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  1. #1
    Charter Member Charter Member Raypanic's Avatar
    My Boats:
    Formula 400SS Eliminator 236 Eagle XP
    Join Date
    Oct 2000
    Lake Orion, MI. USA

    Closing the sale of my boat ???

    The closing on my fountain is getting close. I have some questions. I have a buyer and brokers on both ends of the sale. Full Tilt marine (MD) is the buying broker and Sundog Marina (MI) is the selling broker. I am being told the the buying broker is handling all the documents and the money.

    Here is where I have the problem The buying broker wants me to fed ex the sales agreement, a power of attoreny for the broker to transfer title and the origonal title signed over to them today with a closing on saturday.

    I have the problem with signing the title before I am wired the cash, The broker says I still have the boat and this my guarntee and this should not be a problem. My selling broker says not to sign it until I get the payment and on all other past sales I never signed it until I get paid.

    What should be the proper procedure? After National Marine and all the scams with certified checks I am leary of this type of deal.

    Help Please.


  2. #2
    Registered NJgr8ful's Avatar
    My Boats:
    330SS Formula 496's
    Join Date
    Nov 2003
    Lanoka Harbor, NJ

    Re: Closing the sale of my boat ???

    First off congrats Ray, I hope! LOL

    Now ...I'd get the wired $$$$$$$$$$$$ first, no question. What exactly is the hold-up or excuse why the buying broker can't or won't do it that way to begin with. Seems like good, sensible business to me??

  3. #3
    Registered Ironmanwb's Avatar
    My Boats:
    25 Tantrum
    Join Date
    Jun 2003
    Somewhere other than Here

    Re: Closing the sale of my boat ???


    There is no way I would ever sign over a title until I had the money for it. Just having the boat means jack chit if someone else has the title in their name.

    If they are on the up and up they should have no problem with this.

    My .02

  4. #4
    Registered Gold Member DoTheMath's Avatar
    Join Date
    May 2002
    Ma. / Lake Winni., NH

    Re: Closing the sale of my boat ???

    Yep - sad to have to put your foot down but, set up the money in escrow - kinda like with a house - if you can, get your funds before you give up the title. You can have the boat sitting in your driveway, but if someone has a signed-by-you title for it...

    Just get the money 1st.

  5. #5
    Platinum Member Platinum Member CigDaze's Avatar
    My Boats:
    Cigarette 35 Cafe Racer
    Join Date
    Jun 2001
    St. Petersburg, FL

    Re: Closing the sale of my boat ???

    Money First, then title.

    If this isn't satisfactory to the buyer's broker, strike up a contingent bill of sale (a promiasary note) which will act as a guarantee that you will transfer the title and property when the money is received.

  6. #6
    Platinum Member Platinum Member wrinkleface's Avatar
    My Boats:
    NT 477!! Ilmors Baby!!!
    Join Date
    Jan 2003

    Re: Closing the sale of my boat ???

    $ talks & B.S. walks!!!!!

  7. #7
    Registered User
    Join Date
    Oct 2003

    Re: Closing the sale of my boat ???

    Have an attorney handle an escrow transaction. You sign the title, it's his.

    Remember, the check is only good if the bank will cash it.

  8. #8
    OSO OG Gold Member DollaBill's Avatar
    My Boats:
    Making hot chicks hotter since 2010
    Join Date
    Feb 2004
    Blue Martini Hall of Fame

    Re: Closing the sale of my boat ???

    Call me. I'll be happy to handle it for you and use my trust account for funds. I can have somneone in my office do this for you.

    "Friends don't let friends roll around in trash cans" - OSO Steve


  9. #9
    Forum Regulator VIP Member Sydwayz's Avatar
    My Boats:
    37' Active Thunder AVH; 17' Speedliner Cat OB
    Join Date
    May 2001

    Re: Closing the sale of my boat ???

    FTM are stand up folks. As with any marine business, they have had their share of ups and downs, and PO'd customers; but I don't think they are trying to pull one over.

  10. #10
    S.O.B (single O/B) now Platinum Member t500hps's Avatar
    Join Date
    Sep 2004
    Richmond VA

    Re: Closing the sale of my boat ???

    There is a broker on both ends of the deal......let them work it out. You'll sign it over once you are paid. (Isn't this what THEY are being paid for???? )

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