Joined
·
136 Posts
As the title says? Im buying my first bike today so im a newb and not sure exactly how it should go. All advice is welcome!!
(First Purchase) Do I pay first or get the title first?
1 - 20 of 25 Posts
Joined
·
136 Posts
no, paying cash upfront to a private seller
Joined
·
780 Posts
He should have the title when you pay for it and pick the bike up. I'm not sure how it works in other states but in Wisconsin you have to fill out the back of the title with the purchase price and both of your signature's. Also check the title to make sure it doesn't say SALVAGED.
Joined
·
136 Posts
ok, but does his signature have to be notorized?
Joined
·
1,358 Posts
No it does not need to be notarized. Also, make sure that there are no liens against the title, meaning he/she does not still owe money on it to a bank. If there are liens then the seller must pay off the lien before he/she can legally sell you the bike.
Joined
·
33 Posts
Signatures should not have to be notorized, i only have experience with wisconsin laws but i doubt they have to be notorized.
Just make sure you can look over the title before you hand him the money and look for any leins on the bike(he has a loan on the bike that is not paid off) or a salvaged title or something else weird he hasnt already told you about. Then have him sign it, give him the money tell him to count it if he doesnt already and take the title and the bike.
Just make sure you can look over the title before you hand him the money and look for any leins on the bike(he has a loan on the bike that is not paid off) or a salvaged title or something else weird he hasnt already told you about. Then have him sign it, give him the money tell him to count it if he doesnt already and take the title and the bike.
I don't see how the owner would even have the title if there are leins against it...Normally the bank requires possession of the title to put the lein on it. If he needs to pay a bank off to give it to you then I recommend writing a basic contract and bill of sale stating that he will give the title to you once it is given to him and in the meantime you get the bike, the keys, and the registration. You will have all the paperwork needed to prove the title is yours at that point.
Joined
·
1,868 Posts
not really, on a md title (dont know if they are diff. for other states) there is a specific area for a lein stamp, then once the lein is paid, the bank manager signs it as a lein release
That's different...I can't see how that system really works out well but in VA and PA the banks keep the titles.
Joined
·
1,201 Posts
The bank keeps the title till it's paid for. If the owner has the title, it's more than likely there are no liens against. But just to be sure, make sure his name is the primary name on the title.
He'll sign it and put the sale price on it. Ask if he can make the sale price really really low so you don't have to much title fee. Hell, ask if he can just put $1.00...he doesn't have anything to loose on his end.
BUT DO NOT GIVE HIM ANY MONEY IF HE DOES NOT HAVE THE TITLE IN HAND!
He'll sign it and put the sale price on it. Ask if he can make the sale price really really low so you don't have to much title fee. Hell, ask if he can just put $1.00...he doesn't have anything to loose on his end.
BUT DO NOT GIVE HIM ANY MONEY IF HE DOES NOT HAVE THE TITLE IN HAND!
Joined
·
136 Posts
around how much would it cost to get the title transferred to my name?
Joined
·
1,201 Posts
I would check your state's DMV site.
Joined
·
298 Posts
In ohio when you buy a bike on a lean, the title goes right to the bank and you never see it. Than the dealership will mail your a state certificate with your info and and lean to take to the dmv to get plates.
I'm in VA and bought a used bike in MD. The bike had a lein and the owner did not have title (bank did). I paid the owner and took the bike, keys, got an extremely detailed signed bill of sale, drivers license number, home address (picked up bike from their house) and license plate of their vehicle. They paid the lein and provided me with the title once they received it. Was a little nervous with not having the title in hand, but felt I had enough information should anything funny happen.
If you're purchasing a bike (or any vehicle with a lein) It's best to execute the purchase at the bank with bank representative present. Each bank will tell you how it's done. That way you have a bill of sale, you can witness the guy paying off the vehicle with the money you just gave him, and the bank can process the lein release paperwork that day. This may take a couple hours.
It get's much more complicated then this if the vehicle was finanaced by a bank that has a branch you can walk into.
It get's much more complicated then this if the vehicle was finanaced by a bank that has a branch you can walk into.
1 - 20 of 25 Posts
