chewy1955

Lookin to buy my first Cig in the near future. This may be my year. I have read some horror stories of purchases gone sour and the buyer loosing their money and being forced to give up the boat. I have also heard horor stories of titles being manipulated (especially in the Florida area). Here is my question: How do I make sure the title is clean and deal will stay good? I read one thread somewhere in here where the guy lost 100k on two consecutive "Bad Deals", and I believe a dealer was involved as well. Are there authorities to search and guarentee the titles are clean? Do the banks take care of this? What if I'm paying cash? What do you suggest? Any help is appreciated.

L9X25

Chewy,

Most problems happen because there is a lien on the title, from the previous owner, that was not paid off. The first step is to see the title of the boat and see who owns the boat and what liens are on it. If you are buying cash you need to make sure that all liens are paid off and the seller actually owns or controls the boat. Each situation is different but most problems start with the buyer trusting the dealer to "do the right thing". Most are reputable and a few are not. Always be cautious.

GLH

Order an abstract title from the CG http://www.uscg.mil/hq/g-m/vdoc/nvdc.htm if the boat was documented, It'll give you the chain of ownership and chain of liens and lien satisfactions. It's $25 and worth it.

Also employ a title search company to insure another entity is going over the titles, you might have a recourse on them if something pops up after the fact.

Hope this helps.

32storm

If you are looking to expedite the process with the abstract from the Coast Guard, it can be done over the phone with a credit card. They will fax you the results. The phone number for the USCG National Vessel Documentation Center: 800-799-8362, or 304-271-2400.

It's well worth the $'s.