What does it mean if it says and/or on a title to a car?

What does it mean if it says and/or on a title to a car?

If “or” is used on the title, then it usually means either owner of the car can sign the title to sell the vehicle. When “and” is used, it typically means that both owners of the vehicle need to be involved with the sale and must sign the title before ownership can be transferred.

Whats the difference between and and/or on a title?

3) If it’s a And/Or – John Doe AND/OR Joe Ross, then this is a joint tenancy with right of survivorship. To transfer ownership of this vehicle, license plates and/or fees or to record loan information, the signatures of both parties will be required if both are living.

Can a car have 2 owners?

A vehicle or vessel may be owned by two or more co-owners. Co-owner names may be joined by “and”, “and/or”, or “or”. All owners must endorse the title or registration application to register the vehicle/vessel, but the requirements for releasing ownership vary.

What does it mean when two names are on a title?

Joint ownership is characterized by the right of survivorship. When a Certificate of Title is in two names and one owner dies, the surviving owner would acquire the interest of the deceased owner.

Do you need a bill of sale for a car without a title?

The Bill of Sale is an essential part of the sales process for any vehicle sale, but it is undoubtedly crucial if there is no title for the seller to hand over. Before you pay for the car, write out a Bill of Sale that includes the sale’s details, including the VIN, sale price, and the car’s odometer reading.

Are there exceptions in the title of a property?

You could do this by accepting all the exceptions in the title. Encroachments should always be disclosed in a listing agreement and sales contract. However, if a seller is not aware of an encroachment (i.e. a fence line that encloses on his property), then it may not be disclosed.

What does the word or mean on a car title?

Look at the word between your names, usually found at the right side of your title. 1) If it’s an Or – John Doe OR Joe Ross – then the ownership is joint tenancy with an expressed intent that either of the owners has full authority to transfer ownership of the vehicle, license plates and/or fees or to record loan information.

What does it mean if your car title is missing?

But the title could have been stolen, or the vehicle itself could be stolen. A missing title could also indicate that the car has sustained significant water damage and branded by an insurance company as a flood car in a specific state.