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Motor Vehicle Title Bonds
- Defective Title
- Lost Title
Many times a buyer will purchase a vehicle from a seller and be content only with a bill of sale while failing to obtain a properly-endorsed vehicle title. When the buyer applies to MVD to transfer the title MVD will not accept the bill of sale, so what happens when the buyer fails to find the seller in an attempt to obtain the vehicle's title? The only recourse to licensing the vehicle in the buyer's name is to obtain a Motor Vehicle Defective Title Bond. The state MVD will determine the amount of the bond. The bond rate is generally 1.5% of the bond limit with a minimum premium of $100. The bond guarantees damages up to the bond limit for a bona fide title holder that may surface in the future with a valid claim to the vehicle.
To make an inquiry or request a bond, click here
Mini Application |
