Documentation of purchase of second hand car
Mohan RP Rao
(Querist) 28 May 2008
This query is : Resolved
I had purchased a car by way of benami transaction, wherein I had paid the Money but due to some difficulty ,I had Regisrteted itin my freineds name, though I am paying the Installments of the loan in respect of the said car through my freinds accounts. But now i aprehend that My freind may go against me. In such Circumstances I have Following queries
1. As of now my freind is ready to sign any Documents, What Document I need to prepare?
2. What legal documents are required to submitted to get my name registered in the Concerned R.T.O?
Thanx n Regards
(Expert) 28 May 2008
Dear Mr Mohan
In case you are in a position to pay off the entire installments, then just go for it and take a no dues certificate from the bank through your friend and then get a sale letter executed by your friend in your name.
In case you are not in a position to pay off the outstanding dues in one go, then go for a tripartite agreement between your friend, the bank and of course you to bring the future dispute if any to an end at this stage.
(Expert) 03 April 2009
It is better to get the RTO transfer papers executed in your favour ..
(Expert) 06 April 2009
Thanks all of you.
I do agree with views and/or valuable opinions of our ld. members/friends.