What documents are required for buying a used car from a private seller
What documents are required for buying a used car from a private seller? 14th May 2020
Buying a car, be it new or used, is a big event for any family because who doesn’t want to enjoy the perks that come with your car. However, while investing in a second-hand car, it is essential to make sure that there a specific set of documents that are always there with you. Here are all the documents that are required for buying a used car from a private seller: -Insurance Documents you intend to continue the existing insurance policy, it is important to check the private
car insurancedocuments thoroughly for the vehicle. Once you are satisfied, then the insurance policy must be transferred to your name. This process must be completed before the sale takes place. You must make sure if the previous premium was paid regularly or not and the claim history of the seller, along with the expiry date of the policy. There should be a clear concept about the terms and conditions that have been mentioned in the documentation.
- Registration certificate is an important document since the engine number, and the chassis number is mentioned in this. The buyer should check the state in which the vehicle was initially registered since you might move to another state, and such details are crucial.
- Invoice and service book should be an invoice for the car purchase that must be handed over to you as a buyer. While this may be tough if you are buying it from an individual buyer, since only established companies provide that, you can always ask for a formal receipt to state the same. The service books are yet another important component that must be passed on since it provides the servicing history of the car and gives a better idea about the condition it was purchased in. A car that has been serviced at regular intervals has a better chance of being in a better condition.
- Road tax receipts is paid only once, that is, at the time of registration of the car by the first owner; however, if this hasn’t been paid, then it can accumulate into significant penalty over the years wherein it can occur on the latest owner too. The road tax in various states varies a lot and usually oscillates between 2 to 18 per cent, and it is the primary responsibility of the seller to provide with the receipt.
- Bi-fuel kit certification the vehicle has been retrofitted with a CNG or LPG kit. You must ask for a registration certification wherein both the fuel-types have been endorsed along with the no-objection certificate provided by the RTO, stating the same. These documents are required mandatorily when you subscribe to private car insurance in India . This fuel kit usually has a guarantee of 5 years from the time it was fitted to the vehicle, and you must ensure to ask the seller about the purchase receipt of the kit too.
These are some of the vital documents that must be secured when buying a car from a private seller as they help in preserving buyers rights. Moreover, having original copies of these documents comes handy in the future as well.