Registering a bike

[Executor]

I am looking at buying this R1 for sale and it is currently in race plastics. Owner has all the stock street fairings with all the lights blinkers and everything you need to make it street legal. Owner never registered the bike as he took it off the dealer and made it into a trackday/race bike. the owner says he has a Manufacturers Certificate of Origin and says that the buyer will take this MCO to dept of motor vehicle and use that to register bike. Then DMV will issue you a title in the mail. Is that right? I just want to make sure i can put the bike in the street and not have one of those bike with no title deal.

Need your help...thnx