We all like trying out new things surrounding us. For a car passionate, this is a justified comment. Once a brand new luxury car with some exceptional features and latest design are in the market, you cannot give it a miss. Therefore, you sell your old one and dream of driving home with the new one effectively at no time. However, is that all possible within a quick span of time.
Do you know, in Long Island, you may face plenty of challenges while selling your car? A number of stringent rules and regulations are applicable here. To fasten the selling process and other transactions you need to complete many basic forms and paperwork. Stay alert on local laws to make the trade a pleasant experience. .
Here are some formalities every seller in Long Island must be aware of :
Ensure you have title and registration of the car:
As per the rule, vehicle owner must have a proper title to his car. If you have lost it someway, get a duplicate one immediately before concluding the sale. Prior to sale, you need to sign the title, mention the mileage reading from the meter and the agreed sale price. It is your duty to inform your buyers about the title and registration.
Put legal number plates only:
You just cannot put the old plate on a sold car. It is buyer’s headache to authorize/register the sale first and then replace it with a legal plate for their new car. Otherwise, it may lead to investigation as if the car has been stolen or there is some genuine problem with the registration process. As a seller, you can warn your buyer about the laws.
Complete a release of liability form:
Make sure you have the release liability form to be submitted to the motor vehicle commission. In any condition, you cannot avoid this, or else, you may be held responsible for car tax issues. You can collect this form from any motor Vehicle Commission office or Regional vehicle service center.
Pay car sales tax:
If you sell the car for cash, it will be considered as your personal income. Any additional income comes under tax review. So, ensure you pay the same according to your state laws in Long Island.
Collect bill of sale:
This is similar to the selling agreement between seller and the buyer. You must maintain the record of transaction with the new vehicle owner. Bill of sale indicates that you no longer own the vehicle, but it does not relieve you from liability. In Long Island, Bill of sale is applicable only if your car is built in 1973 or later.
Hope, now you have understood why car selling is a confusing and hectic job in Long Island. It is better you take help from car selling agents. They would perform all the tasks for you and pay you instant cash for car. Let your dreams come true effectively at no time.