title question

wrangler00

wrangler00

Active Member
Joined
Jun 16, 2009
Location
morganton
ok so ive bought a car from a friend at work, because i got it at a a really good deal. I found a guy who wants to buy the car but wants to make payments to me on it. ok so the question i have is can i have the title signed over to me, then without sending it off sign it off to someone else? the thing i was wondering was do i haft to send the title off and get it back into my name before i can sell?
 
If the title is left open then you can have the other person sign it . If you have signed it then you need to get the title in your name and sign it over to him . You can make a trip to Raleigh and get a instant title then sign it over to him .
 
i have not signed it yet i was waiting to see what i could do see the problem is getting these two people together to get it notarized and im not going to get the title signed over into his name until i can get all the money for the car which will take about a month
 
notarized ??? THE NOTARRE ONLY notarizes the sellers sighnature so get it done & you do not sigh it & all will work out
 
You can sign the title over to him and record yourself as a lien holder on the title. You can also have the title mailed to your home where you will hold on to it until the lien if paid in full. Once the lien is paid then all you will need to do is sign the title releasing the lien and hand it to him. Notary is not required. He doesn't even have to file for a new title either, but if he ever loses it he will need to track you down to get it signed again.

That way he cannot sell the car without your signature and you can repo it if he doesn't pay. Easiest way to do all that is you and the buyer go to the tag office. They can explain it all. Otherwise any notary should know how to handle it.
 
It been my experience that notaries are wrongly told to notarize both signatures. I have argued with several over this issue as it clearly states on the titles 'sellers signature'.

That in mind the DMV will NOT notarize only the seller. They claim it's illegal to have an 'open title', basically it cuts them out of the 2,3,4,5,6 X taxation racket they have taxing it each time its sold.

I would keep the title open, but have him give you a reasonable non-refundable deposit and have him save his $ up. When he has it save up he pays you. If he falls short you have the deposit for holding the car. Have a clear date that this deal is over and he looses his $$... Payments can get messy... And hopefully your not letting him have the vehicle BEFORE its paid for... Then you get what ever happens...
 
yager said:
It been my experience that notaries are wrongly told to notarize both signatures. I have argued with several over this issue as it clearly states on the titles 'sellers signature'.

That in mind the DMV will NOT notarize only the seller. They claim it's illegal to have an 'open title', basically it cuts them out of the 2,3,4,5,6 X taxation racket they have taxing it each time its sold.

I would keep the title open, but have him give you a reasonable non-refundable deposit and have him save his $ up. When he has it save up he pays you. If he falls short you have the deposit for holding the car. Have a clear date that this deal is over and he looses his $$... Payments can get messy... And hopefully your not letting him have the vehicle BEFORE its paid for... Then you get what ever happens...
Click to expand...
no no no this car will sit in my yard until the car is paid in full it only going to be 2 payments
 
When I buy a used car I leave the title open for at least 3-4 weeks. If everything runs out OK, I put it in my name and do the insurance and all that. Just like you said, if some one wants to buy it, I've saved a lot of $.
 
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