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Selling boat to out of state buyer / questions

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Old 10-17-2007, 09:22 PM
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Selling boat to out of state buyer / questions

Looks like I have my boat sold. Buyer is out of state and is comming in on a Sunday and should be leaving Monday with the boat. Deal is not final untill boat is viewed and ran, very understandable. I have a loan on the boat and I'm tring to find the best way to make for a safe transaction. My bank said a wire transfer is the only way to clear a title in one day, does this sound right? Also I was told I could set up a account just for the remainder of the transfer to spill into, one wire transfer but will go in two accounts.

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Old 10-17-2007, 10:24 PM
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Wire makes for a very safe transaction because the transferor does not have the power to reverse/cancel the transaction without your approval. Is that what you were asking?

The lien release will take atleast a day or two.
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Old 10-18-2007, 01:15 PM
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wire tranfer period
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Old 10-18-2007, 02:43 PM
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I used a wire transfer last month to pay off the balance on a 28' Pantera I was buying and the bank sent the title out the same day and the owner had it the next morning. I don't think all banks are this quick.

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Old 10-18-2007, 05:44 PM
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What if I have the title and it has a box for the Release of First Lien, using a signature of agent. Do they still send out a title to the new owner. My bank said around two hours to clear a wire transfer.
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Old 10-19-2007, 12:01 PM
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Quote:
Originally Posted by kmiller View Post
What if I have the title and it has a box for the Release of First Lien, using a signature of agent. Do they still send out a title to the new owner. My bank said around two hours to clear a wire transfer.
How did you get the title if you have a loan on the boat? Once you sign the title over to the new owner he'll get a new title from his state once he registers the boat.

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Old 10-19-2007, 08:18 PM
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In Michigan I have always had a title to loaned cars. Bank stamps or sign title when loan is payed off.
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