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In this video tutorial, the presenter explains how to complete the DMV release of liability and pink slip process for selling a car in California. They clarify that sellers need to fill out the top section of the pink slip with their information, including signature, and provide details of the new owner such as name and address. After completing the form, sellers must tear off the top portion to report the transfer and release of liability. The video emphasizes that this can be done easily online, and the presenter will demonstrate the online process for convenience.