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|08-04-2009, 05:30 PM||#21|
Join Date: Feb 2009
Feedback Rating: (0)
Experience: 10+ years
Let's see if we can clear up a few misconceptions here...
- title transfer is to take place within 20 days from the transfer date as indicated on back of title
- Late fees are assessed based on the actual transfer date vs the original sold date on the back of the title (should also be indicated on the Bill of Sale)
- Late fees on individual to individual transfers are based monthly. There as a $25 penalty for day 21-31, with an additional $25 penalty for each 30 day period following. So if the bike was sold for $3000 and not registered for an additional 6 months, then the would be $337.50 (or $187.50 plus $150 in penalties). There are also additional fees that will need to be paid (title transfer fee, etc). The state is looking to change this to a monthly % of the taxes or $25 whichever is larger.
- There are multiple transfer sections on the back of the title for dealer re-assignment (in parenthesis is says "Dealer Only"). Pretty much everything discussed above is based on private party sale which is not considered re-assignment.
- Vehicles are assessed based on 80% of FMV as determined through the government records (which seem to match up with KBB values).
Now with all of that being said, if you are able to get the previous owner to document on Affidavit of Fact form that they did not complete sell to you (Buyer A) but instead sold to the Buyer you are looking to sell to (Buyer B) and a revised sold date, then all of the above penalties and concerns become a non-issue.
I know many do not want to hear the penalties as detailed above, but the state is trying to get the revenue that they feel is owed to them. I hope this helps.
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