The lease form contains many detailed provisions not found in a standard oil and gas lease form. Due to its length, a summary would not adequately describe each of the terms. It is suggested that if you consider adopting the form for regular use, that you print the form and closely read and review it. The lease form is formatted in 8-1/2 x 14 (legal size).
Virginia Lessor's Form
Category:
State:
Multi-State
Control #:
US-OG-090
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Lessor's Form?
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FAQ
Title vs. Registration. A title proves you own the vehicle. Registration proves the vehicle is authorized to be driven.
Depending on your lease contract, the vehicle taxes are either paid by the leasing company or the tax bill is forwarded to you, as the lessee, for payment.
While some car owners consider selling the car for a dollar instead of gifting it, the DMV gift car process is the recommended, not to mention more legitimate, way to go.
Selling a vehicle for $1 instead of gifting it could result in your recipient paying sales tax based on the car's fair market value ? it's better to stick with the official gifting process.
Registration responsibility is generally covered in the lease agreement. While the vehicle can be registered in the lessor's or lessee's name, it is most often the lessee's responsibility.
If the vehicle was received as a gift or donation: Ensure the seller, buyer and purchase information on the title is complete. Ensure ?gift? is written as the sales price. Fill out the Purchaser's Statement of Tax Exemption (SUT-3) to certify the vehicle was received as a gift and not subject to sales and use tax.
What You'll Need to Do to Transfer your Vehicle Title in Virginia Visit the DMV near your area. Consider making a DMV appointment or getting a line waiting concierge. Submit the documents. Pay the fees. Record the odometer reading. Select electronic or paper title.
The Most Common SUT Exemption If you are titling your vehicle in Virginia for the first time and you hold a valid title or registration in your name by another state or a branch of the United States Armed Forces, you will not have to pay the SUT.