Transferring title over to someone, putting a lien on it in your name?
#1
Transferring title over to someone, putting a lien on it in your name?
I have a motorcycle I'm trying to sell..
Found a guy on craigslist that wants to pay through payments, it seems legit, and this bike is pretty cheap and I just want to get rid of it so I'm thinking about accepting his offer.
Once I get the first payment, I want to sign the title over to get it out of my name (so I'm not liable for anything he does with it). There is a section on the title that I can actually write that I have a lien on the title. Can I fill this out? or is this for banks/finance companies only?
I figure if I could put my own lien on it, that would give me the most protection while letting him register it in his name (so I won't be liable for it)
Found a guy on craigslist that wants to pay through payments, it seems legit, and this bike is pretty cheap and I just want to get rid of it so I'm thinking about accepting his offer.
Once I get the first payment, I want to sign the title over to get it out of my name (so I'm not liable for anything he does with it). There is a section on the title that I can actually write that I have a lien on the title. Can I fill this out? or is this for banks/finance companies only?
I figure if I could put my own lien on it, that would give me the most protection while letting him register it in his name (so I won't be liable for it)
#3
I would not do it, if he does something stupid with it and gets sued you ,as the lien holder, will be involved. I THINK also if you are the lien holder you keep the Blue title and go to the state and get him a Red title a PITA. Probably fees involved....
#4
Never done something like that, but I don't think you can just write it there for it to be legally valid anywhere.
Pretty sure it needs to be done by using the 130-U form when he registers it in his name and pays TT&L and the new title with his name and you as a lienholder will be sent to you.
Pretty sure it needs to be done by using the 130-U form when he registers it in his name and pays TT&L and the new title with his name and you as a lienholder will be sent to you.
#6
Last time I did this the vehicle was wrecked in less than a week.A million things that can go wrong and only one thing that can go right.If you do do it make sure you have a big enough down payment to cover your loss
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