Maryland Odometer Statement For Title Transfers

• Category: Bills of Sale - Automobiles
• State: Maryland
• Control #: MD-00431
• Format: Word; Rich Text

Description

This Bill of Sale of Automobile contains the following information: the make/model of the car, VIN number and other information. Seller guarantees that the property is his/her own and is free of all claims and offsets of any kind. The form also contains the Odometer Disclosure Statement required by Federal Law and State Law, where applicable, which must be signed in the presence of a notary public.

Title transfers in Maryland require the completion of an odometer statement, which is a crucial document verifying the accuracy of the vehicle's mileage when ownership is transferred. The Maryland odometer statement is designed to prevent fraud and ensure transparency in the sale or transfer of cars, motorcycles, trucks, or any other motor vehicle. The Maryland odometer statement for title transfers is an official form recognized by the Maryland Motor Vehicle Administration (MVA). This form must be filled out and signed by both the buyer and seller in the presence of a notary public or an MVA representative. The purpose of this statement is to provide an accurate and honest account of the vehicle's mileage at the time of the title transfer. The main objective of the Maryland odometer statement is to protect buyers from unknowingly purchasing vehicles with altered or tampered mileage. By law, sellers are obligated to disclose any known discrepancies or issues with the mileage of the vehicle. This statement increases consumer protection by providing a legal framework for honest disclosure. There are different types of odometer statements in Maryland depending on the vehicle's age or its weight classification. Some of these include: 1. Standard Odometer Statement: This is the most commonly used statement for regular passenger vehicles, trucks, and motorcycles. 2. Odometer Statement for Heavy Vehicles: This statement is required for vehicles with substantial weight, such as commercial trucks, buses, or other heavy-duty vehicles. 3. Odometer Statement for Leased Vehicles: In cases where the vehicle being transferred is a leased vehicle, a specific statement is used to reflect the mileage accurately. 4. Exempt Odometer Statement: This statement is used when the vehicle is exempt from federal odometer disclosure requirements, such as vehicles older than 10 years or vehicles with a gross weight rating above 16,000 pounds. It is important to note that the Maryland odometer statement must include information such as the vehicle identification number (VIN), the buyer's and seller's names, addresses, and signatures. Additionally, the statement must clearly display the vehicle's current mileage, and any known mileage discrepancies must be disclosed. By accurately completing the Maryland odometer statement, both the buyer and the seller play a pivotal role in maintaining the integrity of vehicle transactions. This form protects consumers from fraudulent practices and ensures transparency in the title transfer process, promoting a fair and trustworthy marketplace for buyers and sellers alike.