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A Brief Overview to Titles

Title

In the situation that an individual is attempting to sell a particular object that has a title of ownership, such as an automobile, the actual title will be transferred to the person making purchasing such object. However, there are some cases in which titles will not actually be in the possession of the seller. This situation occurs most commonly when a loan was taken out to finance the object.

In such a case, the lending institution would have the title. In order to sell the object, such as a vehicle, the title will be needed in order to be transferred to the buyer. Obtaining the title can be done various ways. If the vehicle that is being sold is still under financing, the seller will need to cover the remainder of loan. This can be done when the vehicle is sold. This would therefore entail the seller going to the lending institution, paying off the loan, and request a lien release. The lien release will then allow for the seller to give the title of the vehicle to the buyer in order properly transfer ownership.

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