Quote:
Originally Posted by shaginwagon13
That is correct. The appraisal tells the MTO that the car needs works, and is sold as is and the blackbook value cannot be used to determine the appropriate value of your specific vehicle.
On a side note, the person you are buy the car from will have to go to the MTO office and print out a 'Sellers Package'. Basically two pieces of paper that state the VIN, car type, if there are any leins on the vehicle, etc. On the second page of that sellers package on the bottom is the Bill of Sale.
EDIT: The Sellers Package is what we have to do in Ontario before we sell a car. I see your from BC, so I am not sure if the seller has to get this from the MTO but regardless the process is still the same. If you need to get a Bill of Sale notarized by a lawyer out in BC do the same thing, make the Bill of Sale out to a couple hundred less than the appraisal value.
Make sure you write down the sale price within a couple hundred dollars of what you made the appraisal out for.
For example on the Bill of Sale state:
sold for $4300
On the Appraisal state:
Appraisal value: $4900
Do this, because you will pay tax on whichever is higher the number paid on the Bill of Sale or the Appraisal Value.
**Make sure the person you buy the car from surrenders the ownership (small greenish piece of paper), and signs the back in the appropriate fields or you will not be able to register the car**
Hope this helps. If you have any more questions feel free to ask and I know this process works 100% because I did it a couple weeks ago for my winter beater.
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Interesting information, thanks for posting this!