Maryland Odometer Statement with Lien Release — A Comprehensive Description Keywords: Maryland, Odometer Statement, Lien Release, Vehicle History, Title Transfer, Lien holder The Maryland odometer statement with lien release is an imperative document used during the title transfer process when selling or buying a vehicle in the state of Maryland. This statement serves two main purposes: 1. Odometer Statement: The first aspect of the Maryland odometer statement is to record the accurate mileage reading of the vehicle being sold. Hence, this document ensures that the buyer has an accurate understanding of the vehicle's true mileage, which is crucial for determining the value and condition of the car. 2. Lien Release: The second primary function of the Maryland odometer statement is to declare the release of the lien on the vehicle. A lien is a legal claim by a creditor or lien holder against the vehicle title, usually due to an outstanding loan or debt related to the vehicle. The lien holder's consent and approval are necessary to transfer the vehicle's title to a new owner. Different Types of Maryland Odometer Statement with Lien Release: There typically aren't different types of Maryland odometer statements with lien releases. However, variations may exist depending on the specific circumstances, such as the presence of a lien holder or the method of title transfer. For instance, if a lien holder is involved, there will be a specific section in the document providing details about the lien, including the lien holder's name and contact information, as well as their consent to release the lien. Completing the Maryland Odometer Statement with Lien Release: To complete the Maryland odometer statement with lien release accurately, several pieces of information are required. These include: 1. Vehicle Information: The exact vehicle details need to be mentioned, such as the make, model, year, vehicle identification number (VIN), and license plate number. This information ensures that the statement pertains specifically to the vehicle being sold. 2. Seller and Buyer Information: The full names, addresses, and contact numbers of both the seller and buyer must be provided. This clarifies the identities of the parties involved in the transaction. 3. Lien holder Details: If there is an existing lien holder, their name, address, and contact information must be listed. Additionally, their consent to release the lien should be obtained and documented. 4. Odometer Reading: The accurate mileage displayed on the vehicle's odometer at the time of sale needs to be entered. This ensures transparency and prevents any fraudulent or inaccurate mileage claims. 5. Signatures and Date: Both the seller and buyer, along with the lien holder (if applicable), must sign and date the statement. These signatures validate the agreement and the accuracy of the information provided. Final Thoughts: Obtaining and correctly completing the Maryland odometer statement with lien release is essential to ensure a smooth and legal vehicle sale transaction. This document helps protect the buyer's interests by providing an accurate vehicle history, including mileage information, and ensures proper lien release by involving the lien holder. It is crucial to consult the Maryland Motor Vehicle Administration (MVA) or seek professional legal assistance to ensure compliance with all relevant regulations and guidelines during the title transfer process.
Maryland Odometer Statement With Lien Release
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(1) When is an odometer disclosure statement required? An odometer disclosure statement is required on all transfers of ownership as required by RCW 46.12. 124 and Title 49 of the Code of Federal Regulations (C.F.R.), unless specifically exempted.
Federal and State law require that the seller states the mileage in connection with the transfer of ownership. Failure to complete the odometer statement, or providing a false statement, may result in fines and/or imprisonment.
In Arkansas, the seller of a motor vehicle is required to file a federal odometer statement with the Arkansas Office of Motor Vehicle. The statement must be filed at the time of sale or transfer of ownership of a motor vehicle with a model year of 10 years old or newer.
Odometer Fraud Laws Committing odometer fraud is a crime. The federal government passed a law that requires a written disclosure of the mileage registered on an odometer be provided on the title by the seller to the purchaser when the ownership of a vehicle is transferred.
This written disclosure must be signed by the transferor, including the printed name, and shall contain the following information: (1) The odometer reading at the time of the transfer (not to include tenths of miles); (2) The date of the transfer; (3) The transferor's name and current address; (3a) The transferee's ...