Maryland Release of Lien for Vehicle
Description
How to fill out Release Of Lien For Vehicle?
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FAQ
Essential Documents The seller must have the original or a duplicate title to transfer ownership. Before handing over the title, you should fill out the back under ?Assignment of Ownership? with your signature and the name and address of the buyer. An odometer reading and purchase price should also be included.
MVA will issue a gratis clear title upon receipt of a copy of the Maryland title received with the vehicle trade. If a copy is unavailable, the $20 duplicate title fee still applies.
The most important document when selling a car is the certificate of title. If there is a lien on the title, the lienholder must release interest in the vehicle before the car is sold. This can be achieved either by the seller paying off the car or by the lienholder providing a letter of lien release.
There are only nine title-holding states: Kentucky, Maryland, Michigan, Minnesota, Missouri, Montana, New York, Oklahoma, Wisconsin. In the other 41 states, titles are issued to the lien holder of your vehicle until the loan is fully paid off.
The quick answer is no, you cannot sell (or purchase) any vehicle in Maryland without the title to the vehicle. If you are selling or buying a car, truck, trailer, motorcycle (including mopeds, scooters and ATVs) or any other motor vehicle in Maryland you must have the title.
Note: If the lien holder is not a financial institution, the lien release letter must be notarized. If a lien release letter on the lien holder's letterhead is submitted, a photocopy must be made of the driver's license or state issued ID of the owner of the vehicle.
To register a new car, you'll need your car title, a Maryland Safety Inspection report, and proof of insurance for the car. If you have a lien on the vehicle, you'll also need a completed Security Interest Filing Statement (VR-217).
