Purchasing a car through a private party with a power of attorney?
Jul 12, 2009
in
Private Real Estate Loans
I’m purchasing a car through an older gentleman this weekend. I am having my auto loan financed through my credit union, but the previous lien on the car is from a different bank. The title and loan for the car are actually in his son’s name, but his son had an accident in February and is brain-damaged for life. The man I’m purchasing the car from has power of attorney over his son to sell his real estate and property. What are the requirements for such a sale? What forms do I need? What should I know before going ahead with the sale? Can he transfer the title into his name without the loan being paid off?
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One comment
jheckle on July 12, 2009 at 10:32 pm
He needs to transfer the title over to himself and record the transfer with a ‘bill of sale form’. He will then hand you a copy of the bill of sale form and new title under his name. Then he needs to give you the authority to sell a vehicle on his behalf by filing a ‘motor vehicle power of attorney form’. Then you will be able to sell the vehicle on his behalf. You can get both forms at { http://www.legalformsbank.biz/ }.
Yes, he can transfer the title into his name without the loan being paid off.