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Old 10-14-2010, 09:59 PM   #1
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Default Selling the Cobra. Title advice needed.....

Cobra should be sold early next week. The buyer just sold his car and the Cobra will be his only vehicle for now. The title will take 6-10 business days to be transfered to the buyer's credit union. Should I hold onto the car until the title has been legally signed and transfered? Or should I write up a contract that we both sign and keep stating he purchased the vehicle and is responsible for anything that happens to car within that time frame?
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Old 10-14-2010, 10:09 PM   #2
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Contract... Also state how much he is paying for the car, and that the car is sold AS-IS so he cannot sue you for any damages or defects with the car or any mods/work you did to it
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Old 10-15-2010, 11:09 AM   #3
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If he is paying out of pocket, then unfortunatly he is going to just have to wait to pickup the car and title until you get it. You'd need an attorney to make a contract that would hold up in court incase something goes wrong. If you make your own, there is little/no chance it will hold up.
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Old 10-15-2010, 11:10 AM   #4
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so i take it you have a note on the car as well? i would make them wait until all is free and clear. sounds like a bad deal waiting to happen.
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Old 10-15-2010, 11:28 AM   #5
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Old 10-15-2010, 11:36 AM   #6
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You should be fine with a bill of sale. Name date mileage vin sold as is. He won't be able to plate it until he gets the title anyway.
I wouldn't stress over it. I'm assuming you still owe on it and you will be taking the money to the bank your loan is through. The bank should be able to help you guys out and speed things along.
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Old 10-15-2010, 11:45 AM   #7
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Agreed. As long as everything is stated in the contract/bill of sale, youll be fine, and of course, have you and the buyer sign the document. You got to cover yourself.
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Old 10-15-2010, 11:52 AM   #8
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Quote:
Originally Posted by 02BlueGT View Post
Contract... Also state how much he is paying for the car, and that the car is sold AS-IS so he cannot sue you for any damages or defects with the car or any mods/work you did to it
This is correct plus any contract over $5,000 must be notorized and that can be done at any bank for a small fee. That will make it a legaly binding contract and you won't need an attorney.
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Old 10-15-2010, 11:56 AM   #9
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Quote:
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This is correct plus any contract over $5,000 must be notorized and that can be done at any bank for a small fee. That will make it a legaly binding contract and you won't need an attorney.
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Old 10-18-2010, 08:42 PM   #10
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Old 10-18-2010, 09:44 PM   #11
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date
vin
$
AS-IS

both sign....DONE!

i just sold 2 cars this way in the past 2 mos. no big deal... if you look hard enough on the illinois DMV website, you can find a generic bill of sale and print it out to make things look more legit, but ive always just hand written them...GL
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