ISLAMABAD (Reuters) – Buying or selling a car in Pakistan involves more than just negotiating price, requiring adherence to a complex process of transferring ownership that is governed by specific provincial rules and regulations, experts advised in a new guide released Monday.
The comprehensive step-by-step guide, issued by the Pakistan Automotive Manufacturers Association, outlines the key requirements for legally transferring vehicle titles, emphasizing the importance of having all documentation in order before initiating the process. This includes registration forms, ID copies, sales certificates, invoices and proof of tax payments.
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“Verifying the vehicle’s history and legal compliance is critical,” the guide states, recommending checks for any outstanding loans, liens or other issues as well as obtaining a comprehensive history report on past ownership, accidents and maintenance.
Clear agreement on terms and conditions is listed as the next crucial step, with the guide advising sellers to accurately assess vehicle condition and market value while buyers should research fair pricing. Payment methods and warranties must also be addressed in the agreement.
For transferred vehicles, the guide instructs on the need to update insurance coverage to the new owner’s information to ensure continuous protection. A vehicle inspection before transfer is also recommended.
Maintaining comprehensive records throughout the process, including transfer forms, agreements, receipts and correspondence with authorities, is listed as the final key step to ensure a smooth transfer and legal protection.
“While complex, adhering to these steps can simplify the ownership transfer for buyers and sellers,” the automotive association stated in the 25-page guide.
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