Is it your intention to trade in your current vehicle for a newer model? You know who to talk to about selling, but you’re still confused about the Transfer of car ownership process? Is it an extremely challenging task? On the contrary, transferring possession is a straightforward process that requires just an understanding of when and why it’s necessary. If you are planning on unofficial transfer vehicle ownership (วิธี โอน ลอย รถยนต์, which is the term in Thai) knowing the following can help you.
Protecting the car and shifting all legal responsibilities to the buyer are two of the most important reasons to complete an ownership transfer or a Certificate Transfer. The term “transfer of ownership” refers to changing the car’s legal owner from you to the buyer. The different legislative laws mandate an ownership change whenever a vehicle is sold or given away. To minimize hassles with registration, insurance, etc., a possession transfer is essential.
A clean Certificate book with no disputed claims benefits both the owner and the buyer, or in some situations, the buyer. Therefore, to have a trouble-free ride in the vehicle, you must adhere to this legislation of ownership transfer and follow the process or stages. The need to change who legally owns a car might arise in several circumstances, some of which are here. So, let’s understand how to change who owns a car or a four-wheeler vehicle.
Steps To Transfer The Vehicle Ownership
The first is the changing of the vehicle’s registered owner. The second step is to transfer the insurance policy on the vehicle. This is crucial because, without it, you will not be able to make any insurance claims in the foreseeable future.
When selling a car, the title transfers to the buyer. Ownership transfer occurs when the buyer’s name replaces the seller’s as the vehicle’s legal owner. When a car’s owner dies, the title changes hands to the next of kin. Within 30 days of the owner’s death, the title can be shifted into the name of the deceased owner’s lawful heirs, and the new owner can use the car for up to 90 days.
An Auction-Based Method of Transferring Ownership can also occur. In the case of an auction, the process of changing the registered owner of a car from one person to another is the “transfer of ownership,”. It occurs when a car is sold at a public auction.
