louisiana real estate – In Louisiana, how long does the donor have to revoke the Act of Donation?
In Louisiana, how long does the donor have to revoke the Act of Donation?
Does not appear they have the right once notarized and filed
LOUISIANA DEPARTMENT OF PUBLIC SAFETY
OFFICE OF MOTOR VEHICLES
Section: IV Motor Vehicle Registration Requirements Effective: 05/01/1986
Number: 52.00 Revised: 07/08/2002
ACT OF DONATION
To view Louisiana Statutes: http://www.legis.state.la.us/
AUTHORITY
Department of Revenue and Taxation
DEFINITION OF DONATION
A donation is an authentic act executed before a notary in the presence of two witnesses transferring the ownership of a vehicle with no monetary exchange.
REQUIREMENTS
“Current” certificate of title (as shown on computer) assigned before a notary public by donor to donee showing any outstanding lien properly released
Notarized authentic act of donation
Original or copy of properly completed UCC-1 form or other security agreement if a lien is to be recorded.
If the vehicle is less than ten (10) years old and the back of the title does not contain an odometer disclosure statement, a supplemental odometer statement must be submitted. See Section IV, Policy/Procedure Statement #80.0 for odometer disclosure requirements.
DPSMV 1799 – completed and signed
Fees – title fee, handling fee, license plate/transfer fee, lien fee (if applicable) – No tax is collected on a donation.
Proof of liability insurance coverage as required by law
The act of donation must be in authentic form (sample below), i.e., the donor must execute the act in the presence of a notary and two witnesses. The act of donation must contain the year, make, model, vehicle identification number, and the value of the vehicle being donated.
If the donation is not executed in authentic form, the file should not be rejected as long as a close family relationship exists between the donor and donee. The relationship must be indicated on the notarized act of donation. A “close family relationship” for this purpose will include the registered owner, his or her spouse, and the registered owner's or a spouses’s:
child grandchild great-grandchild
father grandfather great-grandfather
mother grandmother great-grandmother
brother sister
This includes in-laws and step-children. (1995 Senate Resolution #20)
If there are reasonable grounds to believe a donation is a disguised sale, a copy of the file (including the computer print out) MUST be forwarded up the chain of command.
If there is an existing mortgage which is being assumed, the donor can donate their equity in the vehicle; however, sales or use tax will be due on the unpaid principal balance of the mortgage. Exception: This does not apply in the case of a spouse.
Motor Vehicle employees cannot notarize donations.
Note: All above procedures shall also apply to vehicles which are titled in other states.
RELATED POLICIES
SECTION IV
2.0 Basic Requirements for Obtaining a Certificate of Title
47.0 Sales Tax on Vehicle Transfers
60.0 Authority for MVCA Notarization
80.0 Odometer Disclosure Requirements
ACT OF DONATION OF A MOVABLE
PARISH OF _______________________
STATE OF LOUISIANA
BEFORE ME, the undersigned notary public, duly commissioned and qualified in and for the parish and state aforesaid, and before the undersigned competent witnesses, personally came and appeared:
______________________________________…
Donor, of legal age, who hereby donates and delivers with full and general warranty of title unto:
______________________________________…
Donee, of legal age, who hereby accepts the within donation of the following described movable property:
Make:
Model:
Year:
VIN:
The relationship between Donor and Donee is as follows:
______________________________________…
The value of the movable property donated herein is $_____________________.
Donor warrants that there are no mortgages, liens, or encumbrances of any kind against the movable property donated or any accessories attached thereon.
SIGNED on this ___________ day of _____________________, 20____.
WITNESSES:
____________________________ _______________________________________
Donor
____________________________ _______________________________________
Donee
______________________________
Notary Public
————————————–…
Commercial Real Estate In Louisiana: Right Time To Invest
The latest buzz is that now is the time to buy residential property in Louisiana. Commercial real estate, however, is also an excellent buy. So if you’ve been considering moving your business, starting one, or just expanding your investment portfolio, it is better to take advantage of the great deals soon before they disappear.
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If you’ve ever considered purchasing commercial reality for your business or just to expand your investment portfolio, now is the time. The key to taking advantage of the current real estate market is having a skilled, knowledgeable realtor on your side. A good realtor can find property that is unlisted, needs to be unloaded quickly at a low price, and can negotiate on your behalf.
By: Andrew Stratton
Article Directory: http://www.articledashboard.com
Looking to buy commercial property in Lousiana? Having a skilled, knowledgeable realtor on your side can give you the edge you need. Louisiana real estate agents can help you get the right property at the price you want. To contact a realtor, visit www.realestatelouisiana.com.
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