Did you buy or sell vehicles with open papers?

Got your hands on an open papers vehicle or planning to sell one?

Planning to purchase a new vehicle or rather sell one? Everyone subtly dreams of getting their hands on a brand new car but with the existing situation within the Sri Lankan domestic market, your options are limited to used vehicles. If you're planning got shortlist, one issue you're certainly going to come across is open papers. Even when you're selling your own vehicle with open papers, here's how to get through that hurdle.

What exactly is open papers

Open papers is when the documentation is not listed to the current owner of the vehicle but rather listed to the previous owner or the first owner of the vehicle.

What happens when you have open papers

If we consider a hypothetical situation where you are the nominal owner of an open papers vehicle. In the process of transaction you will submit a MT6 for which contains four pages, The first two pages are for you while the second set of pages of the buyer.One sheet from each set goes through to the RMV to keep track and documentation of the nominal owners.

Things to be wary of when buying a open papers vehicle

Check the dates

First, check the listed on the open papers as if it is past a certain limit it could result in you getting fined a considerable moment.There also might be scams which have wrongly listed dates relating to older owners which will only put you in trouble.

Check the original signature

Be vigilant on the original signature within the MT6 form as it is the signature of the original owner. A scammer might pull you in by replacing the front sheet of MT6 form creating a false signature which will only cause an issue when you're planning to sell the vehicle again.

Make sure the original owner has filled out the correct form

The original owner of the vehicle might have already filled out a MT6 and send it across to the RMV already.In the process of transferring from the current owner to yourself you might be in trouble as you will not be listed as the nominal owner of the vehicle

Keep the relevant documents with you

If you're planning to get an open papers vehicle check whether you have the relevant documentation with you

• An NIC copy of the original owner
• If it's registered under a leasing company check for the certified documents with a seal
• The relevant company's business registration certificate
• If its a shareholding PLC, a listed agreement among all shareholders
• The A and B transcripts of the MT forms

Things to consider when selling an open papers vehicle

Make sure to give your vehicle away only after transferring ownership to the buyer,otherwise acts committed using the vehicle are under your responsibility and you will be held accountable.

If the transfer process isn't complete and the buyer has not paid off their finance the legalized court case will be listed for the current owner which is you.

Now you understand the risks involved with open papers, although when executed in the correct manner can make life easier and hassle free.