Good advice, especially in the creation of a certificate of sale on stamp paper. Even if I did not obtain the registration of the car in the name of the buyer, I will certainly make a certificate of sale on stamp paper. The parties may include the arbitration clause in this Agreement. In the arbitration proceedings, any dispute that arises between the parties is referred to a neutral third party (“arbitrator”) mutually appointed by both parties. The arbitrator hears both parties and decides the case on the merits. The arbitrator`s decision is final and binding on both parties. 2- That I have received the complete and definitive idea of sale of the aforementioned vehicle from the above buyer. Perhaps the seller`s main concern would be that the title to the vehicle would not be transferred to the buyer at the earliest. The absence of the latter could make the seller liable for infringements or accidents occurring before such a transfer of ownership. All Challans for traffic offences are sent to the seller`s registered address.
The worst nightmare for any seller would be for the vehicle to end up in the hands of unscrupulous elements and be used for criminal activity. Although such accusations can be refuted later, the pain and torment they cause at first is terrible. In order to avoid such undesirable incidents in the future, it is advisable to have an affidavit made for the sale of vehicles on behalf of the buyer and keep it in the possession of the seller. As it is a rapidly growing economy, the volume of sales of old and new vehicles is increasing in India. This also results in proper documentation and registration of vehicles, as well as the transmission of used vehicle vouchers. Let`s take clarification on the legal aspects of selling used cars. Beyond the credit responsibility, despite the agreement on the stamp paper, I would still be responsible for the accident/crime committed on the same car. @Tech brother, it is better to visit the registration office and transfer the car itself in the name of the buyer. My friend is a lawyer and he advised me to always be attentive to legal complications that could arise after the sale of a used car.
The loan agreement and the registration of the transfer or handover of possession of the vehicle can help you free yourself from the accident or any other liability.