Frequently Asked Questions (FAQ)
Bond Amount ranges from $100.00 to $25,000.00. Standard Rate is 1.500% per year; with a minimum premium of $50.00.
Connecticut – Defective Title / Certificate of Title Bond
Connecticut – Defective Title / Certificate of Title Bond
Defective Title Bond in the state of Connecticut is a form of financial guarantee that most vehicle owners must obtain to restore their legal ownership rights.
What Does a Defective Title / Certificate of Title Business Do?
Defective Title / Certificate of Title is a business that specializes in correcting legal errors or deficiencies in ownership documents for properties, vehicles, or other assets. A defective title may result from recording errors, incomplete registrations, or unresolved liens. Such issues can hinder the sale or transfer of property, requiring legal support to resolve.
Companies that address title defects assist owners in resolving disputes and correctly registering their ownership. They work with lawyers, government agencies, and owners to ensure compliance with laws and regulations.
Example: Boris and His Defective Title Business
Boris owns a law firm that addresses title defects for vehicles and properties. One client couldn’t sell their apartment due to incorrect information about the previous owner. Boris worked with local registration offices to correct the errors, enabling the sale.
How Much Does a Defective Title Bond Cost?
The bond amount ranges from $100 to $25,000, with an annual premium of 1.5% and a minimum of $50. Agents can issue the bond through their online portal.
Key Points:
- License Requirement: In Connecticut, owners of defective titles must provide a bond to restore ownership rights.
- Consumer Protection: Consumers and the state can file claims against the bond for damages due to false information.
- Bond Amount: The bond amount varies by vehicle type and value, with owners paying only a percentage as a premium.
Example: Boris Breaks the Rules
Boris failed to secure a bond in time, resulting in legal issues and a claim against his bond, blocking his ownership restoration.
FAQs:
How Much Does a Defective Title Bond Cost?
The bond costs 1.5% annually with a minimum premium of $50.
What Happens If I Don’t Provide a Bond?
Failure to provide a bond can lead to fines and loss of ownership rights.
Who Can File a Claim Against My Bond?
Consumers or state authorities can file claims for false information or violations.
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Execution Notes
Bond must have an original signed Attorney in Fact signature.
Filing Method
Executed bond must be filed with the obligee by agent/principal.
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