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Closing the sale of my boat ???

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Old 09-13-2006, 09:13 AM
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Default 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.

Ray
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Old 09-13-2006, 09:26 AM
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Default 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??
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Old 09-13-2006, 09:48 AM
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Default Re: Closing the sale of my boat ???

MONEY IN HAND PERIOD!!!!!!


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
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Old 09-13-2006, 09:56 AM
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Default 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.
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Old 09-13-2006, 09:56 AM
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Default 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.
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Old 09-13-2006, 10:13 AM
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Default Re: Closing the sale of my boat ???

$ talks & B.S. walks!!!!!
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Old 09-13-2006, 10:26 AM
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Default 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.
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Old 09-13-2006, 10:29 AM
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Default 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.

Bill
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Old 09-13-2006, 10:33 AM
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Default 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.
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Old 09-13-2006, 10:38 AM
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Default 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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