4/29/2023 0 Comments Mess the date up on titleThe Texas contract states that within 20 days of receiving the contract, the seller shall furnish the buyer with a commitment for title insurance along with copies of any restrictive covenants attached to the property. The title commitment is not delivered on time. Let’s take a look at a few instances where the title company may drop the ball and examine the potential consequences. While the title company is mentioned in the contract, their actions are made on behalf of the buyer or seller. The buyers and sellers are the parties to the contract. In Texas, the title company is not a party to the residential real estate contract. What happens when the title company drops the ball and problems arise with your transaction? Get ready for a jaw-dropping surprise. But watching someone drop the ball on a real estate transaction is no fun at all. That part would make me nervous, but my case was unique in that there was no VIN on the trailer I registered the state put a new VIN on it, so there is no way it could ever be traced if there was ever a lien or previous title issue.Watching the ball drop on New Year’s Eve can be fun and exciting. after 3-5 years depending on county or state law they will send you a regular title that will not say bonded on it.īut bonded title does not affect a potential buyer, the bond is stating the YOU are responsible is someone else steps up asking for money, like mechanics lean or if it is stolen or some other crap. The process took me 2 months, assuming my plates show up this week like they said they would.Ī bonded title is like any title you can sell it, whatever. Send it all off with registration fees to the treasurer and wait for your title and plates. The registration office gives you paperwork you send to your bond agent, they fill it out and send it back to you. I contacted my state farm agent, took a week and cost $100 to get the bond. Then they tell you how much to get a bond for, in my case it was $3000. Officer didn't even inspect, he looked at the VIN, which neither of us could find, took a picture and he was done, said we will contact you. They called me and told me where to be and when. Otherwise I went through the bonded title process and where I live it was easy but slow process.įirst you fill out an application online, send pictures and bill of sale. They will check the VIN of course but remember they are not handwriting experts, and most of them hate their job so they are not going to go out or their way to prove you wrong or doing anything fraudulent. If so check their website, there may be a mail in process for a replacement title. Is the courthouse closed where the original title was issued? Having to fight similar battles here recently I will suggest this, That vehicle wasn’t worth the effort but I can see a certain vehicle being worth it.īonded title is pretty easy where I live. All a bond is, is insurance to the state, that if someone comes back saying it’s stolen the state isn’t liable for issuing a title to the wrong person. It took about 60 days of waiting and maybe two trips to the DMV to make it happen. I was given a temp tag and allowed to drive the truck while I waited for the bond to expire. Fill out the paperwork and put up a $125 dollar bond, wait for 30 days with an NICS check done by the sheriff. I go to the DMV and get instructions on how to do a bonded title. Try to find person who’s name is on the title and he/she doesn’t exist anymore. I buy it for a few hundred bucks and it comes with a parts truck, no title at all. Second buyer goes to register it and finds that the first buyer had already signed his name without registering it. First buyer sells it to second buyer and hands him the signed title. (Yeah there’s a Ford joke there don’t miss your opportunity to make a stab) first buyer drives it without registering it in his name, engine blows up in Farmington New Mexico. No lie, title was from Trinidad Colorado, titled owner had a sex change and changed his name. I bought a pickup that had the title and correct vin, but the person selling it to me wasn’t on the title. Then I ended up buying one and found out. I used to wonder how an otherwise running driving vehicle could end up for sale as parts no title.
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