MD title question
04-11-2011, 08:28 AM
#1
Staging Lane
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MD title question I am going to buy an s10 off a friend of mine for parts to use on my own ls swap s10. The truck is in good shape and I plan on putting my stock parts on it and selling it again asap.
My question is what is the correct way to do the paperwork? I dont plan on titling it in my name or registering it. Never sold a vehicle that wasnt in my name before...
Do I just have my friend sign the title and give me a bill of sale or we both sign the title and i give the next owner a bill of sale? Don't want to deal with the MVA if I can help it
My question is what is the correct way to do the paperwork? I dont plan on titling it in my name or registering it. Never sold a vehicle that wasnt in my name before...
Do I just have my friend sign the title and give me a bill of sale or we both sign the title and i give the next owner a bill of sale? Don't want to deal with the MVA if I can help it
04-11-2011, 10:29 AM
#2
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As far as I know, its technically against the law the sell a vehicle that isn't titled in your name.
Its done all the time though. I sure as hell wouldn't be giving a bill of sale as proof that that's what I was doing though.
Its done all the time though. I sure as hell wouldn't be giving a bill of sale as proof that that's what I was doing though.
04-12-2011, 03:28 AM
#4
Maryland likes to screw you over, so they want it to be titled in each owners name so they can make you pay taxes on it. Bottom line, have your buddy sign the title and sell it like that. But the buyer may run into problems when they go to itle the car because if they pay 2k and blue books hows 6500, they have to pay taxes on the 6500 since there is no bill of sale.
05-10-2011, 09:59 PM
#6
Teching In
Any car over 7 years old in the state of MD does not need a notarized bill of sale. This means that you can put down a sale price of $1, $10, $1000, etc. You will only have to pay 6% tax on the sale amount and the MVA doesn't question you when going to title, register, etc. At minimum, the tax you will be charged is $38.40. See below...
From: http://www.mva.maryland.gov/Resources/VR-005.pdf
USED VEHICLES FROM A TITLE STATE
1. An out of state Certificate of Title in the applicant’s name or;
2. A properly assigned title is required. If the vehicle is less than 7 years old, a notarized bill of sale signed by all buyers and sellers should accompany the title.
Vehicles 7 years old or older, purchased from someone other than a dealer, if the purchase price is more than $640 ($320 for trailers), the excise tax will be 6% of the purchase price; if the purchase
price is $640 ($320 for trailers) or less the tax will be the minimum excise tax $38.40 ($19.20 for trailers).
From: http://www.mva.maryland.gov/Resources/VR-005.pdf
USED VEHICLES FROM A TITLE STATE
1. An out of state Certificate of Title in the applicant’s name or;
2. A properly assigned title is required. If the vehicle is less than 7 years old, a notarized bill of sale signed by all buyers and sellers should accompany the title.
Vehicles 7 years old or older, purchased from someone other than a dealer, if the purchase price is more than $640 ($320 for trailers), the excise tax will be 6% of the purchase price; if the purchase
price is $640 ($320 for trailers) or less the tax will be the minimum excise tax $38.40 ($19.20 for trailers).
