MOTOR VEHICLE LAW - Transfer of ownership of a motor vehicle

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I have sold my motor vehicle.  As the current registered owner, must I effect the transfer of ownership with the Land Transport Authority (LTA)?  What is the time frame to effect the transfer?  Must it be done within a certain number of days?  What if I did not effect the transfer of ownership?  Is it an offence if I fail to do so?  If the motor vehicle is still in my name, will I be held liable for all matters relating to the motor vehicle?  Will I be liable for payment of road tax?  Will I be liable for summonses for traffic and parking offences committed by the user of the motor vehicle?