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Im selling an RV with an agreement for $20,000 down and 6 payments

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at $7500 each. Should...
Im selling an RV with an agreement for $20,000 down and 6 payments at $7500 each. Should I transfer title or just wait to the end of payments and sign over pink slip? I was going to require insurance to list me as payee. My thought is that this would avoid the tax issue until transfer of ownership
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Submitted: 1 year ago.Category: Legal
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Answered in 8 minutes by:
5/5/2016
Lawyer: Loren, Attorney replied 1 year ago
Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 35,790
Experience: 30 years experience representing clients.
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Good morning. I am Loren, a licensed attorney, and I look forward to assisting you.The problem is that if you transfer title before being paid you bear the risk that the buyer will default and you no longer own the RV. If you retain title you are going to be named in any lawsuits for claims arising from the operation of the RV.You best bet may be to transfer title now but retain a lien (based upon a signed security agreement allowing you to repossess the vehicle in the event of default). When the RV has been fully paid you can release your lien.
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Loren
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