And by the time any helpful info that the buyer may have discovered on the UVIP (a brand, problematic ownership history, or a lien), it’s a bit late to do anything about it.
It's likely that getting the UVIP and a safety would help to sell a bike and you might get the cost of this back in a higher selling price.
I would also take the time to go with the buyer to witness the ownership transfer vs. assuming he was going to do it properly. An hour of your time here could help avoid a huge and expensive hassle of dealing with some kind of claim against you if the buyer never registered the bike and you're still the legal owner.
it may be the law that seller provides UVIP
but at transfer time if there isn't one, buyer pays for it
Service Ontario doesn't give a rat's arseshole about who gets it
liens would be really my only concern
not that big a deal on a used bike of relatively low value
but no way I'd be buying a car/truck without seeing that first
I would also take the time to go with the buyer to witness the ownership transfer vs. assuming he was going to do it properly. An hour of your time here could help avoid a huge and expensive hassle of dealing with some kind of claim against you if the buyer never registered the bike and you're still the legal owner.
You can go to the MTO yourself anytime after the sale and de-register the bike so you're no longer the legal owner. You don't even need a bill of sale or anything. Just tell them you don't own it anymore and then you've washed your hands of the bike forever.
Regardless of whether the buyer eventually registers it in his name or not.
You can go to the MTO yourself anytime after the sale and de-register the bike so you're no longer the legal owner. You don't even need a bill of sale or anything. Just tell them you don't own it anymore and then you've washed your hands of the bike forever.
I didn't know that was possible. That said, if you've got to go to the MTO anyway to do this why not just do the transfer at the MTO at the time of sale and have it done and finished with.
I didn't know that was possible. That said, if you've got to go to the MTO anyway to do this why not just do the transfer at the MTO at the time of sale and have it done and finished with.
So many things needed on the buyer's end before he can register at the MTO. If the vehicle is sold "as is" he has to arrange a safety. Also has to sort out insurance if he hasn't done so, as MTO registration requires a valid policy number.
Maybe he wants to take it out of the country, or use it as a track bike. No need to register it and have to pay unnecessary taxes in that case.
A joint MTO visit at the time of the sale is very unlikely.
+1 hard enough to get scheduling to do a sale. Buying or selling, can't be bothered to try to sync a time for both to go the the MTO....and the wait in line. Once in a while when you are at the MTO, just have them check if anything other than what you own is listed under your name. Clear out what isn't. Did it last year the first time and of the many items previously owned, none were still under my name.
It's an uncommon thing, but it is possible to be "underwater" on a loan. Where the loan outstanding is more than what the vehicle is worth.
Guy buys a brand new R1 in 2010 for $20K. He finds a sub-prime lender that charges him loan-shark interest rates so he's making interest payments only, principal barely paid back over the next 9 years. You buy the R1 from him today. It's in rough shape, so you offer him $6K and he jumps on it like a fat, horny kid on a candy-coated hooker. It's a great deal, so you don't bother asking for the UVIP.
You get the UVIP, find out there's a lien on it, contact the lender and then they tell you there's still $16K left on the loan...
Buddy was going to get his bike repoed the next week anyway. So he's $6K up and you're down $6K holding a bike that you're not going to register cause it comes with a $16K loan.
yep, and a few other scenarios where a vehicle could be liened
but with a 10 year old bike that ain't worth much anymore
there's little chance a creditor is going to seek a judgment
get a Sheriffs seizure authorization and hire a repo man to find it/take it
in all likelihood the debt has been written off as non-collectable
now a car that's worth more and can be towed in the middle of the night
that's a different story, I'd certainly want to avoid that
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