Yes, among your next plans is to buy a car but you have some concerns about it, in this article you will surely clarify doubts about the subject since we will tell you How to know if a car has Domain Reserves.
In this reading, you will learn how to identify that the car has title reserves, the procedure to take into account, the rules that govern this type of transaction and much more. Do not stop sharing the information since it is a fairly common topic, however not everyone is clear when buying a car, so this information will be very useful.
How to know if a car has Domain Reservations?
To know if a vehicle has a reservation of ownership, you must take into account the following:
- Do the review of the contract with the bank that made it easy for him to get the car.
- In case of not having it, you must go to the transit unit where they will indicate which entity has the reservation of domain. This can be done by entering the Entity Registry and the entity’s code.
- Too, Going to the office of the Registry of Movable Property of the province where the car is registered. You can do this by paying a fee.
- Likewise, you can go to the headquarters of the General Directorate of Traffic and ask for the car report. You must pay for it approximately six euros, it is only required to have the registration number of the car.
- You can also enter the online platform of the Directorate General of Traffic over here where they deliver a report that lets you know if the car has domain reservations.
- Also, in the latter you can have information on other types of charges such as leasing, renting, mortgages, among others.
How to Know if a Car has Domain Reservations: Steps to Follow
The process of knowing if a car has domain reservations is as follows:
- Must be get in touch with the entity who is in charge of the debt, in this way he obtains the information he requires.
- Send all the necessary documentsEither the report or the simple note to the corresponding entity.
- Too, provide a copy of the national identity document to get the file easier.
- The cancellation of the domain reservation it will be sent in a period that ranges from one week to one month depending on the corresponding entity.
- In addition, you must pay 20 to 60 euros for the process.
- Then you must go to the Registry of Movable Property to present the letter of cancellation or payment of the reservation.
- The additional documents to consign for the cancellation of the domain reservation are:
- The property papers vehicle.
- The decision to lift the reservation.
- The national identity document.
- The documentation can be sent via postal mail stating the following:
- Copy of National identity document.
- The number of the National Identity Document.
- Indicate the current address, town and zip code.
- Also, indicate a email address, cell phone number or local contact number.
- Also, the date and signature of shipment.
- To deliver the documents, it can be done by a third person attaching an original authorization.
- Lastly, go to the traffic office and do the process check.
How to Know if a Car Has Domain Reserves: Expiration
Important, know that No purchase and sale procedure should be carried out until the debt has been raised. Traffic offices are not authorized to change ownership until the reservation of ownership of a car expires.
Prior to the cancellation or liquidation of the reservation of title of the car, the property is owned by the bank instead of the user or seller.
How to know if a car has Domain Reservations: Cancel it
The clients They can cancel the domain reservation, having the financing contract. If you do not have this contract, you can go to a traffic agency so that they can indicate the financial entity that has the domain reservation.
Subsequently, you must go to the headquarters of the Registry of Movable Property in the community where the car was registered. There you must request a simple note of the vehicle. Also, only with the National Identity Document can you do the procedure from the comfort of your home.
Must then, contact the bank and carry the simple note. In that place, you must demand the original letter or proof of payment with which you can cancel the reservation of title of the car.
This management can range from 10 and 80 euros respectively, it all depends on the locality where you are.
Even when the vehicle has been paid for, the reservation of title can remain in force, since no one has been pending to make its cancellation, neither the owner nor the financial entity. It is necessary to consign the letter of cancellation of the loan or lifting of the reservation of title, since this is not automatic.
Can I Sell a Car with a Domain Reservation?
The answer to the question if a car can be sold with a reservation of ownership is negative. The property is kept in the bank or financial institution, so you cannot sell a car with reservation of title. Once the loan or financing has been settled, the sale and purchase transaction can be made.
It is not possible, since after the purchase of a vehicle the name of the vehicle must be changed in the Traffic Directorate and this is possible only if it is owned by you. By having outstanding installments with the bank, the sale is the transfer of possession, the bank continues to have control of the car until the loan has been paid in full.
After the cancellation process when you receive the original payment letter, You must pay an amount that the bank indicates and that varies according to the financing, the date of the contract and other aspects.
All this documentation must be taken to the registry and pay the fee that is established and wait approximately two weeks until the property data is updated in the Traffic office. Then if you can do the car transfer.
What are Domain Reserves and what are the regulations governing them?
It is the legal instrument through which the bank does not deliver the full rights to the car until the debt is paid. The reservation remains valid for the entire time of the financing, it is not extinguished until the car, motorcycle or any vehicle has been paid for.
When you buy a car and pick it up at the dealership, we say it’s ours. But the reality is that the ownership of the car is owned by the bank or financial entity with which the loan was acquired to pay for the car. The entity retains ownership and the corresponding domain.
Regulations governing Domain Reservations
At Civil Code Article 1,255 describes the process of Domain Reservations. There it is established that the contracting parties assume the responsibility of establishing conditions, clauses that are the most convenient for the parties.
Everything must be complied with principles of public order, morals and laws.
Everything must be complied with principles of public order, morals and laws. To make the query, do it by here.
The companies that contribute loans or grants use the retention of title as an instrument to facilitate the transactions of buying and selling for the rental or purchase of a car. The reservation of title is a guarantee that the entities have so that no type of transactions are made with the property without having paid the loan.
After reading How to Know if a Car has a Domain Reservation, you should already be clearer on this topic, since we provide you with enough useful information to know about this topic.
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