Buying a Second hand car in Bangalore? What are the required documents for change of ownership of used car

Most of the human beings tends to ensure better quality of living as you progress and start earning more. Nowadays as there are epidemics and pandemics happening in a frequent interval, buying a car became a necessity rather than a luxury. In a city like Bangalore, public transport is mostly crowded. I am not forgetting the fact that roads are also crowded. Still, a car has became a necessity unlike ever before.

At the same time, buying a car comes with its own hurdles and challenges. Firstly, you have to identify a car that suites your usage. once you have chosen your car, find one that suits your budget. if both these conditions are satisfied, you may test drive and go for the one which suits you the best. As we all know car is a liability(Its value deprecates year by year, it doesn't produce any income for you). It is always better to buy a second hand car as the money you spend on it will be significantly less than that of a brand new one.

After selecting the car that suits you the best, You have to verify its documents. It is better if there is no accident history, visible damages etc. You might have already evaluated the indoors and functioning of the car. The must have documents and points to be noted are listed below.

Registration Certificate(RC), Tax, insurance documents and their validity 

It is must to verify that the RC is registered to the owners name. Also the validity of the RC can be verified in the vaahan portal. Fitness of the vehicle must be valid up to certain number of years which will justify the value of the vehicle.

Tax should be also properly paid towards the vehicle. If the tax document is not valid, you may have to pay additional fine to change the vehicles ownership to your name.

Insurance policy must be valid and properly maintained: - Insurance policy is a must have document for every vehicle. The insurance policy must be valid to a future date and it should be properly mentioning the vehicle name, chassis, engine number, validity and IDV value of the vehicle.

Another important thing to note is that the emission(pollution) certificate is there and it is valid.

• Form no CMV 29 (duplicate)
• Form No 29 is the NOTICE OF TRANSFER OF OWNERSHIP OF A MOTOR VEHICLE
• Aadhaar Card of the owner
• Form no. CMV 30 (If vehicle covered under Hypothecation/HPA/Lease
• APPLICATION FOR INTIMATION AND TRANSFER OF OWNERSHIP OF A MOTOR VEHICLE
• Registration Certificate, valid insurance, emission Certificate, Fitness certificate in case of transport vehicle, Tax card with up-to-date tax paid proof.
• Address proof (original)
• In case of LMVs and transport vehicles, PAN card is required. (Form 61 or 60 in case of no PAN card)
• Recently captured three passport size photographs of the buyer

Be it online of offline, you have get the above-mentioned documents along with the duly filled forms by both seller and buyer on appropriate places. This article is applicable also for transfer of ownership of two, three wheeler vehicles.

Transfer of ownership of a vehicle can be done online through the government portal https://parivahan.gov.in/parivahan

Above mentioned forms can also be downloaded from the above site.

How to transfer Insurance policy of used car to buyers name?

It is mandatory to transfer the insurance policy to the new owner once the purchase of a used car is done. It is required to get a no objection clause duly filled and signed by the selling owner in order to do this. a sample format of the letter is furnished below.

NO OBJECTION LETTER

TO WHOMSOEVER IT MAY CONCERN

 

I, _____________________________ do hereby state that,

    1. I am  the legal owner/s of the [________________________________]car(Registered Number: ____________ )(hereinafter referred to as “car”). Insured by Insurance company______________________________________ Policy Number: ________________________(Period Cover: ____________________________________________)

    2. I have no objection in Transfering the Insurance to Mr/Ms _____________________________ as I  have sold the said car - Insured by Insurance company______________________________________ Policy Number: ________________________(Period Cover: ____________________________________________)

Date: ……………          Signature

Place: ………….       (Owner)