Transferring of ownership (help needed!)

[beann]

Hey guys, just a quick qn hopefully someone can help:

 

I am planning to sell my bike soon. Does the buyer need to purchase insurance for my bike first before tsf of ownership can take place at LTA? Or can just tsf first then let him settle his own insurance after that?

Also, how much is lta tsf fee?

 

Appreciate any help, thanks.

[danielling1981]

new owner must ve insurance before can transfer.

 

Transfer fee is 20 or 30 cant remember.

[epk]

Transfer fee is 11 bucks I think..

[beann]

so i have to terminate my insurance first for him to buy? Or there can be two insurance policies for the same bike?

 

 

new owner must ve insurance before can transfer.

 

Transfer fee is 20 or 30 cant remember.

[epk]

so i have to terminate my insurance first for him to buy? Or there can be two insurance policies for the same bike?

 

No need. Can terminate after. Have the last day of insurance on the day of the sale, at least can ride to lta..

[haoKR]

just cancel dan take back ur money aso can.hehe

[beann]

thanks for the help bros!

[Fried Rice]

transfer fee is $11.

 

you can cancel your insurance after you sell your bike so you can ride down to LTA on that day.

[Fried Rice]

transfer fee is $11.

 

you can cancel your insurance after you sell your bike so you can ride down to LTA on that day.

[ezzyoiler]

complete the ownership tramsfer...then cancel the insurance..

simple reason what if the buyer aeroplaned???

[Cyberpig]

Dun think can terminate insurance without vehicle transfer/scrap paperwork

[danielling1981]

Dun think can terminate insurance without vehicle transfer/scrap paperwork

 

I think u can own a bike/car without insurance or road tax as long as u dun ride/drive. But u might ve to continuously pay e fine for late renewal of road tax.

 

So technically u can own bike without insurance. (i think) becoz after i sold my bike, my insurance just help me cancel. She only ask if i am sure i wont ride tat bike anymore. Never ask if transferred anot.

[beann]

So just want to double confirm: the buyer HAS to get his own insurance for my bike FIRST before i can transfer ownership of my bike to him? Cant tsf first then he settle his own insurance?

[danielling1981]

So just want to double confirm: the buyer HAS to get his own insurance for my bike FIRST before i can transfer ownership of my bike to him? Cant tsf first then he settle his own insurance?

 

Yes sir. He must get insurance then can do e transfer.

[epk]

So just want to double confirm: the buyer HAS to get his own insurance for my bike FIRST before i can transfer ownership of my bike to him? Cant tsf first then he settle his own insurance?

 

Yup. Cos at lta before transfer they will ask for buyers insurance

[danielling1981]

Btw i was told to bring e insurance hardcopy cover letter for e transfer. Not sure whether is a must. By right in e system can see. But u noe la. Dun play play.

[haoKR]

must buy insurance 1st meh ?

last time i bought my bike from a layup status,than bought to layup as well. 2 yrs ago ?

[danielling1981]

must buy insurance 1st meh ?

last time i bought my bike from a layup status,than bought to layup as well. 2 yrs ago ?

 

Wat is "layup"?

 

I just buy 2nd bike 1mth+. And sold my old bike 1 week after e purchase. Both time buyer must ve insurance first.

[beann]

Yup. Cos at lta before transfer they will ask for buyers insurance

 

Yes sir. He must get insurance then can do e transfer.

 

Wow then the buyer is really at a disadvantage since seller still can fly aeroplane after buyer get insurance. Anw, thanks a lot for the advice bros

[papabread79]

Wow then the buyer is really at a disadvantage since seller still can fly aeroplane after buyer get insurance. Anw, thanks a lot for the advice bros

U can get ur insurance refunded.

[danielling1981]

U can get ur insurance refunded.

 

There is a cancellation admin fee of i think 15% ._.