The owner of a motor vehicle who has made a bona fide sale or transfer of his or her title or interest and who has delivered possession of the vehicle to the purchaser or transferee shall not be liable for any damages thereafter resulting from negligent operation of the vehicle by another. Furthermore, the selling or transferring owner, upon delivery of possession, shall not be liable for any such damage or negligence if one (1) of the following requirements is fulfilled:
(1) Delivered the certificate of title, properly endorsed and dated with the date of the endorsement, to the purchaser or transferee;
(2) Delivered to the Office of Motor Vehicle or placed in the United States mail, addressed to the office, the notice as provided in § 27-14-916; or
(3) Delivered to the office or placed in the United States mail, addressed to the office, the appropriate documents and fees for registration of the motor vehicle to the new owner pursuant to the sale or transfer.