The California Form REG 262, also known as the Vehicle/Vessel Transfer and Reassignment Form, is a crucial document used during the transfer of ownership of a vehicle or vessel in California. This form is not the ownership certificate itself; rather, it must accompany the title or an application for a duplicate title. It serves to document the details of the sale or transfer, including the identification of both the buyer and seller, the sale price, and the odometer reading at the time of transfer.
Both the seller and the buyer are required to complete the REG 262 form. The seller must provide accurate details about the vehicle or vessel, including the identification number, year, make, and model. They also need to disclose the sale price or gift value and the odometer reading. The buyer, on the other hand, must acknowledge the information provided by the seller and sign the form to accept ownership. If there are multiple sellers or buyers, all parties must sign the form.
The REG 262 form requires several key pieces of information:
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Vehicle/Vessel Identification:
This includes the identification number, year, make, model, and license plate number.
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Bill of Sale:
The seller must provide their name, the buyer's name, the sale price, and the date of the transaction.
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Odometer Disclosure:
The seller must disclose the vehicle's odometer reading at the time of sale, along with any discrepancies if applicable.
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Buyer and Seller Information:
Both parties must provide their names, signatures, and addresses.
What happens if the odometer reading is incorrect?
If the odometer reading is incorrect or if there are discrepancies, the seller must indicate this on the form. The REG 262 has a specific section for disclosing such issues. It is essential to provide accurate information, as failure to do so may lead to legal consequences, including fines. If any alterations are made to the odometer reading on the form, it will void that section, and a new odometer disclosure statement will be required.
No, photocopies of the REG 262 form are not accepted for the transfer process. Each transfer requires an original, completed form with signatures in ink. However, individuals are encouraged to keep a photocopy of the completed form for their personal records. This can be useful for future reference or in case of any disputes regarding the transaction.
If you need someone else to act on your behalf, you can appoint them as your attorney-in-fact using the Power of Attorney section on the REG 262 form. This allows the appointed person to complete necessary documents for the transfer. However, it is important to note that the odometer disclosure cannot be completed by power of attorney; both the buyer and seller must sign this section personally.