Why the Notice of Release of Liability is important.
Selling a vehicle can be an exciting and potentially profitable endeavor, but it's crucial to ensure that you take all the necessary steps to protect yourself from unforeseen liabilities.
One often-overlooked yet vital aspect of this process is completing a Release of Liability form. In this post, we'll discuss why it's essential to properly file this form, as required by law in many states, with a specific focus on Section 49-526 of the Idaho Code. By doing so, you can safeguard yourself from liability for various issues that may arise after the sale of your vehicle.
Understanding the Release of Liability Form
A Release of Liability form, as mandated by law in many states, including Idaho, serves as a crucial document when you sell your vehicle. This form essentially notifies the relevant authorities that you are no longer responsible for the vehicle in question. This is of paramount importance because it can protect you from a range of potential issues that may occur after the vehicle has been transferred to the new owner.
Protection from Various Liabilities
One of the most compelling reasons to complete a Release of Liability form is the protection it offers. By submitting this form, you are signaling to the authorities that you are no longer responsible for the vehicle, which includes the following:
Death or Injury: If the new owner of your vehicle is involved in an accident, you may be held liable for any resulting injuries or fatalities if you haven't completed the Release of Liability form.
Property Damage: Similarly, any damage caused by the vehicle, whether it's a collision or another incident, could potentially become your financial responsibility if you haven't properly filed the form.
Motor Vehicle Infractions: Traffic violations or infractions committed by the new owner may lead to repercussions for you if you haven't completed the necessary paperwork.
Towing and Storage Charges: If the vehicle gets impounded or requires towing and storage, you could find yourself footing the bill if you haven't officially released your liability.
How to Complete the Release of Liability Form in Idaho
In Idaho, specifically under Section 49-526 of the Idaho Code, the process for completing a Release of Liability form is straightforward:
Title Transfer: Upon selling or transferring the vehicle, make sure to sign the title over to the purchaser.
Fill Out the Form: Within five (5) days of delivering the vehicle to the purchaser, fill out the top of the Release of Liability form.
Payment: Attach a check or money order for THREE DOLLARS and FIFTY CENTS ($3.50), payable to the DMV.
Submission: Mail or return the completed form and payment to your local county assessor motor vehicle department. You can find the relevant addresses on the back of the form.
Wait! Go Online! Alternatively, instead of completing this form on paper, you can choose a more convenient option. Submit your Notice of Release of Liability online at DMVonline.ITD.Idaho.gov, and your notice will be processed immediately! This online option streamlines the process and saves you time.
Completing a Release of Liability form is not just a legal requirement but also a prudent step to safeguard yourself when selling a vehicle. By adhering to the process outlined in Section 49-526 of the Idaho Code or by using the online submission option, you can protect yourself from potential liabilities related to death or injury, property damage, motor vehicle infractions, towing, storage, or service charges involving the vehicle that may occur after the sale.
Don't overlook this crucial step in the selling process, as it can provide you with peace of mind and legal protection.