Q: Can I draw up a contract to temporarily assign ownership of a vehicle to one party under certain conditions?
If the conditions are not met, the title would then revert to the original owner.
A:
Yes, you can draw up a contract to temporarily assign ownership of a vehicle to another party under certain conditions. This type of arrangement is commonly known as a "conditional sale" or "conditional ownership" agreement. In this agreement, you, as the original owner, would outline the conditions under which ownership of the vehicle is transferred to the other party, and what would happen if those conditions are not met.
It's important to draft a clear and legally binding contract that specifies the terms and conditions of the temporary ownership transfer, including the criteria for reverting ownership back to you. You may want to consult with a legal professional to ensure that the contract is valid and enforceable according to the laws of New York.
A: It might be helpful to check with an attorney who is familiar with DMV/auto credentialing issues to anticipate satisfying requirements in terms of transfer and/or continuity of ownership elements that go with a vehicle - registration, insurance, etc. Good luck
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