If this is your first visit, please click the Sign Up now button to begin the process of creating your account so you can begin posting on our forums! The Sign Up process will only take up about a minute of two of your time.

Follow us on Facebook Follow us on Twitter
Results 1 to 8 of 8
  1. #1
    djm is offline
    Registered djm's Avatar
    My Boats:
    boating sleeping drinking fishing drinking eating hunting
    Join Date
    Nov 2000

    Question What to do when the title is jammed up at the bank??

    I don't have a serious buyer yet but I want to get on this now. My bank is Key Bank in FL, they need the loan paid off before they can "process" the title. That "process" takes 15 business days. My problem with that is how am I supposed to explain this to the buyer? Who in their right mind will send some bank in florida a big check in exchange for a title a month later?? If boats are considered real estate, is there a title service to document this and make the seller feel more comfortable?? And what do I do in the meantime, do I give the buyer the boat without a title? He paid for it, but then again he has no liabilities till the title is signed.

  2. #2
    Lee is offline
    Gold Member Gold Member Lee's Avatar
    Join Date
    Oct 2000
    Lake St.Clair MI
    If you got the bucks pay it off, If not it is a long process to get the the lean release or the reassignment of the lean to the buyer if he is fiancing it, Regardless do not release the boat to the buyer until you receive the title back and transfer it into the buyers name since eventhough it is paid off/reassigned after you get it back it will still be in your name and you may be liable or responsable should he have an accident with it.

    P.S. Most good banks usually will FedEx it overnight.
    Last edited by Lee; 08-14-2002 at 06:14 PM.

  3. #3
    Registered rjcardinal's Avatar
    My Boats:
    '99 27 Fountain Fever
    Join Date
    Jan 2001
    Baton Rouge, LA
    I bought a boat out of state in FL and it was financed with Key Bank. My bank did all the leg work and sent me down to pick up the boat with a copy of the check to Key Bank for the pay off amount and a check for the difference made out to the owner. Worked like a charm. That was the last I thought of it. If the new owner is mortgaging the boat his lender will take care of it.


  4. #4
    Registered Von Bongo's Avatar
    My Boats:
    1997 Cig Kevlar - powered by Boyd
    Join Date
    Dec 2001
    Iowa - Missouri
    Same process as buying a used car that has been financed. If your paying cash for the boat I would put instructions with the payoff for them to send to title to you and then have the seller assign it to you, or you can have him sign a limited power of attorney that allows you to sin his/her name on the title and other papers need to transfer title. The latter is how the banks do it when you finance it.

  5. #5
    Registered GeeterB's Avatar
    My Boats:
    94 Checkmate Convincor
    Join Date
    Jul 2002
    St Louis
    I'm going through this right now...I'm the purchaser....bought financing...wrote receipt...check insurance....will get title soon..........what's the big deal???
    I wouldn't worry too much about it.......As long as there is a paper trail, shouldn't have any problems.............Geeter

  6. #6
    I used Key bank...They said 3 days to process...sent them the money , they sent me the title....sold the boat..

  7. #7
    Charter Member # 55 Charter Member Griff's Avatar
    My Boats:
    ..........32........... Active Thunder
    Join Date
    Oct 2000
    I had to wait almost 2 months to get my title for my Baja when I got it due to Bank and Seller screw ups. I had the boat, so I wasn't too worried.

  8. #8
    Try buying out a leased vehicle through Bank One. That was a friggin nightmare. 4 months and about $100 in long distance calls getting things straightened out. The bank where the payments made to, the location of the lease office, and the location where the titles are held, are all different.

Similar Threads

  1. Efi - Bank to Bank or Sequential?
    By Turbojack in forum General Q & A
    Replies: 5
    Last Post: 10-04-2004, 11:02 AM
  2. Turning a salvage title into a clean title
    By HyperBaja in forum General Boating Discussion
    Replies: 23
    Last Post: 01-24-2004, 09:28 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
All times are GMT -5. The time now is 01:38 PM.
Powered by vBulletin® Version 4.2.0
Copyright © 2016 vBulletin Solutions, Inc. All rights reserved.
Search Engine Optimization by vBSEO 3.6.1
Original Poster In Postbit provided by Original Poster In Postbit v1.0.0 (Free) - vBulletin Mods & Addons Copyright © 2016 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
Copyright 2011 OffShoreOnly. All rights reserved.