If your selling a boat with a lein on it, when do you release the boat to the other party, When the loan is paid off? I hate to hold on to the boat, but I don’t want to get screwed either. Do i just get a notorized bill of sale and let him have the boat? Do I take the #'s off the side, or do they carry over?
Uuuugggghhh…this is so complicated, I like title in hand with cash much better!!!
make sure your money is good, and sign the bill of sale, numbers will transfer to new owner
KNOTHEAD
Sands n Suds,
When I sold my sailboat a banker friend gave me the following advice.
If the guy isn’t paying cash for the boat and your lien is at a local bank the safest way to do the transaction is at the bank with your or a loan officer. They will walk you through the steps so everyone can get paid safely.
If your bank is not local you can go to the buyers bank and do wire transfers to pay off the loan and deposit the rest in your account. Notify your bank and get a contact name ahead of time.
Word of warning in the day and age of computers do not accept a money order or cashier check. By doing all transactions through the bank, you can be almost certain money is real and there. I had my final check written by bank so I knew it was good.
At whatever bank you do transactions you can fill out paperwork and get notarized to release the boat and know everyone is paid and happy.
It is a real drag that we have to be so wary in this day and age.
Medgar
Just like a car… you can transfer the title and reg numbers just as you can do with your license plate with the DMV.
But Medgar’s advice is best. Go to the bank where the lien is held and take care of it all there.
KeyWest 1720cc 90 Ymha
www.FishCFA.org
Ditto to medgar’s advice. I closed the deal on the Grady at my bank since they would hold the title for a couple of years. Smooth process and everyone is happy.
GW 232GT Gulfstream
150Yam x 2
“3rd Day”
Gen. Chap.1 Vs.9-13
If the boat is being sold to someone in SC the registration numbers stay the same.
Carolina Boat Brokerage, LLC
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