Transferring vehicle ownership plays a crucial role when selling a vehicle or car. You can’t skip it. An ownership paper is the car’s title that shows the legal owner of a vehicle, and it becomes an important process that you should do as a vehicle owner while selling a car. Transfer ownership proof to a buyer or new owner shows that the car owner is transferring ownership to the new car owner and liabilities.
Is it always hard to sell a car without having a title? Let’s understand it more through this blog.
Transfer ownership after selling a junk car
To transfer ownership after selling a junk car, these are the following steps you need to do:
- After selling or disposing of your NSW registered vehicle, you will be required to let Transport for NSW know without any delay.
- Secondly, new car owners’ proof shows that they are entitled to register the car, including a registration certificate or purchasing proof.
License plate
Whenever you sell your car in junkyards then make sure not to leave the license plates on your vehicle or car. Before handover your junk car, you should remove the license plate, it needs to be returned back to the RMS(Roads and Maritime Services) for cancellation. If you sell your car to dealers then you need to transfer the ownership to the buyer along with the plate registration. As your car is going to be scrapped in scrapyards then there is no need for a license plate, it’s your responsibility to remove it as soon as you scrap your vehicle.
Insurance
While selling or after selling, you should keep in mind the insurance policy. If you’re an active insurance policy, then after selling your vehicle, you need to cancel it; however, some insurance companies require cancellation fees. When you sell your vehicle to the junkyards, then you must have to cancel the insurance policy before scrapping your vehicle. As the vehicle is not going to be used anymore then there is no requirement for insurance. Mainly, the insurance work is to cover the person or vehicle from any damage or miss-happening under the policy and if the new owner gets involved in an unpleasant situation like a car crash or accident, that means the insurance will be logged into your record, and you have to pay the cost that isn’t covered by the policy.
Besides cancellation, there is another option: Transferring insurance. When an insurance policyholder or a person sells a car in a short period of the policy, the. Coverage shouldn’t be cancelled. Instead of cancelling it, go for the transferring option, as it’s much cheaper than cancellation. The new buyer may find it easy and interesting to take over your policy rather than applying for a new one.
Tip: It’s as essential as transfer ownership, so transfer or cancel the insurance policy right after selling a vehicle or junk car.
How to transfer ownership of a junk car in Sydney?- What are the requirements?
If you are selling your vehicle, you will have to transfer ownership to the new buyer or company by providing the document that proves their rights to register the vehicle and lodge a Notice of disposal.
The documents seller provides to the buyer include:
- Certificate of Registration
- Renewal notice /Original letter
- Bill of sale
- Tax invoice/receipt
For submission of a notice of disposal, you will first need to fill out the notice of Disposal form in which you will need your available details, buyer’s details, and vehicle details.
After selling a car or damaged car in NSW, it’s better to submit this notice as soon as possible.
A buyer will need to transfer the registration within 14 days of purchasing.
Do junk car removals companies buy a car without a title?
Not every junkyard or Car Removal company buys a car without having car ownership proof or title. However, several companies or junkyards are willing to buy junk, damaged vehicles even if you don’t have ownership proof. It is the simplest way to get cash for cars and get rid of your vehicle easily and quickly. Junk car removal Sydney is one of the ideal companies available that pay top cash for cars. We have less paperwork in which our team guides. You can sell your junk, damaged, unwanted, old car or non-running vehicle to us.
Without wasting time, call us today!
Final words
End up with this note,
“That was all about the transfer ownership after selling a junk car, I hope you have found it interesting, and useful. We promise to come up with more knowledgeable blogs in future as well. Stay connected with us.”
Thanks for reading!