What defines an "Open Title"?

An "Open Title" refers to a title document that has been signed by the seller but does not have the buyer's information filled in. This concept is significant in vehicle transactions because it allows the seller to transfer ownership by simply signing the title over to the buyer. The buyer then fills in their information before submitting the title to the appropriate motor vehicle department for processing.

An open title can facilitate quicker sales, but it carries some risks as it may lead to potential disputes about ownership or raised concerns about the legitimacy of the transaction if proper procedures are not followed. Thus, understanding what constitutes an open title is crucial for both sellers and buyers in the vehicle sales process.