Rhode Island Name Affidavit of Buyer
Description
How to fill out Rhode Island Name Affidavit Of Buyer?
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FAQ
When a property is sold in Rhode Island for over $100 a transfer tax must be paid, usually by the seller (RIGL 44-25-1). Proof of payment is stamped on the deed so the recording clerk can see it was paid.
If a title is clean, that means there has never been a major accident claimed on the car. Two other common title statuses are "salvage" and "rebuilt." Sometimes these terms are used interchangeably, but from a legal standpoint, there are important differences between the two.
In simple situations where you own the vehicle outright and wish to transfer ownership to someone else, all you must do is complete a title certificate. Once you have filled out and signed the certificate, the buyer or recipient can take the title to a local DMV office and officially transfer ownership.
In Rhode Island, while you can't drive a salvage vehicle on the road, you can repair the vehicle and get it into roadworthy shape, at which point you could be eligible to get a rebuilt title.
If you do not have the title, you must apply for a duplicate title at the Cranston DMV location. This process can take up to 90 days, so you should do this as soon as possible. Costs are listed in the DMV Fee Table. You must also give the new owner a bill of sale.
Is It Possible to Insure a Car With a Rebuilt or Salvage Title? You cannot get insurance for a salvage title car. Salvage title cars are declared a "total loss" by an insurance company, so you can't register them, drive them on public roads, or get insurance for them.
When you purchase a vehicle in Rhode Island, you are required to pay sales tax on the vehicle and obtain a title in your own name, even if you do not register the vehicle. You will need to complete both a Sales Tax form and a Application for Title (TR-2/TR-9) form.
Pricing will also vary by insurer, but you shouldn't expect a break on your premiums for a salvage car because you got a deal on the purchase price. If anything, the opposite will be true: Some insurance companies will add a surcharge of up to 20% to the policy when insuring a salvage-title vehicle.
Provide the buyer with the title, with all of the seller's information completed. You must complete the Application for Title (the seller's section). You must complete the Use Tax Return (the seller's section). Give the buyer a bill of sale. Give the buyer a lien release.
