depends on your state laws. Most states require you to have a TITLE for every vehicle on your yard. that eliminates any questions about stolen vehicles.
Salvage rights must be purchased from the owner of the property. In the case of abandoned real property, the city or town must take title to the property through a tax taking procedure. Citizens can then purchase the property from the town. You should inquire at the tax assessor's office where the property is located.
Salvage Agreement (Download) ___________________, referred to as OWNER, and ________________ _______________, referred to as SALVAGE COMPANY, agree: On ____________________, OWNER suffered a loss due to __________ which damaged items generally described as: ________________________________________________________________ SALVAGE COMPANY agrees to take immediate custody of the salvage items and to take and sell the same in a manner, which SALVAGE Company deems most advantageous. If SALVAGE COMPANY determines that as to any part of the items, the cost of removal will exceed the probably recovery, SALVAGE COMPANY shall give notice of intent to abandon. SALVAGE COMPANY shall receive a commission of ____% of the sale proceeds and shall retain the same until directed by OWNER as to distribution of the same. Dated: _______________________ ____________________________________ Owner ____________________________________ Salvage Company Salvage Agreement Review List This review list is provided to inform you about this document in question and assist you in its preparation. This is a well care document that protects a company put in the position of salvaging an item, such as a vehicle or other piece of equipment, from becoming responsible to the Owner should potential costs exceed the profitability of the transaction. 1. Make multiple copies. Give one to each signatory. Keep one with the transaction file.
Most banks or independent title loan companies will NOT give you an AUTO loan or consider the car as collateral on a Salvage title car. Some dealerships have been know to sell salvage title vehicles and submit the title for a loan, unbeknownst the bank or the vehicle's owner. This is not illegal in some states. Always ask to see the title when purchasing a used car from an unknown dealership.
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