There are certain rules that one need to follow when you are in a particular state. The state of Texas requires the owner of the vehicle to get a bonded title to provide guarantee to the state regarding the ownership. The Texas Department of Transportation requires the owner of the vehicle with lost or insufficient proof of ownership to post surety bonds.
Purpose of Texas Title Bond
The Title Bond Texas is a three-year bond required for the vehicle owner with insufficient proof of ownership to prevent going to tax assessor-collector hearing. The sole purpose of getting this bond is to ensure any previous owner or subsequent purchaser of the vehicle against any loss, damage or expenses due to the certificate of title for the vehicle issued. The title bond allows the vehicle owner to take the full responsibility for any damage or expenses that can result from the information present in the bond application.
Ways to get the bonded title
- The first step towards getting the Title Bond Texas is to get in contact with local branch office for Department of Motor Vehicle or DMV of Texas for applying for the title. If you don’t have sufficient evidence for the ownership of the vehicle for getting the title then choose the bond title.
- The next step is to submit the paperwork that has documents including the statement of fact for Bonded Title, statements supporting ownership like bills of sale, invoice etc. and photo ID along with $15 fee.
- You need to wait for approval from DMV after all documents have been submitted. When approved you will get rejection letter along with amount of surety bond.
- You need to purchase the surety bond after receiving the amount of bond which is 1.5 times the appraisal amount of the vehicle.
After you have received the title bond, you have 30 days to submit any additional documents at the county tax office. After all necessary documents have been submitted, bonded title will be issued to the applicant.