5 Things to be mindful about when transferring car possession

We human beings are usually very attached to our belongings, and when it comes to our cars, it is always a very strong one. However, one might choose to sell his car at a point of time for ambiguous reasons. If you too are planning to sell your car, there are some facts that you must know so that you make a successful sale. There are a lot of formalities and documentation that are involved in the process of transferring the possession of a car to a third party. RC(Registration Certificate) transfer, insurance transfer, and various RTO forms are required to complete the procedure. To make the process convenient, you can avail the facility of vehicle ownership transfer online and do the needful.

Here are 5 major things that must be kept in mind before transferring car possession:

Make your car worth a sale: If your car is a treat to the eyes of a buyer, your deal will be successful. A buyer may select your car by looking at its picture. To acquire the optimum valuation of your car, spend some money to refurbish it. If there are visible scratches and dents, or the condition of the car’s engine is not at its best, provide a proper servicing to your car before it is ready to be sold. It is also preferable to get an assessment report of your car to make it more convincing to the buyer. Once your car is ready, you may do the rest of the formalities through vehicle ownership transfer online.

Present proper documents: Arrange all the required documents and rectify them before transferring the possession. The RC needs to be transferred under the buyer’s name and so do the insurance papers of the car. If you had taken a loan for buying your car, a NOC must be submitted by you along with forms 32 & 35. Other vehicle transfer forms must also be submitted to the RTO to successfully seal the deal. With proper documents, you can do your vehicle ownership transfer online with ease.

Handover the NCB(No Claim Bonus) and insurance papers: If you have acquired an NCB certificate, transfer it to the buyer along with the original insurance papers. An NCB is given by the insurance company as a reward in case of a no-claim agreement and you can request your insurance company to retain it for up to 2 years with an NCB protection add-on cover. This will help you get a better price for your car.

Analyse the market conditions: It is very important to analyse the market conditions and get a clear idea about the valuation of your car. Everyone wants to grab a reasonable deal and if you keep a price that is too high, you might not be able to transfer the possession of your car. It is not only possible to do vehicle ownership transfer online, but you can also assess your car’s valuation through specific online portals.

Verify the buyer’s profile: A lot of people neglect this part but it is extremely important to verify your buyer’s details and profile thoroughly. You must look for a genuine buyer in order to avoid any harassment or fraud. If the buyer uses any fake identification and commits any crime using your car, you will be the one who will face trouble. Also, if the buyer leaves the transfer procedure midway, you might be the one bearing the cost for it. In such cases, using a vehicle ownership transfer online facility is more favourable.

Transfering the possession of your beloved car must be done carefully and cautiously by you. Keep the basic precautions in mind and then sell your car to make a profitable deal.