Legal Question in Business Law in Maryland
Auto Purchase from private party
I'm giving a private party a certified check for their used vehicle. Before I get title they must go to their finance company and pay off their loan to get clear title. What should I do to ensure compliance with the terms of our contract? Is a simple bill of sale enough protection? Would it be adequate to have a notarized bill of sale? Thank you.
1 Answer from Attorneys
Re: Auto Purchase from private party
I suggest that you get a payoff statement from the lienholder and pay the lien off yourself, giving the seller the balance. Usually the owner has the title with the lien noted on it, and the lienholder will have to release the lien. If they have the title, it's better for you, but you'll probably need an authorization letter from the owner in order to get cooperation from the lienholder. I'd ask the seller for his account number and a phone number that you can call to find out what procedure the lienholder will follow to make sure you get clear title to the vehicle for your money.
Related Questions & Answers
-
Service business After repairing an appliance and the customer does not take... Asked 10/26/07, 7:28 am in United States Maryland Business Law
-
Small clains filing what are the procedures for filing a claims with the small... Asked 10/15/07, 10:09 pm in United States Maryland Business Law
-
Bag debt I made a loan and my father cosigned it for me. The amount was for $2000.... Asked 10/15/07, 4:09 pm in United States Maryland Business Law
-
Overpayment I have a contract with a company stating I owe $68.00 a month with them.... Asked 10/06/07, 2:22 pm in United States Maryland Business Law
-
In Sales Is it legal for a customer and the sales rep to be charged the same amount... Asked 10/05/07, 12:19 am in United States Maryland Business Law