Transferring ownership and changing the name in the registration certificate after reselling an old car is very important. Here’s how to do it
The market of pre-owned cars and vehicles is a very lucrative one and it gives people a chance to make the thought of owning a car a reality. Likewise, for people looking to sell off their old cars to make way for the new ones, the market is very helpful. However, the information about the transfer process is still unknown to many buyers and sellers. Transferring ownership and changing the name in the registration certificate after reselling an old car is very important as it ensures that the vehicle and all the legal and other liabilities related to it are transferred to the new buyer. If you too have been looking to know more about the process, read on for further details.
ALL YOU NEED TO KNOW
- The transferor has to intimidate the fact of transfer via the local RTO to registering authority i.e. local RTO and the concerned authority where the new buyer lives
- While in the case of transfer within the state, the application of the ownership of the vehicle has to be made by the transferee to the concerned registering authority via Form 30 within 14 days, the window for such application is 45 days in case interstate transfer
- Appropriate fee and tax has to be paid according to specified rules.
CAR OWNERSHIP TRANSFER COST
The car ownership transfer cost varies depending on the age of the vehicle and the rates of the Regional Transport Offices (RTOs). Starting as low as Rs 300 the transfer fee may go up to Rs 2000 or even more in some cases
STEPS INVOLVED IN PROCESS OF OWNERSHIP TRANSFER
- Notarize the agreement of sale including details like mode of payment, registration certificate, insurance, condition of the vehicle
- Fill in the required documents and submit them with registering authorities along with necessary document proof
- Get a NOC from the original registering authority
- Now the buyer will have to pay the transfer fee to the new RTO
DOCUMENTS REQUIRED FOR THE OWNERSHIP TRANSFER OF AN OLD VEHICLE
- Form 29
- Form 30
- Registration Certificate
- Insurance Certificate
- Pollution Under Control (PUC) Certificate
- Chassis & Engine Pencil Print
- Purchaser’s date of birth proof
- Address Proof
- PAN Card
- R.C. book.
- Passport size photo
- Purchaser’s undertaking
- Certificate of Tax Clearance
- NOC from the registering authority
