Placing a Lien Holder on a Unit Transfer

If you are transferring ownership of a unit and wish to place a lien holder on it, there are several important steps and considerations to keep in mind. This guide will help you navigate the process smoothly.

Accepting Payment Methods

When accepting payment for the transfer, using a valid cashier's check from out of state is generally acceptable. However, it’s crucial to take precautions:

• Verify Funds: Always confirm the availability of funds with the issuer before accepting an out-of-state cashier's check. This helps prevent potential fraud or issues later on.

Lender Preferences

If you're working with an out-of-state transaction, it's essential to communicate with your lender regarding their specific requirements for adding a lien holder:

• Contact Your Lender: Different lenders may have varying procedures for how they prefer liens to be added. Make sure you understand their process fully before proceeding.

DVM Registration in California

If you're processing the transfer through the Department of Motor Vehicles (DMV) in California, note that there are specific regulations regarding title registration:

• Title Only Registration: The unit can be registered as title only and sent directly to the lien holder without needing further action from you.

Your Next Steps

1. Create Documentation: Ensure all paperwork is prepared accurately reflecting both parties' information and details about the lien holder.
2. Satisfy All Requirements: Follow up with your lender and DMV for any additional documentation or fees required during this process.

This structured approach ensures that placing a lien holder during your unit transfer goes as smoothly as possible while protecting both parties involved. Remember always to verify payments thoroughly and stay informed about your lender's preferences!