Cars and bikes/ scooters are a status symbol in our country. An excellent expensive vehicle makes your solid impression, and a dirty vehicle can spoil your impression. However, not everyone can afford new and costly vehicles, so second-hand vehicles are preferred by many.
Many people are not aware of the frauds happening in the market. Read furthermore to know about what papers you need and from where to get them.
People are quite aware of how they should clean their car, make it a good looking car and how to talk to potential buyers but one thing people find difficult to do is the process of paperwork, what forms to fill, and from where to find these forms which are extremely important.
What are the documents to hand over to the buyer:
The records to give to the buyer are as follows:
- Form No.28 – Application for N.O.C. and grant of the certificate, if the buyer falls in another RTO’s jurisdiction (3 Originals).
- Form No.29 – Notice of transfer of ownership of the vehicle (Original).
- Form No.30 – Report of transfer of ownership of the vehicle (Original).
- Delivery note (Copy).
- Registration certificate (Original).
- RTO tax documents (Original).
- Insurance policy (if included as part of the deal).
- Owner’s manual of the vehicle.
- Any warranty papers (battery etc.).
- Service history.
- Invoice of the vehicle (if available, and in copy).
- PUC certificate.
- Duplicate keys.
What documents should you retain with yourself?
- Form No.28 (Copy).
- Form No.29 (Copy).
- Form No.30 (Copy).
- Form No.35 – Finance company NOC (if applicable & only a copy).
- Delivery note (Original).
- Registration, RTO tax papers & insurance policy of the vehicle (Copy).
- Govt. issued photo id of the buyer (Copy).
- Invoice of the vehicle (Original).
A seller should sign the transfer papers and deliver the vehicle to the seller only after the complete payment has been confirmed. If they want EMI, they can go to Bank for that purpose.
If the buyer is paying via cheque, wait for clearance. One should not trust demand drafts either, because fake demand drafts often circulate in the market. Only when the cash is received, or your bank confirms the deposit, should you hand over the vehicle to the buyer.
Remember that the cheque/demand draft must be in favour of the registered owner of the vehicle.
We hope this article was useful to you. Stay tuned to The Telescope for more.