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. 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 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.