This oil, gas, and minerals document is a report form documenting information of sellers and purchasers that enter into a legally binding obligation to sell and purchase real property at the expiration of or during a lease term. In a lease purchase agreement, a party agrees to purchase a particular piece of real property within a certain timeframe, usually at a price determined beforehand.
Massachusetts Lease Purchase Report
Category:
State:
Multi-State
Control #:
US-OG-641
Format:
Word;
Rich Text
Instant download
Description
How to fill out Lease Purchase Report?
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FAQ
You do not have a 3-day right to cancel your purchase of a new or used vehicle if you are unhappy with the vehicle. Once a contract is signed, it is considered legally binding.
In the state of Massachusetts, the title transfer fee is $75. If you purchased a new vehicle, you are also responsible for paying the sales tax based on the NADA value of the purchase price. Keep in mind, you will also have to pay registration fees.
Below is a list of documents you typically need for a lease buyout title transfer: Valid photo ID. Completed car title and registration application form. Signed and notarized car title, including odometer reading. Bill of sale. Proof of sales tax payment. Safety inspection certificate, if applicable.
If you obtained a loan for your vehicle and that loan has been paid off, check with your lienholder (e.g., bank) first to see if they have your title. If they do not, obtain a signed letter from the lienholder on their letterhead indicating that the loan has been paid off.
What You'll Need to Transfer your Vehicle Title in Massachusetts The original title or bill of sale if the car is exempt from needing a title. The completed RMV-1 form. Your driver's license. If two people will have the title in their name, both must be present. Payment for all fees and taxes in check form.
Leased cars are still subject to excise tax. However, the original leasing contract determines who pays the bill. If you have any questions, contact the leasing company. Normally, if the car is registered in the driver's name, the driver is obligated to pay the excise tax, not the leasing company.
For example, if your lease buyout amount (residual value) is $15,000, you would owe $937.50 in sales tax (6.25% of $15,000). However, it's essential to note that tax regulations and rates can change.
Massachusetts allows a grace period of seven (7) calendar days from the date you dispose of your previous vehicle to register your new vehicle. Under this grace period, the following conditions must be met: You must be at least 18 years old.
