You have to check your state laws. Some only require bill of sale and you can re-title it. Some others like Kentucky require a title and if it doesn't exist, good luck.
Theft recovery, rebuild, junked title etc... there's different reasons. Possibly a previous owner didn't want to pay taxes on it anymore and turned in the title. Vehicles like this are good either as trail only rigs or part outs. Good price for what it is.