Open title on van in NM

[Purplecat]

New here and on verge of buying a van in NM. Today I looked at a used van for 4000. Looks awesome. Although he said it had a clear title it wasn't until at the end of the inspection he tells me the title is in the previous owners name and the buyer line is blank. He says that he'd put my name as buyer on title, entirely taking this seller out of the loop.
The owner on the title has moved out of the country.
I'm wondering what can of worms this could open up. I invested four hours of driving and looking. Sure wish he had been forthright.

 

[user 423]

That scenario has happened to me a couple of times also and I've learned to ask specific questions about their definition of 'clear'. Did the PO sign and date it? If it was dated a while ago, you could owe penalties and/or taxes. Does NM require a notary? Most notaries won't notarize a title unless both the seller and buyer are listed for the sale. Check with DMV!

The seller may be a 'curbstoner'; someone who buys only to fix or shine them up a little and resell. Usually they don't know much about the vehicle's history or really know how it was treated. Be cautious.

 

[closeanuf]

Is it a NM title?  If so I would check with the office where you transfer titles in NM to see if there are penalties for waiting to transfer.  If you don't know the previous owner and don't have his ID how do you even know the signature is good.  I would be cautious and ask to at least speak to the previous owner.  The previous owner may not know this person never transferred the title leaving the previous owner liable for the vehicle.  Whenever I buy or sell a vehicle I make sure all signatures are in place I make copies and keep them in a safe place to protect myself.  You can take pictures with your smart phone too.  Don't let anyone talk you into leaving dates blank.  COVER YOUR ASS.

 

[mr_elijah_gardner]

Do you live in NM? If so make the deal contingent on being able to go to the courthouse and transfer. Have him go with you. Once its transferred pay him.

If he argues that you could just stiff him. Remind him whats good for the goose is good for the gander. Your the one with the money and if he wants it those are the terms.

It could turn into a real headache real quick.

 

[[email protected]]

Purple cat. I have been in this same situation a couple of times. I'm a New Mexico resident and I can tell you that the NM DMV can be the most anal people in the world. I have had to make multiple trips to mvd because my signature was not in the same ink color from the seller's as I used my own pen ( I had to make a trip to Colorado to get a notorized form signed by the seller). I would pass unless he goes to the mvd with you to transfer title. Don't pay him until the new title is in your hands. Jeff

 

[dextours]

I am not a lawyer. This is not legal advice.

I only pay the registered owner, and witness signing the title as well as a Bill of Sale we both get a copy of. Without doing that I don't see how you can have a contract and legal title transfer.

Everywhere I have lived had a form the SELLER completes to document to the state you have sold the vehicle. Includes date sold and to whom. I send the form REGISTERED MAIL. Proves when I sold the vehicle and to whom. Why the fuss? Because you can't control what the buyer does with the vehicle. In most states they can drive it 30 days with a bill of sale alone. They could get a mountain of parking tickets, car towed with Storage fees, hit and run abandoning the vehicle. All those cases and more YOU are the registered owner.

 

[drysailor]

New here and on verge of buying a van in NM. Today I looked at a used van for 4000. Looks awesome. Although he said it had a clear title it wasn't until at the end of the inspection he tells me the title is in the previous owners name and the buyer line is blank. He says that he'd put my name as buyer on title, entirely taking this seller out of the loop.
The owner on the title has moved out of the country.
I'm wondering what can of worms this could open up. I invested four hours of driving and looking. Sure wish he had been forthright.

Altogether, sounds a little sketchy. Think Jeff above has the right idea.

 

[Gideon33w]

In AZ the title has to be notorized by the previous owner which helps stop this kind of stuff.
Also, there is a penalty for waiting to register which you would be paying for assuming NM is the same.
Come one more state over, spend a little more, and buy my already built van with no title issues, haha.

 

[johnny b]

This is a common trick for those who 'flip' vehicles for extra income. In Virginia if you move more than 5 vehicles a year, you're a 'dealer' and are required to buy all the business licenses and insurance that are mandatory for dealers....big money!

I'd move on.

 

[CautionToTheWind]

Passing down fees or hidden agenda onto another person - buyer beware.

IF you can transfer title at MVD without issue...go for it. Don't pay until then.

 

[deadwood]

I agree with the others that it is most likely someone just flipping the car and they don't want to put it in there name. Although i think it's a sketchy practice I wouldn't just rule it out for that reason alone. It could still be a good deal but I would be very wary. I'm in AZ too and the seller has to notarize the title when they sell it so you can feel confident that it is more legit. If they don't do that in NM and it is just this guy telling you the seller signed it I would probably pass on it.

You don't want to hand off your money and then find out there is a problem getting it titled in your name. Make sure you know before hand.

 

[mr_elijah_gardner]

Passing down fees or hidden agenda onto another person - buyer beware.

IF you can transfer title at MVD without issue...go for it. Don't pay until then.

Might also consider its open title because he couldnt transfer it either and thats why he is selling

 

[UptownSport]

Agree-
People don't transfer titles because they're lazy, coupled with not wanting to spend the money, so it's EZ to put it off.
Current vehicle was somebody else on title, not unusual, at all.
DMV didn't look twice.

As long as you HAVE the title, and it's signed- You're there, at least in MN.

A VanAdventureMan video goes through buying a conversion van where taxes were owed, so certainly you can get nicked there.
It was quite the run around, glad I don't live wherever he was. CA???