Certain things have to be kept in mind, especially the transfer of ownership. The process mainly differs depending on where you are transferring ownership. If you are transferring ownership within the state, this article is perfect. Here you will learn about the several steps involved in transferring ownership of your vehicle.
When the transaction occurs, it has to be legally documented by a notary. Whether through a demand draft or a cheque, the payment details should be transparent. In addition, the status of the RC, the condition of the vehicle, and insurance details also should be mentioned. This sales agreement will define the payment made for the vehicle ownership transfer and its status.
Once the seller has received the payment, they should sign Forms 29 and 30 for submission to the RTO (Regional Transport Office). Both the forms further cement that the seller has consent for ownership transfer.
If your car is under a loan, you will also need to sign Form number 35 along with a NOC or no objection certificate by the lending bank. Along with that, the seller will also have to hand over the following documents with the key:
On the other hand, the seller should keep in mind to keep at least a copy of the following documents for future purposes:
If your car is not still under the loan, you will have to provide the RTO with these documents:
Once you have gathered all these documents, you will have to get them verified by a clerk and attested by the office superintendent. You will then have to submit all your documents and get your acknowledgment from the RTO. However, you must realise that the process for acquiring a CC does not involve any fees. The CC and modified RC book will be sent via email to you within a month.
Given that you have repaid your car loan, you will have to get the following documents furnished at the new RTO:
Along with getting these documents checked by the superintendent at the new RTO, the buyer might also have to sign some other documents, as mentioned by the superintendent.
There is a minimal amount payable to transfer your ownership. If the ownership transfer application fee remains unpaid for 14 days after the sale, a late fee is chargeable. Once you have cleared this payment, you will receive two Challans. Attach them to your documents and submit them to a clerk at the RTO. An acknowledgement will be provided to you, after which the RC book takes about 30 days to be delivered.
It comprises everything you have to know about car ownership transfer. However, if you have any issues with the process, you can always seek professional help. It will ensure that the process is smoother and there are no hiccups.
