The California Form REG 262, also known as the Vehicle/Vessel Transfer and Reassignment Form, plays a crucial role in the process of transferring ownership of vehicles and vessels in the state. This form is essential for both buyers and sellers, as it facilitates the legal transfer of ownership and ensures compliance with state regulations. It is important to note that the REG 262 is not a certificate of ownership; rather, it must accompany the title or an application for a duplicate title. The form consists of several sections, each designed to capture specific information. Section 1 requires detailed identification of the vehicle or vessel, including its identification number, year, model, make, and any relevant license plate information. In Section 2, sellers must provide a bill of sale that includes the names of both the seller and buyer, the selling price or gift value, and the date of the transaction. Section 3 focuses on the odometer disclosure statement, where sellers must report the vehicle's mileage at the time of sale, ensuring that any discrepancies are noted to avoid legal repercussions. Sections 4 and 5 gather necessary buyer and seller information and allow for the appointment of a power of attorney, respectively. Each section must be completed accurately and signed in ink, as photocopies are not accepted. Understanding the intricacies of the REG 262 is vital for a smooth transaction and to protect the rights of all parties involved.