Lovely Professional University

TERM PAPER on

TRANSFER OF OWNERSHIP

Submitted to: Mr. Atin Garg Nasir Ahmad Malik

R1013

Submitted by:

Rollno. B-55 REG. NO. 11012893

ACKNOWLEDGEMENT
No work of significance can be claimed on a result of individual efforts and same holds true further for this project as well, for through it carries my name the energy of many have contributed in no small measure in completion of this project. We are very thankful to our group partners and our teacher MR. Atin Garg who helped us to make this project.

TRANSFER OF OWNERSHIP

The phrase transfer of property in goods means transfer of ownership of the goods. Property in goods is different from possession of goods. Possession refers to the custody over the goods.So the property in goods may pass from the seller to the buyer but the goods may be in possession of the seller either as unpaid seller or as a bailee for the buyer. In other cases the property in goods may still be with the seller although the goods may be in possession of the buyer or his agent or a carrier for transmission to the buyer.

STANDARD FORM OF TRANSFER OF OWNERSHIP

Government of Orissa Department of Commerce & Transport

FORM 29

APPLICATION FOR TRANSFER OF OWNERSHIP OF A MOTOR VEHICLE

To be duplicate and the copy with the endorsement of the Registering Authority to be returned to the transferor immediately on making entries of Transfer of Ownership.

Registration and From 24

To The Register in authority

(In whose jurisdiction the Transferee resides)

I/We

Resident of

Have on the day of the year

Sold and delivered my/our Vehicle no

Make

Chassis no

Engine No

To Shri/Smt

Name

son

wife daughter of

Residing at

(House no /Street/ village /Town/ Distt. / State) under

Agreement of Hire-Purchase/Leas/Hypothecation with (mention the details)

The Registration certificate and Insurance certificate have been handed over to him/her/them.

To the best of my/our knowledge and free from all Encumbrances and information my/our self responsible

and belief the vehicle is not

superdari

furnished is true. I/We undertake to hold

for any inaccuracy or suppression of information.

Signature of the FINANCIER impression of the (to give his consent)

Signature of thumb REGISTERED OWNER (Transferor)

Date.

Date

Published on National Portal of India (india.gov.in)

I/We

(Transferee)

Copy to : The Registering Authority

In whose jurisdiction the transferor reside.

Note : To be sent to both the Registering Authorities by Registered post Acknowledgement Due

OFFICER ENDORSEMENT

Ref. No .

Office of the

The ownership of the Vehicle has been transferred to the name of with the note of the above said agreement with effect from (Date)

Date.

Strike out whichever is inapplicable Signature of the REGISTERING AUTHORITY with Office Seal

Published on National Portal of India (india.gov.in)

TRANSFER OF OWNERSHIP
Suppose Pankaj want to sold off his car, it doesnt mean that you have no ties with it anymore. Have you taken the legal steps that are necessary to sever your ownership of the said car? There are relevant rules and procedures you need to comply with otherwise you can still end up in legal trouble if the car you sold off is charged for any traffic or driving related offence.

Transfer Car Ownership to Buyers Name

First step would be to change buyers name. Several instances have been reported in India where ex-owners of a car are charged for traffic and driving related offences, such as over-speeding and lane-jumping. When faced with such a situation, the ex-owners have no choice but to pay the relevant fines, regardless of the fact that the vehicle is not in their physical possession. This is because, under the Motor Vehicles Act, a notice of offence is sent to the address mentioned in the Road Transport Office records, which makes the ex-owner legally liable. To avoid such a situation, it is imperative to legally transfer and register the cars ownership to the buyers name. For this, inform the relevant RTO (where the vehicle is registered) of the transfer of ownership.

How to Submit Important Legal Documents for Valid Car Ownership Transfer
While proceeding with a car ownership transfer, give the following documents to the buyer:

Form No.28: This is the proof of application for No Objection Certificate (NOC). Form 28 is mandatory required when the buyer resides in another state. Form No.29: This is the notice of transfer of car ownership Original copies of the car registration certificate and insurance policy, and a photocopy of the delivery note

Additionally, if available, give valid warranty papers and service history records for facilitating better maintenance of the car by the new owner. Finally, you must retain photocopies of Form

No.28 and 29 as evidence. Also, retain copies of the registration papers and insurance policy, and keep the original car invoice for good measure.

Transfer of Ownership
When the ownership of a vehicle changes, the original owner (transferor) must inform the RTO with whom the vehicle was registered, within 14 days In case the new owner resides or has a place of business in the jurisdiction of any other RTO, such an RTO will also have to be informed by the transferor If the RTO in whose jurisdiction the vehicle is being transferred is in another state, then the transferor must obtain a NO OBJECTION Certificate (NOC) from his RTO and forward it to the RTO in whose jurisdiction the new owner stays An application for NOC must be accompanied by :

A certified copy of certificate of registration A certified copy of insurance certificate Evidence of payment of all taxes up-to-date

The new owner (transferee) must inform his RTO within 30 days and send the certificate of registration for the endorsement of ownership in his name The certificate of registration must be accompanied by valid insurance, evidence of tax payment, proof of address and NOC if required At the time of registration or transfer of registration, the vehicle is required to be produced before the RTO No transport vehicle shall be transferred without a valid certificate of fitness Where the seller does not want to retain his insurance policy, his insurance will be deemed to be transferred in the name of the new owner at the time of transfer of the vehicle. However, the new owner must inform the insurance company and get documents transferred in his name within a period of 14 days.

Caution: It is in the interest of the seller that the concerned RTOs are intimated as early as possible, with evidence of such information (registered post, receipt etc.) If such intimation is not made and the vehicle is involved in a crime, accident or traffic violation, the authorities will hold the original owner responsible

REFERENCES LINK: http://www.rtiindia.org/forum/43436-transfer-car-ownership.html LINK: http://www.indiacar.com/infobank/transfer_owner.htm LINK: http://www.docstoc.com/docs/25106076/TRANSFER-OFOWNERSHIP-WITH-POWER-OF-ATTORNEY