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I purchased my '97 Saab 900SE from a guy with a lien, which in KS means that the DMV holds the title. He deposited the funds in his bank, the bank then notified the DMV who released the title to the seller. The seller then had to sign the title and send it to me.
It's a PITA, and requires some trust on the part of the buyer. I had the seller sign a bill of sale and a contract stating that he would deposit the funds within 24 hours and get me the title within 30 days, or be responsible for any late registration fees. Still, had the guy chosen to screw me or take his time, I would have had little leverage. Most likely I would have had to waste time in small claims court.
So, basically the only reason I went to this trouble was the great deal I got. I strongly prefer buying when the seller has a clean title in hand. If there's any way you can pay it off, it would make your sale go much easier.
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‘07 Mazda RX8
Past: 911T, 911SC, Carrera, 951s, 955, 996s, 987s, 986s, 997s, BMW 5x, C36, C63, XJR, S8, Maserati Coupe, GT500, etc
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