Boat without Clear Title
#33
Registered
What I have done in the past is to use a bank if there is a lien on something I'm purchasing. No matter the dollar amount of the loan a bank will see that clear ownership will be had when the transaction is complete. Be sure to go with a loan with no prepayment penalty and pay it off when the dust settles. For example - You find a boat with an iffy title for $30K. Go to your bank and borrow $5K, let the bank do the leg work, bank makes sure clear title is available, let the bank put their lien on it for the $5K, pay off the loan one month later and a clear title will show up in your mail box 4 to 8 weeks later. You will have interest expense for a month or two but banks are very good about securing their position leading to clear title. You do not want to get involved in anything with a dirty title. You will spend may years and $'s trying to straighten it out! Good Luck!