I looked at a horse to buy where the owner had the papers but had not done the transfer to his name. Found a horse I liked better with legit papers. Did not like the fact that the guy hadn’t done the transfer and that if I had bought her, I would have to do the legwork to get the papers because he claimed since he was selling her cheap he didn’t want to spend the money. It made me feel like he wasn’t the true owner. Just felt shady.
On another note, my barn owner has had to claim a couple of nice registered appaloosas for back board when the owner fell on hard times. He did release the papers to her and she in turn signed them over to the new owners. Both had placed high in major shows and were well bred. Sold for <$1000. I wish I could have afforded to take the one mare on-but she went to a good home!