No Proof of Ownership (Surety Bond)
Alaska law requires an individual to transfer ownership of a vehicle by using a title document. However, if a person has purchased a vehicle from someone and has lost the title which was received from the seller, or the seller did not give the buyer the title, it is still possible to obtain a title.
The law allows an individual to obtain a three year non-cancelable title surety bond or deposit a cash bond with the Division of Motor Vehicles in the amount of one and a half times the appraised value of the vehicle. The bond financially protects the State in case of a legal dispute concerning ownership of the vehicle for which the State has issued a title.
All vehicles and any trailer weighing over 501 pounds will require a surety bond, if there is inadequate proof of ownership. Small trailers weighing less that 500 lbs may not require a surety bond, check with your local DMV for details.
If the buyer requires a surety bond to obtain title to a vehicle, they can stop by the nearest DMV office and pick-up Surety Bond (No Proof of Ownership) (Form 824).
The vehicle must be inspected (Form 811) by a representative of the DMV. The purpose of the inspection is to verify the vehicle identification number and the identity of the vehicle. The vehicle must be operational and in satisfactory working condition with all of the equipment required by state and federal law. An individual may obtain a special one-way trip permit from DMV for the purpose of bringing the vehicle to a DMV office for inspection.
In order to file a Surety Bond in Alaska, the vehicle must be in the State of Alaska and the appraisal must have been completed in Alaska.
- Appraisal of the retail value (not wholesale or trade-in value) must be submitted on company letterhead.
- The appraisal must be signed by the person performing the appraisal.
- The vehicle must be physically inspected by the appraiser (not use photos).
- The vehicle must be a complete vehicle.
- Appraisals must not be over 90 days old.
- Appraisals may be obtained from a licensed motor vehicle dealer, insurance appraiser or Bank.
- The applicant and appraiser must not be the same individual or company.
- The seller and appraiser must not be the same individual or company.
- The appraisal must contain:
- Plate Number and State, if available
- Body Style
- Name and address of applicant
- Name, phone number and address of appraiser
- Description of the interior and exterior of the vehicle such as body damage, missing or damaged components, torn upholstery and/or seats, safety glass damaged and not replaced, etc.