Transferring ownership - Quick question

Baron · April 20th, 2014, 07:24 AM

Okay quick question guys,
I found a ninja that I like but there is a slight hiccup. The guy just paid off the lien off the bike and the although the UVIP will say that there is a lien on it he is willing to provide a bank statement saying that it is all paid off.

My question is based on the fact that I am residing in Ontario right now, will that be enough to transfer the bike onto my name? Also isn't there a time period after paying off a loan during which the bike can't be transferred to another person?

Alex · April 20th, 2014, 07:29 AM

You need the title to transfer it in your name, unless you have an agreement with the bank holding the lien to first change the title they are holding to your name instead of the previous owner.

Baron · April 20th, 2014, 07:35 AM

Quote:

Originally Posted by Alex

You need the title to transfer it in your name, unless you have an agreement with the bank holding the lien to first change the title they are holding to your name instead of the previous owner.

Does that hold true even if it was just paid off? He says that he has got the documents proving that it was all paid off, signed and stamped.

Alex · April 20th, 2014, 07:52 AM

Yes.

Baron · April 20th, 2014, 07:54 AM

Quote:

Originally Posted by Alex

Yes.

Thanks Alex, Glad I asked the question here than making an impulse decision.

Memengkamatis · April 21st, 2014, 10:33 AM

Having the title means the bank who had the lien/bike loan has released it's claim. Just make sure the VIN # on the title is the same as on the bike.

April 20th, 2014, 07:24 AM	#1
Baron Urban Legend Name: Baron Location: Brampton, ON Join Date: Apr 2014 Motorcycle(s): 09 Ninja 250R SE - Circe Posts: 542	Transferring ownership - Quick question Okay quick question guys, I found a ninja that I like but there is a slight hiccup. The guy just paid off the lien off the bike and the although the UVIP will say that there is a lien on it he is willing to provide a bank statement saying that it is all paid off. My question is based on the fact that I am residing in Ontario right now, will that be enough to transfer the bike onto my name? Also isn't there a time period after paying off a loan during which the bike can't be transferred to another person?

April 20th, 2014, 07:29 AM	#2
Alex ninjette.org dude Name: 1 guess :-) Location: SF Bay Area Join Date: Jun 2008 Motorcycle(s): '13 Ninja 300 (white, the fastest color!), '13 R1200RT, '14 CRF250L, '12 TT-R125LE Posts: Too much. Blog Entries: 7	You need the title to transfer it in your name, unless you have an agreement with the bank holding the lien to first change the title they are holding to your name instead of the previous owner. __________________________________________________ Montgomery Street Motorcycle Club / cal24.com / crf250l.org / ninjette.org ninjette.org Terms of Service Shopping for motorcycle parts or equipment? Come here first. The friendliest Ninja 250R/300/400 forum on the internet! (especially Unregistered)

April 20th, 2014, 07:52 AM	#4
Alex ninjette.org dude Name: 1 guess :-) Location: SF Bay Area Join Date: Jun 2008 Motorcycle(s): '13 Ninja 300 (white, the fastest color!), '13 R1200RT, '14 CRF250L, '12 TT-R125LE Posts: Too much. Blog Entries: 7	Yes. __________________________________________________ Montgomery Street Motorcycle Club / cal24.com / crf250l.org / ninjette.org ninjette.org Terms of Service Shopping for motorcycle parts or equipment? Come here first. The friendliest Ninja 250R/300/400 forum on the internet! (especially Unregistered)

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April 21st, 2014, 10:33 AM	#6
Memengkamatis ninjette.org member Name: AL Location: west new york Join Date: Nov 2010 Motorcycle(s): ex250r, vulcan 800b, k1200r Posts: 40	Having the title means the bank who had the lien/bike loan has released it's claim. Just make sure the VIN # on the title is the same as on the bike.