Maryland Release of Lien
Description
How to fill out Release Of Lien?
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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.
The title must be completed properly by both the seller and the buyer at the time of the transaction. The completed information must be clear and easy to read to ensure accuracy and to avoid future problems when the buyer registers the vehicle.
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.
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.
In most cases, when you still owe money on your car, the easiest option is to sell to a dealership. Whereas private buyers cannot purchase a vehicle until the lien is paid, a dealership can. The dealer will then have a period of time, which differs by state, to pay the lienholder themselves.
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.
You both should execute the title and list you as the buyer. You will both also have to execute a gift affidavit. You will then need to take the documents to MVA and have the vehicle titled and registered in your name alone.
Is a Notary or a ?Bill of Sale? Needed? You will need a notary, witnessing both the buyer(s) and seller(s) signatures, if you present a bill of sale to complete your transaction.
