In India, the sale or purchase of used bikes is common these days. Buyers are preferring used bikes over new ones to make a budget-friendly purchase, which is why the demand for used bikes in Bangalore has increased. When a buyer purchases an old bike, he needs to transfer the ownership rights of the vehicle to his name. This process requires a handful of paperwork and formalities that both the buyer and seller need to complete. Both the parties involved in the sale must comply with the rules and regulations related to the transfer process. Any mistake or negligence in this process can lead to legal troubles for both the buyer and seller.
The process of ownership transfer is not very complicated. All a buyer has to do is be aware of all the documents required in this process. Considering the strict regulations maintained by the transport service department, sellers and buyers need to be careful. Let us understand the ownership transfer process of used bikes in Bangalore in detail. Also, note down all the documents required by the RTOs and government authorised departments to legalise the sale.
Buyers and sellers both need to give their consent to the transfer process.
Selling used bikes in Bangalore without knowing the ownership transfer process is a mistake. Every seller must know that he is liable to submit all the associated documents of the bike legally to the buyer along with the vehicle keys. The complete ownership transfer procedure involves the following steps.
- The seller needs to submit a transfer application to the RTO where his bike was formerly registered. This application must state that he is willing to sell his bike to an authorised buyer.
- After the application is approved, the seller has to submit all the forms required in this process, like the RC book, bike insurance papers, and PUC document along with the identity proof of the buyer.
- If all the documents are accurate and approved by the RTO, the ownership transfer process is successful.
The RTO demands some specified documents to initiate the ownership transfer process in government records. If a seller personally looks after the transfer process, he must be more careful. Sellers and buyers must be aware of this requirement and organise all the documents accordingly within the defined period.
The Registration Certificate (RC) is an essential document as it serves as the proof of registration of a vehicle to the RTO. From the owner’s details to all the major information related to the vehicle, everything is mentioned in the RC book. Sellers or buyers must submit the original copy of this book to the RTO.
The bike insurance certificate has to be submitted to the RTO with all the documents. The seller must also hand over the original copy to the buyer so that he can initiate the name transfer procedure. Also, a buyer must submit this document for policy transfer within 14 days from the day the ownership transfer is completed.
PUC document is another part of the legal paperwork required in the ownership transfer of used bikes in Bangalore. Buyers must check the validity of the PUC certificate before making the purchase. If it has expired, he will have to apply for a renewal with the consent of the seller.
The transfer deed is another legal document that carries the name, address and contact details of both the parties involved in the sale. The buyer and seller must sign this document and submit it to the RTO for the ownership transfer.
Go through the ultimate checklist of the ownership transfer to ensure utmost transparency.
The RTO has issued three forms for the ownership transfer process that must be submitted for the completion of the procedure. The buyer and seller both need to fill these forms with mutual agreement and submit them to the regional RTO office.
It is a mandatory form that sellers need to fill and submit two copies of it to the RTO. It acts as the Notice of ownership transfer of the bike. This form legally notifies the RTO about the sale.
This form functions as the report of ownership transfer, a confirmation lead of Form 29. Two copies of this form are also mandatory in the document submission process. Every person who is willing to sell used bikes in Bangalore must know about these forms.
In case the seller has an active loan account in the name of the vehicle he is selling, he must submit a NOC for the same. He must acquire this NOC from the bank where his loan is active and submit it with form 35. A seller is responsible for submitting three duly signed copies of this form along with other documents.
Following a few simple tips can help buyers and sellers simplify the ownership transfer process of used bikes in Bangalore.
- Reliable online portals selling second-hand bikes are the best option for both buyers and sellers to simplify the transfer process. The representatives help at every step to avoid the hassle.
- Keep all the required documents ready. Failure in submitting any essential form or piece of paperwork can be problematic.
- Sellers must seek a 100% confirmation from buyers before moving forward with the ownership transfer process. It is better to consider these factors once the deal is finalised successfully.
Buyers and sellers or online selling portals must comply with the ownership transfer process. All the formalities and documents listed above form a crucial part of second-hand purchases. Any negligence can cost more than expected in terms of time and money. Using the online portal for buying used bikes in Bangalore can simplify the transfer process. Keep unnecessary legal issues and defaults at bay with this well-channelised process.