What's the Vehicle Release of Liability?
A vehicle release of liability form is used to notify your local Department of Motor Vehicles (DMV) or Regional Transport Office (RTO) that you have sold the vehicle and ensures that you are absolved of any liability that may arise after the sale.
Why is important?
When you independently sell a vehicle, you're at risk if the person who purchased it keeps the car in your name. If there is an accident and the vehicle is still titled and registered in your name, you can be responsible for the damages, you should pay for the damages. As a seller, you must create a vehicle release of liability and properly transfer the car's title. Once the car is sold, it's also important to cancel the auto insurance policy to cut all remaining ties to the vehicle.
What are included in a Vehicle Release of Liability?
Without a written Waiver, everyone faces the possibility of being summoned to court or dragging out a disagreement over who owes what. In general, you must provide the following information on a notice of transfer or release of liability form: ·Your name and contact information ·The name and contact information of the person who purchased the car ·The car's license plate number ·The car's make, model, year of manufacture, year of registration, registration state, and color ·The vehicle identification number (VIN) ·The reading on the odometer at the time of the sale ·The date of the title transfer ·The mode of payment ·The signature of seller and buyer
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