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Have Loan, Trying To Sell Boat

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Old 02-26-2007, 12:22 AM
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Thanks to everyone for the responses. On Monday morning I will contact my bank and let them know about my intentions for selling the boat on Friday. I will also type up an agreement of sale (does anyone have an example to use?).
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Old 02-26-2007, 12:36 AM
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I will also type up an agreement of sale (does anyone have an example to use?).
I always write up a simple bill of sale whenever I sell a vehicle listing the yr, make, model, VIN number, purchase price, name of buyer and with a line stating the buyer understands he is buying it 'as is with no warranty oral or written implied'.

2 copies. you both sign (as seller and buyer), and date each one and each keep a copy.
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Old 02-26-2007, 10:07 AM
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When the buyer gets the title depends on if it is documented or registered. From experience, the lienholder on your boat typically takes several weeks to get the title to the new buyer so let them know this to manage their expectations. Just an FYI, I would be very careful if the individual wants to take the boat Friday to be sure the funds have been received by your bank by wire transfer first. I sold mine last summer and it was heading to the east coast so i made the individual wire transfer the money to my lienholder prior to the final water test because he was planning to take it home that day. I just wanted to be sure that the boat was paid for in full because if the boat was wiped out when he drove away, he could cancel a cashier's check, etc. and the boat would not be properly insured by me at that time. Protect yourself. It is usually best to get both banks involved and have a letter notarized stating they will release lien and it will be free of any liens upon full payment. Your bank will have no problem getting this for the buyer. good luck
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Old 02-26-2007, 11:21 AM
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What TSPM said.
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Old 02-26-2007, 11:56 AM
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Just talked to my personal bank, here is what they said. A cashier's check (same as bank check or tellers check) can be stopped by the buyer. BUT it is guaranteed funds, so it will clear immediately as opposed to the 5 day hold on out-of-state personal checks. So my plan is to have him make the cashiers check payable to me, go with him to my local branch, and deposit the check. If everything is OK, he can have the boat and I will send him the title (National City said the only way to do this was for them to send me the title and then I sign it and send it to the buyer). Does this all sound OK, or are there any loop-holes in this approach?
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Old 02-26-2007, 12:22 PM
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Just talked to my personal bank, here is what they said. A cashier's check (same as bank check or tellers check) can be stopped by the buyer. BUT it is guaranteed funds, so it will clear immediately as opposed to the 5 day hold on out-of-state personal checks. So my plan is to have him make the cashiers check payable to me, go with him to my local branch, and deposit the check. If everything is OK, he can have the boat and I will send him the title (National City said the only way to do this was for them to send me the title and then I sign it and send it to the buyer). Does this all sound OK, or are there any loop-holes in this approach?

Just make sure that the bank you will try to cash it in will allow you to do it.. Some banks are getting queer about that if you dont have an account with them that has enough in it to cover the funding until they get thier money.. Jamie / lakeside


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