Planning to sell your car? Well, if you think this is high time, that you should sell your old range rover to get a new model, do not hesitate. Just find a suitable buyer and follow the Maryland Motor Vehicle Administration (MVA) rules.
If you are aware of the Maryland Motor Vehicle Administration (MVA) rules or the Maryland Bill of Sale for that matter, you can simply download the MVA guideline or visit the mva.maryland.gov for the explanation. If you are short in time, then just follow this guideline.
Earlier, you had to find the buyer and then go through long paperwork in the MVA office to sell your car. However, the process has been simplified with the digitalization of Maryland’s New Bill of Sale, everything is now online and easy to access!
Maryland’s New Bill of Sale is essential if the selling price of the caris less than the book value. Alos provided that the age of the car is less than seven years. Now that Maryland’s New Bill of Sale is available online, it takes only a few clicks and a couple of minutes to fill up a form and submit the same in the MVA office. The best part of digitalization is that you do not need to be physically present in the MVA office to sell your car.
What Is A Bill Of Sale?
In Maryland, you do not require a bill for private party sales. However, it is a good idea to keep one so that both parties can have proof in writing. According to the rule, each party can keep a signed copy to themselves for future reference.
If you have a title for purchase price, then the buyer will be taxed according to the purchase value and you do not need to produce a bill to sell. However, if there is no purchase price, then you have to produce a bill so that MVA can charge the buyer tax accordingly. For the bill of sale, you have to complete Form VR-181. In this form, you have to fill up basic information about vehicles including the year make, model, odometer reading, purchase price, and the bill signed by both buyer and seller.
Maryland’s New Bill of Sale Online System Digitalization
The aim of digitizing Maryland’s New Bill of Sale is to ease the process of buying and selling vehicles within the state. The digitized system offers a secure process to open the sell window, sign and submit bills; moreover, and keep all the records in one place.
The new digital system has already proved efficient to replace the old paper-based process, which was way more time-consuming. Previously, buyers and sellers had to fill up the forms physically and head to submit the same at the Maryland Motor Vehicle Administration (MVA) office. The process was tedious for both parties, especially those who live far away from the MVS office.
With the new system, both buyers and sellers can complete the online form and upload digital signatures at their convenient time. The process is simple and straightforward, and less time-consuming. Besides, the online MVA guide has step-by-step instructions to fill up the form and complete the procedure.
The digital process is not only convenient for speeding up but it also checks if all of the information is filled minutely. The platform allows immediate processing of the bill right after confirming all the necessary information. With technology, the risk of errors or omissions is reduced. Besides, the system keeps records of the selling process and both buyer and seller can access necessary data and bills for future reference.
Overall, Maryland’s new Bill of Sale Online System is a significant step to accelerate the overall vehicle transfer system in the state. However, not only Maryland’s new Bill of Sale but also the Virginia vehicle bill of sale has been digitalized and helped to streamline the state’s vehicle registration and transfer process.
Is A Notary Or A Bill Of Sale Mandatory?
In order to complete your transaction you will need to produce a notary witnessing signature of both parties and a bill of sale if necessary. Maryland Certificate of Title has a space for the purchase price, if you have that and your vehicle is older than 7 years old then you are not required to present any bill of sale.
A notarized MVA bill of sale is compulsory when the selling price is way below the vehicle’s book value. Also, the automobile is less than 7 years old.
On the other hand, if the vehicle is older than 7 years and the sale price is higher than the vehicle’s book price, then there is no requirement for a notarized MVA bill of sale.
If the bill of sale is not offered, and the selling cost of the automobile is less than $500 of the retail value then it is considered that the acquisition price was achieved on the title (as per National Publication of Used Car Values).
Conclusion
If you are selling or buying a car within the state, then it is recommended that you should get the bill of sale. And, as discussed above Maryland’s new bill of sale is now available online; the process is more convenient. Try the digitalized and more secure way to buy or sell your vehicle and enjoy the benefits of legal transparency.
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