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buying advice

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Old 07-11-2006, 07:41 PM
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Lightbulb buying advice

hey everyone

finally found my new ride, need some advice on paying for it

still has lein on it, how do we make the deal to protect both seller and buyer..........

was going to cut a cert check to payoff loan,then wait for release then pay balance when lein release is granted...

but getting cold feet about writing a check with nothing to show for it and waiting for the lein release until paying the remaining balance then taking the boat home

out of state bank has lein,we live about 3hrs apart.....

any advice would be greatly appreciated.

Thanks Camp
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Old 07-11-2006, 08:05 PM
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Default Re: buying advice

use an attorney as an escrow agent
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Old 07-11-2006, 08:47 PM
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Default Re: buying advice

you need to make the payoff ck payable to his bank or lien holder so he cannot cash the ck.
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Old 07-11-2006, 09:06 PM
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Default Re: buying advice

Go to legal documents.com and print an agreement to purchase form. Arrange to meet with seller, and a notary public to insure signatures.
Make payoff arrangements with the lien holder direct, and do not pay balance till you get a lien release from lender. They should take a faxed copy of the purchase agreement from their customer (seller) and return you the title, if you are in a title state. Make sure you have the sellers D.L. and social security number, and make SURE they are who they say they are! I would want the item held by a third party I trusted, but hopefully it will go well.
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Old 07-11-2006, 09:46 PM
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Default Re: buying advice

we have a bill of sale form already signed by both partys& witness,given a good faith deposit......

making first cert ceck out to bank that holds the lein, will wait until lein release has been issued (thats the tough part,3-5 business days with only a bill of sale,no boat ), then will pay the balance to the seller then finally get the boat,hopefully by next weekend .....
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Old 07-11-2006, 10:05 PM
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Default Re: buying advice

you should be fine.
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Old 07-11-2006, 10:30 PM
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Default Re: buying advice

I'd pay the entire purchase price to the bank and let them refund the difference to the seller once they are free and clear. You should let the bank know that the title comes to YOU as you are buying the vessel.
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Old 07-11-2006, 10:45 PM
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Default Re: buying advice

Unless you don't care if you lost every cent, I'd have an attorney handle it. Just like buying a house- why take a chance?
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Old 07-12-2006, 09:34 AM
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Default Re: buying advice

Too bad about out of state bank.

Local banks often "call" for the title to be on hand at a local branch.

My bank said that if I have a buyer on the hook, they will send for the actual title and the buyer can come in and pay off the note and they will release the title on the spot. Buyer goes home with boat and title.

What about a title company like they use for homes?

Or.. make it easy on yourself and buy my boat.
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Old 07-12-2006, 09:14 PM
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Default Re: buying advice

Quote:
Originally Posted by fund razor
Too bad about out of state bank.

Local banks often "call" for the title to be on hand at a local branch.

My bank said that if I have a buyer on the hook, they will send for the actual title and the buyer can come in and pay off the note and they will release the title on the spot. Buyer goes home with boat and title.

What about a title company like they use for homes?

Or.. make it easy on yourself and buy my boat.
dmv in nys issues the new title when registered in about 5 weeks.......we should be good to go ,mailing the payofff to the bank,bill of sale completed...pay balance of price when picking up the boat and the lein release

thanks for all the advice

btw whats your boat?? just kidding can't wait to pick this up
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