What is a Title Bond?
Commonly used for ownership of a motor vehicle, a bonded title is the declaration of ownership, when parts or the entire documentation, which is needed for ownership, is absent and the preceding owner cannot be contacted for acquiring the documentation required. Such a situation calls for applying a Title Bond Texas.
Qualifications for Applying for a Title Bond
- A resident of Texas.
- Vehicle must not be junked, abandoned, have pending lawsuits or stolen.
- The concerned party may not be a resident of Texas; in that case, the vehicle must be registered in Texas.
- The concerned party must have the vehicle in possession.
- Military personnel posted in Texas also qualify.
- The car must have a body, motor and frame and frame and motor in case of a motorcycle. It is not necessary for the vehicle to be functional.
Cost of a Title Bond
Every bond is issued on a 3-year term basis. Title bonds of $6000 or less are issued instantly at a rate of $100. Title bonds of $25,000 or less are also issued instantly at a rate of $15 per $1,000 of coverage. However, if the title bond exceeds $25,000 the price of the bond will depend on the financial backing of the applicant.
Steps Involved
- Contact the Texas Department of Motor Vehicles (DMV) to verify the ownership of the vehicle. If ownership evidence is lacking one may opt for a bonded title.
- An application fee of $15 and the necessary documents are to be submitted to the local DMV.
- Now you have to wait for the DMV to approve your documents. Once approved the DMV will let you know the amount needed for the bond.
- Buy a Bond at the rates discussed above.
Now, you’re good to go, follow these steps for buying a Title Bond, Texas.
