My husband I are selling our car to his sister. We take payments, and the need to draft an agreement for lien Are there links to an agreement privilege standard car?
Well, it's never a good idea to enter a business relationship with a parent. Just watch Judge Judy. So the best thing would be for her to borrow money to pay a lender, it gives you, you register as a seller and it is out of your hands should be no problem to the line.
If for any reason you want to continue to do so, to sign the title as seller, have them sign as buyer, please complete the odometer disclosure as required, and put in your name as legal owner.
That way, his sister is the registered proprietor and manager of the insurance and tags, etc., but you're still the legal owner until it has paid all payments that become due.
Once paid, just give it a privilege to exit the vehicle and will be his, free and clear.
What you really need is not an agreement of privilege, but a loan agreement. Your bank should be able to help. I would also like to put something to the effect of insurance, including collisions, is mandatory. Who will protect you in case we enter the "Why do I need to make payment when the car wrecked? situations, with you named on the insurance.
Whatever you do, good luck with it. I hope this does not lead to a breakdown in the family.
You can get office supplies or your local used car dealer can give you one.
www.1Stoplegal.com
Make sure you put your husband and yourself lien on theTitle well.
Posted on June 3, 2010.
