escrow when selling a boat
#1
Registered
Thread Starter
Join Date: Jan 2004
Location: carolina shores
Posts: 707
Likes: 0
Received 0 Likes
on
0 Posts
escrow when selling a boat
has anyone used a escrow agent when selling there boat how does it work and what if the buyer does not like the boat. can he hold up the funds. and what happens with the title. the will be shipped east to west coast buy his shipper. what happens if there is a crash on the way who is responsible just looking for info thanks for all help
#2
VIP Member
VIP Member
has anyone used a escrow agent when selling there boat how does it work and what if the buyer does not like the boat. can he hold up the funds. and what happens with the title. the will be shipped east to west coast buy his shipper. what happens if there is a crash on the way who is responsible just looking for info thanks for all help
#3
Gold Member
Gold Member
Join Date: Oct 2000
Location: Erie, PA US
Posts: 997
Likes: 0
Received 0 Likes
on
0 Posts
i thought putting 5% in escrow unitl after sea trial was a fairly common practice? i would be VERY specific what the money in escrow is for (example: if the boat has a blown drive or the motor is junk) and i would also make sure that a broker or third party holds the money in escrow and not the seller.
#4
Registered
iTrader: (2)
wouldnt it be easier (and cheaper) for the guy to fly out to you and check out the boat and sea trial with a surveyor it at your location ??
The way you have it set up now, is if he doesnt like it he will have to pay to ship the boat back to you. seems stupid to me. could even be a scam.
The way you have it set up now, is if he doesnt like it he will have to pay to ship the boat back to you. seems stupid to me. could even be a scam.
#5
Registered
Thread Starter
Join Date: Jan 2004
Location: carolina shores
Posts: 707
Likes: 0
Received 0 Likes
on
0 Posts
all good answers i am going to talk to a lawyer and let him hold all money from buyer and when the boat gets there he can release money too me and than he can give him title i think who the hell knows