TxDMV VTR-122 - Rights of Survivorship Ownership Agreement for a Motor Vehicle

Form VTR-122 is a Rights of Survivorship Ownership Agreement for a Motor Vehicle issued by the Texas Department of Motor Vehicles (TxDMV).

This form is used by co-owners of a motor vehicle to establish rights of survivorship, ensuring that if one co-owner passes away, the surviving co-owner automatically becomes the sole owner of the vehicle. The purpose of this form is to create a joint tenancy with rights of survivorship, which allows the vehicle's ownership to transfer seamlessly to the surviving co-owner without the need for probate proceedings. By completing the Rights of Survivorship Ownership Agreement for a Motor Vehicle, the co-owners clarify their intentions and prevent potential disputes over the vehicle's ownership in the future. The form must be signed by all co-owners and notarized to be legally valid. This form is essential for individuals who co-own a vehicle and want to ensure that the surviving co-owner inherits the vehicle automatically in the event of their co-owner's death. Keeping the form up to date is crucial to reflect any changes in co-ownership arrangements.