Colorado title transfer.
Fellow travellers......I have bike with a Colorado title legally registered to me, although I am not a native American. It is all bought and paid for so I am free to sell. I am travelling South America at the moment and hope to sell the bike to another traveller. On the reverse side of the Title the first line reads like this:
Transfer of ownership/seller(s) requirement-when the owner of a motor vehicle transfers or assigns the certificate of title to a buyer, the registration of such vehicle shall expire and the seller will remove the licence plates pursuant to C.R.S 42-3-115.
The question is: Is it the new owners responsibility to register the bike, and once we have both signed the transfer part of the title does this legally delete me as the registered owner.
For clarity, I sell the bike to a new owner. We both sign the title, but he fails to register the bike in his name. The new owner has a bad day, consumes 15 pints of lager, rides the bike into a restaurant and performs a 'doughnut'that goes horribly out of control, killing many diners !! Unlikely I know. Will there be any repercussions involving me, the seller.
Your Knowledge would be appreciated. Andy.