Need advice on transfering

[Strait Line]

So I sold the busa today kinda mixed feelings but no worries.The new owner is going to be here on sunday to pick up the bike on a trailer from out of state.He is paying with cash so no problem there,However i will be sending the payoff check to the bank on the following monday.The bank told me it could take up to 30 days for me to receive the title from them to then sign over to the new owner.My question is what liabilty or responsibilty is on me if something happened to the new owner or the bike before the title is signed over and out of my name?We will both sign a bill of sale each have a copy with the date and details of the transaction.However i dont know if the new owner will wait 30 days before he rides the bike and i dont belive he can even register it if it is not in his name.Any help would be great.

keith

[Working Man]

Bank should give him a temporary title so he can tag and insure the bike. All titles here have to be sent in to the state, but you will have paperwork showing you are not the owner at the time of the sale. Ask your friendly banker. They will clarify it for you. Should not be a problem.

[Strait Line]

Thanks

also found a bill of sale form through the dmv i can download and file with the tax collector's office and make it official.

[Revvv]

Your new owner is legal for 30 days. After that they better have a tag.

[Charlesbusa]

Contact the DMV, they'll tell you exactly how to legally protect yourself.

[Strait Line]

(Charlesbusa @ Apr. 24 2007,20:42) Contact the DMV, they'll tell you exactly how to legally protect yourself.

Will do.Thanks for the help.

[tangledclown]

to further protect yourself maybe you should have him sign a waiver.btw,good luck with your next bike.

[SpeedAdict]

It is different in every state. To answer your question it is still your bike as far as traffic violations and accidents or thefts go. However Florida is one of the few states that will grant temp tags to new owners for thirty days. Call your bank again and tell them you need the title to sell and express mail the title. They will do it for you and you can get it in about 7 days. If they are any kind of bank they should not even charge you for it. In the mean time get your bill of sale notorized from any bank manager. It will cost you five dollars, just call them up and find out if you have to sign it in front of them or not. You do not even need his signature on that to keep yourself out of trouble, just a paper generaly saying "I Strait line sell my zuk busa vin 1234 to blah blah guy from 567 street dreamland in as is condition 30April07." That could keep out of a lot of explaining. Lastly insurance companys do not care if he has the title, so he can still insure the bike under his name. So at least if it goes badly for him he can recoop some money. However if I were you I would keep the old girl under my policy until you officialy sign over the title. Just drop it to straight liability. Good luck man, sorry to hear the bike has to go.