I have the opportunity of buying a vehicle for a rock-bottom price with no title. I do not need the title though, as I intend on using it for parts.
I suspect the vehicle may have a lien on it, or the title has been pawned, or something of that nature, because the original title holders are selling the vehicle for a fraction of what the vehicle is worth, just without the title.
My question is, if I get a bill of sale signed by the original title holder stating that the vehicle is being sold for $xxx without title, am I legally protected? If I had that I would have proof that the vehicle was not stolen, correct?
Also, if there is a lien on the vehicle, can the lien holder take the car from me?
Thank you for your time.
I suspect the vehicle may have a lien on it, or the title has been pawned, or something of that nature, because the original title holders are selling the vehicle for a fraction of what the vehicle is worth, just without the title.
My question is, if I get a bill of sale signed by the original title holder stating that the vehicle is being sold for $xxx without title, am I legally protected? If I had that I would have proof that the vehicle was not stolen, correct?
Also, if there is a lien on the vehicle, can the lien holder take the car from me?
Thank you for your time.