What is a Defective Title Bond?
When selling a vehicle, most people in states like Michigan, or even North Carolina, just simply pass title. However, in certain individual circumstances, such as a lost title or other problems, you may need to resort to a different type of legal procedure in order to secure your rights. These cases may involve negotiating a contract for a bill of sale, securing surety bonds, or proving ownership in order to address title issues. That way, the buyer can be assured that there is not a defective title and will therefore transfer title.
How much does a title bond cost?
A defective title bond amount is $100 for cars that cost less than $6,000. For those that one would put up for sale with a value more than $6,000 in New York, the cost, like in Michigan, is generally 1.5% of the value of the vehicle. Your attorney can help you understand the ins and outs of these types of transactions, ensuring the individual seller understands all aspects of the process, acting as the principal guide through this complex process.
To get a Defective Title Bond, just click on the link for your specific state below:
Connecticut Motor Vehicle Certificate of Title Bond
Georgia Motor Vehicle Certificate of Title Bond
Illinois Motor Vehicle Certificate of Title
Michigan Motor Vehicle Certificate of Title (Vehicle Uniform)
Minnesota – Ownership and Security Interest (Lost Title)
Missouri – Motor Vehicle Title Service ($25,000)
New Mexico – Vehicle Title Service Company ($30,000)
Ohio Vehicle Title Defect Bond
Defective Title Bond
No matter where you are, from Arizona to Texas to Alabama to Missouri, or even as far as North Carolina, we have a certificate of title bond that's right for you.
How much does a defective title bond cost in California?
A defective title bond costs $100 for cars that cost less than $100. In California, the cost is 1.5-2.0% of the cost of the vehicle for cars that cost more than $6,000. For cars that cost more than $25,000, we try and get a cheaper price than the 1.5%.
Certificate of Title Surety Bond
A certificate of title surety bond is just another name for a defective title bond. These bonds are most often issues in California and Minnesota, but can be required in most states when the original title to a vehicle is unable to be found.
Defective Title Surety Bond – Lost Title Bonds
The Lost Title bonds are those bonds that protect against a lost title. For barn finds, these are pretty common and we see them pretty often in probate estates.
Click for surety bond application
See our License and Permit Bond page for more.
Click here for more on bonds.
