bonded title in Texas

If you intend to sell a vehicle in the state of Texas without a title, you need to obtain what's known as a title bond or lost title bond. Without i, the sale can't proceed until you lot provide proof of having 1 of these surety bonds.

Therefore, information technology'southward important to understand how the Texas bonded title process works and what it ways for you. The experts at Viking Bond Service are hither to make the process like shooting fish in a barrel. Simply follow the six steps below detailing how to get a bonded title in Texas.

Step 1: Sympathize the Title Bond

Before entering into a title bail understanding, you should understand exactly how these agreements work. There are three parties involved: the principal (the title bidder), the obligee (the DMV), and the surety (the bonding bureau).

A bonded title in Texas allows the DMV to confirm who is the valid possessor of a vehicle. If yous get a bonded title before selling the vehicle and afterwards the original title reappears with some other owner, it could call into question whether you were the rightful owner and seller of the vehicle.

In that case, the obligee may file a claim against the bond seeking amercement equal to the value of the vehicle. Provided that the claim holds up under an investigation into who actually owns the vehicle, the surety will pay out damages to the obligee immediately.

Afterward, the bond titleholder must repay the settlement costs (plus interest and fees) to the surety agency. The bondholder always has the fiscal obligation for claims. Texas and all other states require title bonds to discourage people from seeking fraudulent titles by holding them accountable for any and all damages that result from their illegal actions.

Pace ii: Contact the DMV

The Texas Section of Motor Vehicles (DMV) regulates and oversees all vehicle sales in the Lonestar Land. If your vehicle does not take a championship and you programme to sell or transfer ownership to someone else, you will demand to ask the DMV to event a new title offset.

If the DMV determines that you are the rightful owner of the vehicle and problems a replacement title, you will not need to obtain a bonded title in Texas. All the same, if the DMV cannot definitively establish ownership, you may be required to get a bonded championship. If that's the instance, y'all will need to show proof of having the bond before the DMV bug the championship.

Step iii: Complete the Documents

The next stride to become a bonded championship in Texas is to submit the documents for your application. That procedure involves gathering paperwork, paying a $15 filing fee, and providing proof of vehicle buying.

Paperwork includes:

  • A copy of a photo ID.
  • A document known as a Statement of Fact for Bonded Title.
  • Proof that you are the rightful possessor of the vehicle.

Proof of rightful ownership can include:

  • A nib of auction for the vehicle.
  • An invoice for the vehicle price.
  • A copy of a check used to buy the vehicle.

Lastly, if the vehicle was registered in some other state, you volition need to also take it to a registered Texas Vehicle Inspection Station for them to confirm the Vehicle Identification Number (VIN).

Step 4: Receive Blessing

The Texas DMV will review the application documents from the previous stride. How long this takes tin can vary. The DMV also has the correct to deny your application for a bonded title. FOr example, vehicles with liens on them ofttimes get rejected for bonded titles because of the high likelihood that ownership disputes will result in bond claims.

Step 5: Procure a Title Bond in Texas

One time approved by the Texas DMV for a bonded title, the next pace is to acquire the required bond.

To procure a title bond, you'll demand to do the following:

  • Discover a surety agency that bug title bonds in Texas.
  • Apply for the bail. (In most cases, the application process involves a credit check and a standard bail awarding. )
  • Wait for underwriters at the surety agency to evaluate the application materials and quote a bond price.
  • Pay for the title bond.

When information technology comes to how much a Texas championship bond costs, the DMV will determine how large the bond must be in terms of dollars. This amount represents the maximum total the surety agrees to pay in settlements and typically reflects the value of the vehicle.

To answer the question how much is a bonded title in Texas, the toll is a pocket-size percentage of the bail'southward total value. Exact amounts depend on the bidder's credit, financial record, and bonding history (where applicable).

If you have bad credit, you tin look to pay more. Nonetheless, with the right surety agency, yous won't necessarily be denied a bond. To keep the application process quick, piece of cake, affordable, and attainable to all, work with a leading surety agency like Viking Bond Service.

Footstep 6: Employ for a Bonded Title

One time you take paid for the Texas championship bond, yous will receive a certificate proving you've met the DMV's bail requirement. You lot will need to supply that certificate forth with several others to the county tax office, which handles title-related issues. By this footstep in the procedure, you likely have most of the necessary documents on hand.

Applications for bonded titles must exist received within xxx days of yous obtaining the title bond. Once the DMV issues a bonded title, information technology remains in effect for iii years, after which the DMV issues a traditional title for the same vehicle.

And with that, you now know how to get a bonded championship in Texas.

Viking Bail Service – Serving All of Texas

The steps to become a bonded championship in Texas can seem like a hassle, especially if you lot're eager to get rid of a vehicle. Count on Viking Bond Service to make things simple and seamless. Yous can complete our online awarding at whatsoever time and look to receive a bond quote in as footling equally 24 hours. Yous tin besides contact us or call ane-888-278-7389 to take all your questions answered.