I would llike to give a car away to a non-family member- is that possible in Maryland? If not, is there a way to say we have an agreed upon price & just pay the tax on the car's worth without it being fraud (meaning I don't actually receive any money)?
State/Country relating to Question: Maryland
I've asked at the bank, but they aren't sure...soomething about charging her a dollar? I've checked the MVA, they say if I'm not giving it away I have to charge the Blue Book value. I find this totally infuriating- the car's paid in full, my property, I feel like I should be able to sell it or give it away at my disgretion as long as there's a legal record of it.
Thank you for your question. To rephrase, the question is whether you can give your car away to a non-family member. I will start by saying that, because the nuances of every case are different, you should not rely on this information as advice or apply it to a specific situation without a more thorough consultation with counsel.While you cannot "gift" the car under Maryland law (because that requires that you give it to an immediate family member as defined under Maryland Code) you can assign the vehicle to a new owner, absolutely, and you don't have to sell it at blue book value.
A notarized bill of sale form is required if your car is 7 years old or newer and you are selling it for less than blue book (say, for $1, to make the agreement legal). More information on how to do this can be found here.
Just to be clear- I can sell the vehicle for $1- in order to assign new ownership?
Correct. If you look at the Bill of Sale, it just requires you to list the reason why you may be "selling" the car for less than fair market value, and you just state the reason "Want my neighbor to have a good car and I am not using it so I don't mind selling it for such a low price" or whatever your reason may be.
Experienced in multiple areas of the law.
OK...thank you...that answers the question. :)
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