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The form mandates that both the seller and buyer must state the true selling price of the vehicle or watercraft, as false statements can lead to legal penalties.
Federal and State laws require accurate mileage reporting during ownership transfer, with penalties for providing false information.
There is a $5.00 fee for failing to apply for a title within 30 days of assignment, emphasizing timely processing.
The form allows applicants to check various types of applications including motor vehicle, watercraft, duplicate titles, and salvage titles.
If there are any liens on the vehicle or watercraft, they must be disclosed in the application; otherwise, 'none' should be stated.
The form includes a section to indicate whether the applicant or transferee is a minor, which may affect legal responsibilities.
The document requires notarization by a clerk or deputy clerk of courts to validate signatures and affirm the authenticity of the transaction.
