Ownership Transaction

This group of data is a collection of information about the change of a vehicle's ownership. It can describe either a completed sales transaction, or an incomplete sales (where sale was proposed but the transaction was never completed).

An ownership transaction describes any transfer of ownership of a vehicle, be it a sale (where money is exchanged) or a gift (no money exchange). The terms "seller" and "purchaser" are used because these are the most common phrases used by the industry, however these terms can also apply the "transferor" and "transferee" when a vehicle is gifted.

Any state sales tax is paid to the state where the vehicle will be registered, not the state where the vehicle was purchased. There is not a federal sale taxes on a vehicle purchase.

A change of ownership may use the element listed in this group. A change of ownership will also use some element listed in Vehicle and Odometer Reading. When the change of ownership is completed a title is issued, the titles elements are listed under Title.