U130 Form Texas

What Is U130 Form Texas?

Basically, the U130 form is a Texas Unclaimed Property Form, which is used to report unclaimed property to the state of Texas. Unclaimed property can be an array of assets such as savings or checking accounts, stocks, uncashed checks, life insurance policies, utility deposits, and the like, that have remained dormant over a certain period. In Texas, businesses are legally obligated to report any unclaimed property annually. 

Sections of the Texas U130 form

The form comes in several sections that seek different details. Below are the parts and a brief explanation of the information required in each:

• Seller's Vehicle Information: This section requires the vehicle's vital information such as make, model, year, and more.
• Vehicle Sale Information: Details about the sale are caught in this section - primarily the price and the date of sale.
• Seller's General Information: This includes the seller's name, address, and other personal data.
• Buyers' General Information: Similarly, the buyer's details are required in this section as well.
• Odometer Declaration: Here, the seller must input the vehicle's mileage at the time of sale.
• Signatures: Both the seller and the buyer must sign the form.

How to Fill Out Texas Form U130

While the Texas U130 Form might seem overwhelming, filling it out should not be too challenging if you follow these steps carefully:

1. Start by indicating the purpose of the form under 'Applying For'. Choose one among the options by checking the relevant box.
2. If you're applying for a corrected title or registration, specify the reason under the next section. You can choose from Vehicle Description, Add/Remove Lien, or Other.
3. In the 'Vehicle Identification Number' field, enter the unique code of your vehicle.
4. Provide details about your vehicle, including Year, Make, Body Style, Model, Major Color, and Minor Color in the corresponding fields.
5. Fill in your vehicle’s Texas License Plate No., Odometer Reading, Empty Weight, and Carrying Capacity (if any). 
6. Select the type of applicant - Individual, Business, Government, Trust, or Non-Profit.
7. Enter your Applicant Photo ID Number or FEIN/EIN followed by your ID type.
8. In the following fields, input your first name, middle name, last name, and suffix (if any).
9. If there's an additional applicant, their information should also be specified in the given order: first name, middle name, last name, and suffix.
10. Fill in your mailing address, including City, State, and Zip, followed by your County of Residence in Texas.
11. If you've bought the vehicle from a previous owner, provide their name and address in the appropriate section.
12. If it was a dealer sale, include the dealer's GDN in the 'Dealer GDN' field, and unit number if applicable.
13. You can specify a different Renewal Recipient by inputting their full name.
14. Fill in your optional Applicant Phone Number and Email if you wish to.
15. If the vehicle’s location differs from your mailing address, fill out the 'Vehicle Location Address' field.
16. In the 'Motor Vehicle Tax Statement' section, verify the information and check the box if applicable.
17. If 'Sales and Use Tax Computation' applies to you, provide all necessary information and check the box.
18. Any transaction conducted for the vehicle (sale or donation) should be confirmed with the signature(s) and printed name(s) of the other party(ies) at the bottom of the form. The date should be written next to the signature(s).
19. The applicant must sign the 'Signature of Applicant/Owner' field, print their name, and enter the Date.
20. If there are any additional applicants or owners, their signatures, printed names, and date should be provided in the designated fields.

When should Texas U130 form be used?

The Texas U130 form should be used when there is a need to transfer ownership of a vehicle within the state of Texas. This could be a result of selling or buying a car. This transaction must be legally documented, and that's where the U130 form comes in. 

From a seller's perspective, this form formalizes the sale and removes any resulting liability for the vehicle after it's been sold. From a buyer's perspective, the completed form is necessary to successfully register and legally operate the vehicle in the state.

Additionally, this form can be used in other scenarios, including gifting a vehicle, inheriting a vehicle, or donating one to charity. In each case, the form does the job of officially documenting the transfer of ownership from one party to another. The form should be filled oaut and submitted to the Texas Department of Motor Vehicles (TxDMV) as soon as possible after the transaction.