Jay, The title or registration, doesn't specify a seller, so one can only assume that this was a pre-owned 1925 that was being registered in 1929. It is possible that a 25 (although doubtful), or a 26 or 27 new T could have been registered for the first time in 1928 or 29, because many dealers had T's in their inventory after production ceased, and there was a approximate 6 month or so lag in time before A's were in sufficient factory inventory to ship to dealers. Then the depression hit and that would have made it that much harder for dealers to sell new T's or A's. My mother won a 27 T from our local Ford dealer in a ticket raffle in 1928 that the dealer promoted, just because he had unsold T's in his inventory that he couldn't sell. This was in a small Texas town of probably less than 300 or 400 people and he didn't have just one unsold 27 T; he had a bunch. My mom had her pick between a roadster or a coupe and chose the coupe.
The reason it doesn't specify the seller, is probably because Walter already owned the car!
Larry, obviously he owned the car and maybe with a registration it wouldn't show the original seller, but I would think a title would, unless that information is on the Bill of Sale, only.