Legal Question in Real Estate Law in Texas
I am driving, maintaining, and making monthly payments on a vehicle that belongs to an associate. We have a verbal agreement that he will title the vehicle to me once paid off. What legal documents do I need to initiate in the state of Texas to make this a legal and binding agreement. Will the lender honor this agreement in the event of a death, bankruptcy, etc.? Thank you.
Asked on 3/27/10, 6:58 am
1 Answer from Attorneys
Your verbal agreement won't cut it. You need a bill of sale, and you need to get the title documents to the car and have the associate endorse it. The lender does not have to honor any side agreements. The only way to be truly safe is to get a loan and buy the car from your associate. This way, the title will be in your name, with a lien by the financial institution.
Answered on 4/03/10, 7:33 am
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