What is the California Form REG 262?
The California Form REG 262, or Vehicle/Vessel Transfer and Reassignment Form, is an essential document used in the transfer of ownership for vehicles and vessels in the state of California. This form must accompany the applicable title or an application for a duplicate title. It is important to note that this form does not serve as the ownership certificate itself. Instead, it facilitates the legal transfer of ownership between the seller and the buyer and addresses the odometer disclosure requirements mandated by federal and state law.
Who needs to fill out the REG 262 form?
The REG 262 form needs to be filled out by both the seller and the buyer involved in the transfer of a vehicle or vessel. In particular, the seller must complete the bill of sale section, which includes important information such as the purchase price or gift value, and the date of the transaction. The buyer must provide their details, acknowledge the odometer reading, and accept ownership. If a power of attorney is involved, that person must also sign the relevant sections to confirm their authority to act on behalf of the seller or buyer.
What happens if the odometer reading is incorrect?
If the odometer reading reported on the REG 262 form is incorrect or if there is any alteration to the mileage, the form is considered void. This means that both the seller and buyer will need to complete a new odometer disclosure statement, which must include the signatures of both parties. Failure to accurately disclose the odometer reading can result in fines and potential legal consequences as it violates federal and state regulations.
Can the REG 262 form be photocopied?
No, photocopies of the REG 262 form cannot be accepted for the transaction. The original document must be completed in ink, and all required signatures must be authentic. While individuals can retain photocopies of the REG 262 form for their records, the official submission to the Department of Motor Vehicles (DMV) must include the original document. This ensures that the transactions are properly documented and simplifies verification for the DMV.
Is there any fee associated with submitting the REG 262 form?
While there is no fee specifically for submitting the REG 262 form itself, there may be fees associated with the title transfer or registration process that follows the completion of the form. These fees vary based on the type of vehicle or vessel and its value. It's advisable to check with the California DMV for a detailed breakdown of any applicable fees related to the transaction.