question on registering a vehicle

[persimmoncf]

Do you need a NOTORIZED bill of sale when getting tags on a used vehicle purchased from a private party?

[GWguy]

You don't really need a bill of sale at all. The signed title is your proof of purchase, and there is a spot on it for the sale price. If your sale price is way below blue book, they may charge you sales tax on the blue book value rather than the actual. That said, I always write a bill of sale anyway which matches the price on the title, and have both parties sign it. Never had one notarized.

[persimmoncf]

Originally Posted by GWguy

You don't really need a bill of sale at all. The signed title is your proof of purchase, and there is a spot on it for the sale price. If your sale price is way below blue book, they may charge you sales tax on the blue book value rather than the actual. That said, I always write a bill of sale anyway which matches the price on the title, and have both parties sign it. Never had one notarized.

Thats exactly what I thought...thank you so much GWMan!!! Im off to go buy a truck

[Loper (Premo)]

Originally Posted by persimmoncf

Thats exactly what I thought...thank you so much GWMan!!! Im off to go buy a truck

Percy wait!!!
Maryland Vehicle Title and Registration Information

do any of these things apply?

Proof of purchase price - This should be a bill of sale signed by both the buyer(s) and seller(s). The bill of sale must be notarized if the following conditions apply:
the vehicle is less than 7 years old; and
the purchase price is at least $500 below the book value; and
the new owner (buyer) wants to base the excise tax calculation (6% of the vehicle's value) on the sale price rather than the book value.

[Crashpupty]

Originally Posted by Loper

Percy wait!!!
Maryland Vehicle Title and Registration Information

do any of these things apply?

Proof of purchase price - This should be a bill of sale signed by both the buyer(s) and seller(s). The bill of sale must be notarized if the following conditions apply:
the vehicle is less than 7 years old; and
the purchase price is at least $500 below the book value; and
the new owner (buyer) wants to base the excise tax calculation (6% of the vehicle's value) on the sale price rather than the book value.

The MVA now has a form VR-181 that must be filled out and notorized, or you pay the 6% tax on the full book value. If it is older than 7 years then don't do this and just pay the tax on 640.00 dollars.

[persimmoncf]

OK so is a 2003 considered less than 7 years old or more than?

[persimmoncf]

Oh and btw another question...the seller supplied me with only the lien release. Said that I needed that to get the title. He didnt have a title just the release which was signed on the back with all of the sales price and transfer info

[direxpgw]

A 2003 is considered older than 7 years. So no BOS required. You will be taxed on whatever value you write on the title back. Minimum is $640, ie 6% is $38.40. IOW, if you write $300 on the back of the title, MVA will still charge you $38.40 in tax.

As far as the lien release goes, you will need this but you will also need the title. No info needs to be filled out on the lien release, you merely need to possess it. The owner needs to furnish you with the actual title which will be signed over and info filled out on back. If owner does not have or cant find, he/she will have to apply for a duplicate so that they will have something to sign over to you. The lien release, allthough it looks like a title, WILL NOT suffice for you to change ownership.

[persimmoncf]

Originally Posted by direxpgw

A 2003 is considered older than 7 years. So no BOS required. You will be taxed on whatever value you write on the title back. Minimum is $640, ie 6% is $38.40. IOW, if you write $300 on the back of the title, MVA will still charge you $38.40 in tax.

As far as the lien release goes, you will need this but you will also need the title. No info needs to be filled out on the lien release, you merely need to possess it. The owner needs to furnish you with the actual title which will be signed over and info filled out on back. If owner does not have or cant find, he/she will have to apply for a duplicate so that they will have something to sign over to you. The lien release, allthough it looks like a title, WILL NOT suffice for you to change ownership.

good and bad news....thanks!

[TPD]

MVA has been notorious for needing more than one trip to get what you wanted. I recently tagged/titled a vehicle. Had all my puppies in order apparently because it was only one trip and only 20 minutes tops at that for the whole process at the Loveville office!