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Re: OT: legalities of selling a car.
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Posted by txblu on July 22, 2004 at 09:24:09 from (199.46.199.231):
In Reply to: OT: legalities of selling a car. posted by Bob on July 22, 2004 at 07:43:28:
In Texas, you sign over the title to the buyer and that is the transfer. You also furnish the buyer with a seller's affadavit for the tax man when he goes to get it registered in his name. There is sales tax on his gain and licensing fees. Rub: The title has a place for the purchaser, not date of sale. Sellers affadavit has one as the law requires the new owner to register the vehicle within 10 days of purchase. Penalty for more than that is $10 flat rate. If the buyer goes in for regist. and doesn't have one, they can determine what he is going to pay in taxes from a flat rate book. If you are concerned (in Tx) you can send a letter to the Tx Dept Mot Veh in Austin and tell them what you did and when. I'm sure a Phil. Lawyer could rock a case both ways with this kind of law, but giving the DMV a heads up helps legitimize your position. Best thing to do is walk the buyer to the tax office. Then you're done for sure and any outstanding question DMV may have will be answered. Mark
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