efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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I am not a law expert (just a driver). But they should have a written agreement signed and notorized, so there are no questions. Insurance should have loss payable to the seller.
Something else to consider is that the owner could be liable if there is insufficient insurance coverage for an accident. So it may be better to pass title with a lien on it, than to remain titled in sellers name. Clear title would be issued when the loan was paid off.
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