Quote:
Originally Posted by sunny5280
Obligated to and does are two different things. A small deposit to hold it wold be reasonable. I think $100 is too little though. However it doesn't guarantee he wouldn't sell it to someone else and hand you back the deposit.
Maybe you could work through an escrow service?
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I doubt he'd want to spend money on legal proceedings to avoid giving the title he knows he signed a document promising you. He'd lose, and then owe legal fees, atty fees, etc and most likely STILL have to give you the title.
Bottom line is, it's up to you as to how you proceed. I've done this when purchasing vehicles with liens on them and had no issue. The bank still has to send the title to the owner you are buying from with the lien release on it...