The release of liability form is separate from a car title transfer. Also called a notice of transfer or sold notice form, the release of liability officially transfers legal responsibility of the car from the seller to the buyer. Many states require it for car sales. The information on this form tends to include the vehicle's make, model, year, and color, the VIN, your name, your contact information, the buyer's name and contact information, the car title transfer date, and the odometer reading. Complete the release of liability form as soon as possible after selling your car. If you wait too long, you might incur a fine. You could also be liable if the buyer is in an accident, gets a traffic violation or a parking ticket, or commits a crime with the vehicle.