The buyer of a vehicle must transfer ownership and registration:
Answers
By the end of the year.
Before the license plate expires.
Within 15 days from the date of purchase.
Within 60 days from the date of purchase.
The correct answer and explanation is:
The correct answer is: Within 15 days from the date of purchase.
When purchasing a vehicle, the buyer must ensure the transfer of ownership and registration with the relevant Department of Motor Vehicles (DMV) or similar governmental authority in their jurisdiction. In many regions, including states in the U.S., this process must be completed within 15 days from the date of purchase. This is the period provided to finalize all the necessary paperwork, pay any applicable fees, and ensure that the vehicle’s title and registration are updated in the buyer’s name.
Explanation: Transferring ownership and registration of a vehicle is a legal requirement that ensures the correct person is identified as the owner of the vehicle in public records. The 15-day window is typically provided to prevent legal complications, including the potential for fraudulent use of the vehicle or avoiding taxes and registration fees. If this transfer is not completed within the allotted time frame, the buyer may face penalties or fines. In some jurisdictions, failure to complete the transfer within the required time can also result in the buyer being held liable for any legal issues related to the vehicle, such as traffic violations, accidents, or insurance claims.
The process involves several steps, such as submitting a bill of sale, completing title transfer forms, paying sales tax, and providing proof of insurance. In some cases, both the seller and the buyer must sign the vehicle’s title, and both parties may need to be present at the DMV to complete the transaction.
To avoid complications, buyers are advised to act promptly and gather all necessary documentation to facilitate the transfer of ownership and registration. By adhering to the 15-day deadline, buyers ensure they are legally protected and that the vehicle is officially registered in their name.