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By: Jo Frank, Fri Nov 5th, 2010
Everywhere you turn, someone, something involves paperwork to show evidence, authorization, receipt, or commitment. It’s a lot to keep track of, and when you have to reconcile someone else’s paperwork scheme, it can be a nightmare. Nevertheless, without official paperwork business transactions are impossible. For example, if someone dies without a will, intestate, disposing of real property is a tedious task. Check with your lawyer, but expect an arduous, time consuming period to clear up all matters left behind. Part of the process may require a lost title bond.
In the event of a lost deed or title to a home, a Lost Trust Deed/Note Bond must be obtained in the amount of 1.5 to 2 times of the instrument. Expect to pay 2% of this amount for a onetime fee. The bond will establish ownership while the legalities are sorted out. It the real property is a vehicle, there is a lost title (DMV) bond which serves the same purpose.
The (DMV) title surety bond serves as legal documentation to guarantee legitimacy of claim of ownership. The Department of Motor Vehicles sets the bond amount in each state. Applicants must state in writing the reason for needing the lost title bond; simply needing to sell the vehicle and loss of paperwork. Typically, a requisite period of time must pass to enable anyone to make a counter claim of ownership. In the event a contested ownership is recognized by the court, the bond is declared void. Otherwise, uncontested, the provisional ownership is eventually converted to a standard title of the said vehicle.
Yes, the process can seem overwhelming. Fortunately, there are professionals who do this sort of protocol every day. A surety bonding agency should be your first call. Be sure to choose a surety company with a reputation of professionalism and repeat costumer service. Surety 1, Surety Solutions Insurance Services, Inc., a leader in the industry, has a cadre of Surety Specialists with experience in handling surety bonding for Surety 1 clients in excess of 8 years. Surety offers an online help line as well as agents available by phone to answer questions. Quotes are free, and agents can work with challenged credit.
Whether lost title bonds or any other surety bond, Surety 1 has a quick, easy, secure online application; approval can be done in as little as 5 minutes. Surety 1 can resolve all surety bond needs.AUTHOR INFO
Take the mystery out of surety bonds! The Surety Bond Information Center is your source of up-to-date surety bond information, including lost title bond. Surety 1 writes almost any kind of surety and fidelity bonds, including Performance and Payment bonds, Subdivision bonds, License bonds, Court bonds, lost title bonds and many other types.