View Full Version : Safest way to sell your boat
SteveO
02-27-2007, 08:21 AM
I am in the process of selling my boat and have never sold anything with a title to a "third party". I have always used a dealer (cars, boats, etc.) I still owe on the boat, so technically the bank owns it. What is the easiest and more importantly safest way to handle the transaction? I know the part about listing, showing it, etc. My question is about the actual transaction portion.
Maristar210
02-27-2007, 08:30 AM
SteveO
Here in the Great Lakes State the buyer and seller together appear at the financial institution where the lein is held to payoff athe boat, sign off on the title and then the bank can release the lein. The buyer then takes possession of the boat and has the ability to go to the DMV and transfer the registration. Kind of a PIA when money is still owed on the boat but I have done this with vehicles in the past and it has worked smoothly. It is important to let the buyer know there is a lein so he can make arrangements to pick it up during "business hours" instead of lets say on a weekend when the bank may not be open.
Best of Luck - Steve
Nice looking 209 by the way.;)
bigmac
02-27-2007, 08:38 AM
I am in the process of selling my boat and have never sold anything with a title to a "third party". I have always used a dealer (cars, boats, etc.) I still owe on the boat, so technically the bank owns it. What is the easiest and more importantly safest way to handle the transaction? I know the part about listing, showing it, etc. My question is about the actual transaction portion.
Bank checks, cashier's checks, money orders are forged on a regular basis. Also, they can be cancelled. So....at the very least, don't turn over the title until your sure the bank check has cleared. Personally, I would only do such a transaction by cash, or by bank money transfer.
I sold my Century I/O last year. The guy was an area business owner, but I still insisted on a bank transfer. However, his banker called my banker and as it turned out, they knew each other. ThereforeI could be assured the deal was on the up-and-up and I took a bank check. Even so, before signing the title I called the check number into my banker who in turn called it into the buyer's bank to confirm the validity and the amount.
edit--oops, just saw that there's a lien on the boat. That changes things, actually makes it more secure for you, I suspect. Your bank won't release the title until the lien is paid, and you can be sure they'll make sure it's a bonafide deal before doing so.
3event
02-27-2007, 08:43 AM
Suggestion - do the transaction at buyer's bank, providing you don't have a lein release to worry about on your end.
Tell him you will meet at his bank, and will accept only a cashier's check generated on the spot. The bank can cut a cashier's check for you, debited from his account. You can then take it to your bank knowing it's good to go....
My $0.02.
east tx skier
02-27-2007, 10:13 AM
Steve, all great info here. Here's some more. Texas Department of Parks and Wildlife has ownership and transfer forms on its website (http://www.tpwd.state.tx.us/fishboat/boat/owner/).
Andyg
02-27-2007, 02:03 PM
When I sold my boat last fall I had a lien that needed to be satisfied. The way we did it was the guy brought a cashiers check to the deal. I made two bill of sales and we each signed both for our records. I wrote his name on the title to transfer it to show him I had the title and I was committed to selling him the boat. Then I told him I would sign the title transfer and send him the title once I received the lein release from the bank. I received the lien waiver in two weeks and sent the title and lien waver to him via certified mail. It takes a level of trust on both parties to do this. Lucky for me the guy I sold it to was a TMC memeber so there was a little trust right off the bat. The other thing I did was research the person who was buying it. I confirmed his address via the internet, ZABASEARCH.com.
PendO
02-27-2007, 02:11 PM
Does the bank that holds your boat loan have the acutal title for the boat, or is it filed at a different location?
If I were buying your boat I would show up at your lender's location and either transfer the money via wire or a cashiers check and then have them sign the title over to me at the bank.
SteveO
02-28-2007, 09:23 AM
SteveO, are you out?
Not like rainbow flag on back of SUV out....
http://www.tmcowners.com/teamtalk/showthread.php?t=14477
Just came to the realization that I spent the most time ever on the water last summer and very little of it on my boat. At the club, I ski behind a late 90's 196 (can't say the N word) and have been boarding behind about everything know to man. I'll be back, just using resources wisely.
milkmania
02-28-2007, 09:48 AM
I am in the process of selling my boat and have never sold anything with a title to a "third party". I have always used a dealer (cars, boats, etc.) I still owe on the boat, so technically the bank owns it. What is the easiest and more importantly safest way to handle the transaction? I know the part about listing, showing it, etc. My question is about the actual transaction portion.
well.......
when the prospective buyer schedules an appointment to see the boat, you need to have your gun cleaning station set up in the garage, and carelessly chamber multiple rounds...
he'll get the picture;)
man, I couldn't sell snow to an eskimo:(
Upper Michigan Prostar190
02-28-2007, 10:03 AM
But could you sell a glass of water to a drowning man?
milkmania
02-28-2007, 10:17 AM
But could you sell a glass of water to a drowning man?
not without an MSDS sheet;)
http://www.hsegroup.com/hse/text/water.htm
Not like rainbow flag on back of SUV out....
http://www.tmcowners.com/teamtalk/showthread.php?t=14477
Just came to the realization that I spent the most time ever on the water last summer and very little of it on my boat. At the club, I ski behind a late 90's 196 (can't say the N word) and have been boarding behind about everything know to man. I'll be back, just using resources wisely. as long as you are still skiing, it's all good!
Met some customers at a trade show this past weekend and one was wearing an N hat. I gave them the usual hard time and we laughed it up and then I told them when they come to Houston, I'd let em ski a real boat;)
SteveO
02-28-2007, 11:52 AM
as long as you are still skiing, it's all good!
Met some customers at a trade show this past weekend and one was wearing an N hat. I gave them the usual hard time and we laughed it up and then I told them when they come to Houston, I'd let em ski a real boat;)
You know you would not take them skiing. You have respectfully declined anytime anyone other than East TX is down your way. You know I'm just busting your chops:D
You know you would not take them skiing. You have respectfully declined anytime anyone other than East TX is down your way. You know I'm just busting your chops:D hahah TRUE. Just keepin the rumor goin'