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Sunday, February 19, 2017

BUYING CARS? DEED OF SALE : WHAT YOU NEED TO KNOW

You probably hear the term "deed of sale"
It could define whether your transaction of selling or buying a motor vehicle can be smooth and hassle free or the other way around. Just a piece of paper but plays a very important role in these kind of transactions. You need to pay extra attention to save yourself from lawsuits in the future.
You probably hear the term "deed of sale". It could define whether your transaction of selling or buying a motor vehicle can be smooth and hassle free or the other way around. Just a piece of paper but plays a very important role in these kind of transactions. You need to pay extra attention to save yourself from lawsuits in the future. What is a deed of sale? Deed of sale is a document showing sale of personal property. The deed of sale is a legal, binding document proving that both buyer and seller have reached an agreement of sale or purchase of an movable property. In case of a motor vehicle sale,the deed of sale should indicate the details of the vehicle such as make, color, body type, plate number, model, and engine number. A deed of sale should also include personal details of the seller such as the full name, marital status, address, and how much the vehicle should be sold. Moreover, details about the buyer such as full name and address will also be written in the document and signed by both parties. Most importantly,this should be notarized by a lawyer. On the legal basis, the buyers are required to register the vehicle at the Land Transportation Office (LTO) once it changes ownership. However, a practice wherein the details of the buyer are left blank exists, which is called an open deed of sale. For those who are in the car buy and sell business, it is always handy because it saves them time and money to have a vehicle registered only to sell it after a while. Just a friendly reminder, if you are planning on venturing to selling or buying cars, avoid using an open deed of sale at all times. Although it may serve as a binding contract between the buyer and seller, the vehicle will technically remain in the ownership of the seller until the buyer decides to register it under their name. It means that the seller will be responsible in case the buyer gets involved in a hit and run accident or similar cases. If you are on the buying side, the deed of sale must be settled as soon as possible to get full ownership and save yourself from the hassle of finding the previous owner. You don't want to have such problems in the future, right? It's just one of the important things you should be aware of when buying a pre-owned car. It could minimize the time you spend to settle your documents while keeping yourself away from any trouble with your hard-earned money and your reputation at stake. RECOMMENDED: BEFORE YOU GET MARRIED,BE AWARE OF THIS ISRAEL TO HIRE HUNDREDS OF FILIPINOS FOR HOTEL JOBS MALLS WITH OSSCO AND OTHER GOVERNMENT SERVICES DOMESTIC ABUSE EXPOSED ON SOCIAL MEDIA HSW IN KUWAIT: NO SALARY FOR 9 YEARS DEATH COMPENSATION FOR SAUDI EXPATS ON JAKATIA PAWA'S EXECUTION: "WE DID EVERYTHING.." -DFA BELLO ASSURES DECISION ON MORATORIUM MAY COME OUT ANYTIME SOON SEN. JOEL VILLANUEVA SUPPORTS DEPLOYMENT BAN ON HSWS IN KUWAIT AT LEAST 71 OFWS ON DEATH ROW ABROAD DEPLOYMENT MORATORIUM, NOW! -OFW GROUPS BE CAREFUL HOW YOU TREAT YOUR HSWS PRESIDENT DUTERTE WILL VISIT UAE AND KSA, HERE'S WHY MANPOWER AGENCIES AND RECRUITMENT COMPANIES TO BE HIT DIRECTLY BY HSW DEPLOYMENT MORATORIUM IN KUWAIT UAE TO START IMPLEMENTING 5%VAT STARTING 2018 REMEMBER THIS 7 THINGS IF YOU ARE APPLYING FOR HOUSEKEEPING JOB IN JAPAN KENYA , THE LEAST TOXIC COUNTRY IN THE WORLD; SAUDI ARABIA, MOST TOXIC "JUNIOR CITIZEN " BILL TO BENEFIT POOR FAMILIES





What is a deed of sale? 
Deed of sale is a document showing sale of personal property.The deed of sale is a legal, binding document proving that both buyer and seller have reached an agreement of sale or purchase of a movable property.



You probably hear the term "deed of sale". It could define whether your transaction of selling or buying a motor vehicle can be smooth and hassle free or the other way around. Just a piece of paper but plays a very important role in these kind of transactions. You need to pay extra attention to save yourself from lawsuits in the future. What is a deed of sale? Deed of sale is a document showing sale of personal property. The deed of sale is a legal, binding document proving that both buyer and seller have reached an agreement of sale or purchase of an movable property. In case of a motor vehicle sale,the deed of sale should indicate the details of the vehicle such as make, color, body type, plate number, model, and engine number. A deed of sale should also include personal details of the seller such as the full name, marital status, address, and how much the vehicle should be sold. Moreover, details about the buyer such as full name and address will also be written in the document and signed by both parties. Most importantly,this should be notarized by a lawyer. On the legal basis, the buyers are required to register the vehicle at the Land Transportation Office (LTO) once it changes ownership. However, a practice wherein the details of the buyer are left blank exists, which is called an open deed of sale. For those who are in the car buy and sell business, it is always handy because it saves them time and money to have a vehicle registered only to sell it after a while. Just a friendly reminder, if you are planning on venturing to selling or buying cars, avoid using an open deed of sale at all times. Although it may serve as a binding contract between the buyer and seller, the vehicle will technically remain in the ownership of the seller until the buyer decides to register it under their name. It means that the seller will be responsible in case the buyer gets involved in a hit and run accident or similar cases. If you are on the buying side, the deed of sale must be settled as soon as possible to get full ownership and save yourself from the hassle of finding the previous owner. You don't want to have such problems in the future, right? It's just one of the important things you should be aware of when buying a pre-owned car. It could minimize the time you spend to settle your documents while keeping yourself away from any trouble with your hard-earned money and your reputation at stake. RECOMMENDED: BEFORE YOU GET MARRIED,BE AWARE OF THIS ISRAEL TO HIRE HUNDREDS OF FILIPINOS FOR HOTEL JOBS MALLS WITH OSSCO AND OTHER GOVERNMENT SERVICES DOMESTIC ABUSE EXPOSED ON SOCIAL MEDIA HSW IN KUWAIT: NO SALARY FOR 9 YEARS DEATH COMPENSATION FOR SAUDI EXPATS ON JAKATIA PAWA'S EXECUTION: "WE DID EVERYTHING.." -DFA BELLO ASSURES DECISION ON MORATORIUM MAY COME OUT ANYTIME SOON SEN. JOEL VILLANUEVA SUPPORTS DEPLOYMENT BAN ON HSWS IN KUWAIT AT LEAST 71 OFWS ON DEATH ROW ABROAD DEPLOYMENT MORATORIUM, NOW! -OFW GROUPS BE CAREFUL HOW YOU TREAT YOUR HSWS PRESIDENT DUTERTE WILL VISIT UAE AND KSA, HERE'S WHY MANPOWER AGENCIES AND RECRUITMENT COMPANIES TO BE HIT DIRECTLY BY HSW DEPLOYMENT MORATORIUM IN KUWAIT UAE TO START IMPLEMENTING 5%VAT STARTING 2018 REMEMBER THIS 7 THINGS IF YOU ARE APPLYING FOR HOUSEKEEPING JOB IN JAPAN KENYA , THE LEAST TOXIC COUNTRY IN THE WORLD; SAUDI ARABIA, MOST TOXIC "JUNIOR CITIZEN " BILL TO BENEFIT POOR FAMILIES










In case of a motor vehicle sale,the deed of sale should indicate the details of the vehicle such as make, color, body type, plate number, model, and engine number. A deed of sale should  also include personal details of the seller such as the full name, marital status, address, and how much the vehicle should be sold. The details about the buyer such as full name and address will also be written in the document and signed by both parties. Most importantly,this should be notarized by a lawyer.


On the legal basis, the buyers are required to register the vehicle at the Land Transportation Office (LTO) once it changes ownership. However, a practice wherein the details of the buyer are left blank,  exists which is called an open deed of sale.

 For those who are in the car buy and sell business, it is always handy because it saves them time and money to have a vehicle registered only to sell it after a while.




Just a friendly reminder, if you are planning on venturing to selling or buying  cars, avoid using an open deed of sale at all times.
 Although it may serve as a binding contract between the buyer and seller, the vehicle will technically remain in the ownership of the seller until the buyer decides to register it under their name. 
It means that the seller will be responsible in case the buyer gets involved in a hit and run accident or similar cases.

If you are on the buying side, the deed of sale must be settled as soon as possible to get full ownership and save yourself from the hassle of finding the previous owner. You don't want to have such problems in the future, right?


It's just one of the important things you should be aware of when buying a pre-owned car. It could minimize the time you spend to settle your documents while keeping yourself away from any trouble with your hard-earned money and your reputation at stake.

This article is filed under: Registry of Deeds, deed of sale, Auctioned Cars, Cars for Sale, Pre-owned cars, Second Hand Cars, used cars, used-cars for sale, brand new cars, cars


RECOMMENDED:

BEFORE YOU GET MARRIED,BE AWARE OF THIS

ISRAEL TO HIRE HUNDREDS OF FILIPINOS FOR HOTEL JOBS

MALLS WITH OSSCO AND OTHER GOVERNMENT SERVICES

DOMESTIC ABUSE EXPOSED ON SOCIAL MEDIA

HSW IN KUWAIT: NO SALARY FOR 9 YEARS

DEATH COMPENSATION FOR SAUDI EXPATS

ON JAKATIA PAWA'S EXECUTION: "WE DID EVERYTHING.." -DFA

BELLO ASSURES DECISION ON MORATORIUM MAY COME OUT ANYTIME SOON

SEN. JOEL VILLANUEVA  SUPPORTS DEPLOYMENT BAN ON HSWS IN KUWAIT

AT LEAST 71 OFWS ON DEATH ROW ABROAD

DEPLOYMENT MORATORIUM, NOW! -OFW GROUPS

BE CAREFUL HOW YOU TREAT YOUR HSWS

PRESIDENT DUTERTE WILL VISIT UAE AND KSA, HERE'S WHY

MANPOWER AGENCIES AND RECRUITMENT COMPANIES TO BE HIT DIRECTLY BY HSW DEPLOYMENT MORATORIUM IN KUWAIT

UAE TO START IMPLEMENTING 5%VAT STARTING 2018

REMEMBER THIS 7 THINGS IF YOU ARE APPLYING FOR HOUSEKEEPING JOB IN JAPAN

KENYA , THE LEAST TOXIC COUNTRY IN THE WORLD; SAUDI ARABIA, MOST TOXIC


"JUNIOR CITIZEN "  BILL TO BENEFIT POOR FAMILIES

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