I’m hoping someone who knows law sees this question. Both parties in this car sale,will be signing a typed contract with the terms spelled out: the payment, the due date, the interest rate, the # of months, the amount financed, etc. But, does this contract have to be run through a lawyer in any fashion to be legal or will it stand up in court without involving one?
NO! A contract for an auto is binding in court. I would do several tings to protect the seller and the buyer.
1. Get copies of drivers license.
2 Get copies of current insurance (Liability, comp and collision)
3 Add affidavit stating insurance must be current at all times
4 List yourself as lienholder on back of title.
5 File title with state
6 Sign all papers at the BANK in front of notaty this holds up in court (the bank gives you and buyer security when exchanging money)