According to Florida law, the owners of the vehicles involved in an accident are liable for the damage. The owner is still responsible for damages no matter whether they were present on the site at the time of the accident. For this reason, anyone selling a vehicle must ensure that the title is legally transferred to the buyer. You’ll complete the Notice of Sale and submit it to the local Tax Collector’s Office. Also, confirm that all other legal formalities are completed when finalizing the sale.
You Can Sell the Vehicle To a Dealership or Private Buyer
Sellers can choose to look for private buyers interested in the car or contact a local dealership. To find a buyer, you can list the vehicle on social media sites or vehicle websites advertising availability. Scan potential buyers, negotiate for the best price, and finalize the sale. If you’re selling the car “as-is,” check with an experienced lawyer, such as a criminal defense attorney, for advice on the vehicle information you should reveal and how to deal with the possibility of fraud charges.
Alternatively, you can sell to a dealer who will take care of the entire procedure for you starting with paying off the old loan. They’ll also help you with the paperwork for transferring the title, buying a new car, and putting up a down payment for a new vehicle. The trade-off is that you’ll likely get a lower price for the vehicle than if you were to contact the buyer yourself.
Filing the Form HSMV 82050
By filing Form HSMV 82050, at the time of selling the vehicle, you’ll remove your name from the car registration and protect yourself from any civil liability. The Florida Highway Safety and Motor Vehicles agency advises that you contact a remote online notary to get the documents authenticated and ensure that the details are added to public records. The vehicle can only be legally sold if it does not have a lien attached to it.
Title Transfer Must Be Completed Within 30 Calendar Days
As the seller, you must complete the Transfer of Title by Seller section in the title certificate. This form contains the name and address of the seller, the name and address of the buyer, and information about any co-sellers and co-buyers. Additional details include the selling price, date of sale, and odometer reading at the time of the title transfer. This process should be completed within 30 days of the deal, or the buyer could incur a late transfer penalty fee.
Dealing with License Plates
The license plates on a vehicle are assigned to the owner. When you sell the car, you’ll remove the plates and transfer them to the new car you’ve bought. If you’re moving to another state or don’t intend to purchase a new car right away, you must return the tags to the state motor vehicle service center. Canceling the insurance policy connected to the plate also requires you to surrender them.
Following legal requirements when selling a vehicle is critical to avoid the risk of liabilities. Make sure to do your research before reaching out to prospective buyers.