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The last gun I sold I had transferred through a FFL for my own peace of mind. If it was used in a crime after the fact it won't point to me. If I knew the person (friend, co-worker, relative) I wouldn't require it. Having a CHL would go a long way to easing my mind if selling to a stranger. I would still ask for a bill of sale.
How do you figure?
When guns are traced the first place they start is from the maker and then follow the path until the first "non licensed person" receives it. Then they knock on that door first. So if you were the original purchaser of that gun you very well may still get a knock on your door. There is NO registration on Title 1 firearms so they have NO way to know that you are no longer in possession of it. Here is right from the ATF how a trace works. <broken link removed>
With that said if they come knocking all you have to do is say you sold it and in the majority of cases that is the end of the story. I guess transferring it at an FFL can help a little but how do YOU prove you transferred it at all?