Are you planning to buy a pre-owned vehicle? You’ve come to the right place. The second-hand vehicle’s market is catching up with increasing demand for it. The internet revolution has facilitated the sale of pre-owned vehicles being via online, as well as offline channels.
Online browsing makes it easier to look for various vehicle options at the convenience of your home. Not only vehicles, but you can also purchase vehicle insurance online. There is a list of documents you need to check when transferring a pre-owned vehicle to your name. Read further to know more –
#1 Vehicle purchase document
The first document you need to look for is the invoice or purchase document of the vehicle. If the previous owner is the first owner of the vehicle, check the invoice for its mention. This will help you in confirming whether the person from who you are purchasing is its real owner or not.
#2 Registration document
The registration document is most critical in the purchase of any pre-owned vehicle. It is also called a registration certificate or RC. To transfer the ownership of your vehicle, you need to amend the registration certificate so that it shows your name. For this process, the following documents are required –
- Original registration certificate.
- Form 29 and 30.
- Copy of the general insurance policy of the vehicle.
- Copy of pollution certificate.
- A residence proof which can be either a voter ID card, passport or even electricity bill.
In case the RC for that vehicle is missing, you need to submit form 26 and a copy of first information report applying for a duplicate registration certificate.
#3 No Objection Certificate
Vehicles are often purchased using finance schemes from banks or other lending institutions. In these cases, the registration certificate will indicate that the vehicle is hypothecated to a financial institution. Thus, for you to purchase this vehicle, you need to obtain a no-objection certificate from such a financial institution. Further, the seller of such vehicle needs to submit form 28 to the RTO, which gives the owner a legal right to transfer the vehicle.
#4 Documents pertaining to the transaction
You should effect the sale of your vehicle through a notarized document that gives the translation a legal identity. This way, you can ensure you have a clear title to the vehicle along with its physical possession.
#5 Tax receipt and Pollution certificate
Along with the vehicle purchase document, you must ask for the road tax receipts paid by the original owner. These tax receipts are essential as it indicates the road tax paid at the time of initial purchase and are valid for 15 years. Further, if the vehicle has an active pollution certificate, obtain it from the seller.
#6 Motor insurance policy
Lastly, the insurance policy is one document you should not miss. All vehicles registered in the country mandatorily require to have at least third-party insurance policy. If you purchase a pre-owned vehicle and drive without a valid insurance certificate, you may end up paying hefty fines. So do not forget to get the policy transferred to your name. Having the appropriate owner’s name can aid the insurance claim process. In some cases, the insurance company may request an inspection of the vehicle before transfer the policy. It is a good practice to enquire for any previous insurance claims made by the owner for damages and repairs.
Buying a pre-owned vehicle has become a hassle-free and straightforward process, but make sure you get all the right documents transferred to your name before the final payment. Once you have checked all the above documents, you can enjoy your new ride without worrying about any legalities.
