Legal Question in Real Estate Law in Georgia

Don't do what you are doing. The buyer and you need to deal with the lender who has the title. If the buyer is paying, it may be that the lender will release the title in the name of the new buyer and give the buyer some documentation. If that is the case, then do a bill of sale, both of you sign and notarize (notarization is not required, but its a good idea) and keep a copy for both of you. Make sure before you turn over the car that the buyer has insurance for the vehicle. That way, if the car is in a wreck, you have proof that you sold the car.

If you insist on doing what you propose, then do not release the car to the buyer until you can turn over title. If the buyer is willing to pay you in advance, then that is his issue, not yours. Obviously, you will be obligated to turn over the car once you get the title. If you take the money and don't turn over the car and title, then the buyer can come after you.

The buyer cannot insure the vehicle until he has the title. Once you get the title, then you sign and both of you toodle down to the DMV and make sure that he fills out a new application to put the car in his name.