8, while the annual registration fee is $21. For the usage tax, you must pay 6 percent of the vehicle price. Finally, the Title Lien Statement recording fee comes in at $22.
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