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Old 07-07-2008, 11:10 PM   #1
booo-iii_rider
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Title Question

Ok, after some searching I couldnt find the answer to my question. Here goes MH, please enlighten me with your wise knowledge...

About 2 months ago, I bought a bike that was a super good deal I couldnt pass on (06 GS500F). However, the only problem was that the owners hadnt paid off the bike and plus they were in the process of moving out to WA DC. I know that when I bought the bike, they used that money to pay off the bank. To my understanding, the bank sent them a paper saying that they could now go to the titleing office and title the bike. Since I have the bike now, can I just use that paper and title it under my name?

Another question, the tags on my bike are currently expired, can I get new tags on the bike without the title at the moment or do I have to wait until that comes in. The original owners are very good/trust worthy people (one of my families good friends, however they moved to WA DC hence why I bought the bike for cheap). They have to send me all this stuff through the mail so is there anything else they need to do on their end?

And finally is there a way for me to use the gift tax when I do my current registration (do they need a letter stating that they "gave me the bike as a gift" (which they practically did). And is there anything else I need to know about titleing and registering the bike too?

Please help me motohouston.... Thanks in advance
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Old 07-07-2008, 11:45 PM   #2
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they should of received the title from the bank with the lien released. when you transfer the title into your name, you will pay taxes on the presumptive value of the bike. you can find your presumptive value here: texas standard presumptive value
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Old 07-08-2008, 12:04 AM   #3
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I believe all they have is the lien release(piece of paper that is not the title), so do I need to tell them to contact the bank to send them the title?
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Old 07-08-2008, 12:15 AM   #4
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they are really strict nowadays i dont think you could get away with marking it as a gift, i know if you mark trade they will want the vin of vehicles traded and they check the values of bikes tooo
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Old 07-08-2008, 12:22 AM   #5
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Not sure about the first half, I stay away from liens personally. However, you should be able to get a 30 day temporary for like ~$30 IIRC. Just need proof that the bike is yours now, a bill of sale should suffice
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Old 07-08-2008, 06:37 AM   #6
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how do you KNOW they paid it off?
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Old 07-08-2008, 07:45 AM   #7
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If they really paid it off, the bank will mail them the title w/ the lien release signature(s). Once they get it, they can sign it and send it to you. You also have to have them sign a 130-U form.
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Old 07-08-2008, 01:48 PM   #8
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Update: I called the bank where they recieved the lien release, and the bank says that they have to go to the DPS (DMV-"Department of Motorvehicles") and show them the lien release to get the title. However, they are located in WA DC. Can they still pickup the title over there, sign it, and send it over to me(in texas), since they are not in texas?

The reason I ask is because I bought the bike in Texas, but I believe the title will be out of state, so I dont know if that will create any problem.

Thanks for your help again.
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Old 07-08-2008, 02:18 PM   #9
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Quote:
Originally Posted by buddha429 View Post
they should of received the title from the bank with the lien released. when you transfer the title into your name, you will pay taxes on the presumptive value of the bike. you can find your presumptive value here: texas standard presumptive value
Geesh I guess I have been living under a rock..


WTF kind of BS law is that??? If you buy a hunk of junk/project/or whatever you still have to pay what they THINK its worth?

""The Standard Presumptive Value is determined by a national vehicle valuation guide that calculates prices based on Texas sales data. The sales tax you owe is based on that amount – even if you paid less for the vehicle. If you paid more for your vehicle than the SPV amount, you owe sales tax on the vehicle’s actual purchase price.""
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