What does it mean when a title is released?
A deed of release is a legal document that removes a previous claim on an asset. A deed of release might be included when a lender transfers the title of real estate to the homeowner upon satisfaction of the mortgage. A deed of release literally releases the parties from previous obligations.
How do I get a replacement car title?
According to Road and Track Magazine, if the car is titled in your name, most states offer replacements through a local department of motor vehicles office. You may need to provide proof of ownership (such as documents for a previous loan on the vehicle) and pay a small fee to obtain the replacement.
What happens if you sell a car without a title?
The failure or inability to transfer title can temporarily leave the buyer without proof of ownership and the seller liable for the vehicle. A buyer who intends to sell the car shortly after making the purchase may elect to leave the original seller on record as the owner of the vehicle to avoid paying the sales tax.
Do you have to get a new title when you release a lien?
If your lending institution informs you that they electronically released their lien on your vehicle, you do not need to get a new title. Just keep the notice of lien release the lending institution sent to you with your title and provide it to the next owner when you sell or dispose of the vehicle.
When do you have to release a vehicle?
If you accept vehicles 24 hours a day you must release vehicles 24 hours a day. If you do not accept vehicles 24 hours a day you must have vehicles available for release within one hour during the following hours:
Do you need a liability release form when selling a car?
The vehicle liability release form is mandatory in most states when giving up ownership of a vehicle. It may have a different name in different states. For example, in Florida the document is called a Notice of Sale, and all private sellers must submit one to document the transfer.