2006 GZ250 resale value?

[alanmcorcoran]

Primal,

I'm not an attorney and I've never even played one on TV, but I can tell you from experience that minor mistakes or omissions made on transfers can sometimes (not usually, but sometimes) turn into a headache. Rules, paperwork and documentation vary from state to state, so it's best to ask someone familiar with those in your state, or visit the state DMV site. Some examples of issues that come up in states I've been in include: additional documentation required for mileage, missing buyer info - such as their address - voids the title, additional documentation required for state sales tax board, and so on. Things can get more complicated if the seller doesn't have the title, or there's a bank lien and so on.

In California, there is something called a Notice of Transfer and Release of Liability (see details below.) Reporting the sale or transfer of a vehicle or vessel to the DMV does *not* constitute a transfer of ownership. The record is not permanently transferred out of your name until the DMV receives a completed application for transfer of ownership and payment of appropriate fees from the new owner.

Here is a more detailed explanation from the CA DMV website.

Notice of Transfer and Release of Liability
What is a Notice of Transfer and Release of Liability?
The Notice of Transfer and Release of Liability (NRL) is used to notify the Department of Motor Vehicles (DMV) when you have sold or transferred your vehicle or vessel to another party. It is used only when ownership of the vehicle or vessel has changed. Legal owner transfers (transfers between lenders or removal of a lienholder from the title) do not require an NRL.

How does the notice of transfer and release of liability protect me?
When properly completed, and the information is recorded by DMV, liability for parking and/or traffic violations and civil litigation, resulting from operation after the date of sale, becomes the responsibility of the subsequent purchaser (Vehicle Code §5602). Additionally, when the NRL information is received by DMV, and the vehicle record is marked, no further vehicle registration renewal notices will be mailed to you for the reported vehicle.

Am I required to notify DMV when I sell or transfer my vehicle to another owner?
Yes. You are required by law to notify DMV within five calendar days from the date you sell or transfer title or interest in and deliver possession of a vehicle to another owner (Vehicle Code §5900).

Does the NRL remove my name from the vehicle record?
No. Only the buyer's application for transfer, using the endorsed title received from you, can do that. When the information required on the NRL is received by DMV and updated to the record, you are no longer responsible for civil or criminal actions arising with the vehicle after the date of sale.
For example, you will not be liable for:

Parking or traffic violations resulting from operation of the vehicle after the sale or transfer date, or
Civil litigation resulting from use of the vehicle after the date of sale.
Registration renewal fees and penalties resulting from operation of the vehicle after the sale.
NOTE: In the case of a suit or complaint, the court is responsible for determining if you have complied with the law and are exempt from civil and/or criminal liability.