[Jeff Lee]

Personally I wouldn't buy one without a title or other document recognized as binding.
I once sold a race car rolling chassis. I lived in an apartment and the car was stored on the lot. Even though the buyer paid for it, he didn't pick it up for two weeks. He finally arrived, knocked on my door and said "where's my car"? I assumed it was where I saw it last. Nope...gone. I can tell you I didn't look to good and to make it worse, he was the owner of the local track I raced at (now Speedworld, AZ).
About 3 or 4 years later I was with my fiance and another couple driving around looking at Christmas lights. What do I see this Christmas eve in somebody's drive way? Yep, there it was. I called the owner up at 1:00 in the morning and told him where to find his stolen vehicle.
He arrived the next morning with the Sheriff. Apparently this guy purchased it from the thief under the assumption a title wasn't needed on a race car. Legal owner presented proof of legal ownership and the once rolling chassis with a new tunnel ram 440 was on his trailer. Yep, if your in possession of a stolen vehicle you loose whatever is on it.
It took me nearly 4 years to absolve myself on that and it was a miracle I found it. The only thing better would have been when he showed up at the track. Now that would have been really interesting!