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

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Old 08-14-2002, 05:57 PM
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djm
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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.
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Old 08-14-2002, 07:12 PM
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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.

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Old 08-14-2002, 07:59 PM
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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.

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Old 08-14-2002, 08:40 PM
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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.
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Old 08-15-2002, 09:54 AM
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I'm going through this right now...I'm the purchaser....bought boat.....no financing...wrote check...got receipt...check cleared....got boat...got 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
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Old 08-15-2002, 10:13 AM
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I used Key bank...They said 3 days to process...sent them the money , they sent me the title....sold the boat..
 
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Old 08-15-2002, 03:36 PM
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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.
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Old 08-15-2002, 04:54 PM
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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.
 
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