Private Party Boat Purchase Questions?????

[Phoenix Dreaming]

So I am close to making a decision of purchasing a boat from an individual and have a few questions...

1. What is the best way to transfer funds? (Yes, I am paying cash per the BBC way but I don't want to travel with that much cash)
2. If it has not been previously titled, is it difficult to title it being a private party sale?
3. Any advice on documents that need to be typed and ready to sign, ie...bill of sale, title, etc...
4. Anything else I need to know?

I have only ever purchased from dealers before and this is new to me and this potential boat is several hours away from me.

Thanks!

[bdog7198]

1. Is there a branch of the bank you use in the sellers area? Or does the seller use paypal or one of the other payment systems?
2. Will vary state by state, would double check with your specific states governmental group first.
3. Bill of sale, separate one for each item being titled. For example in Maryland you have to title the boat and trailer so do 2 bills of sale, one for each with a price for each listed.
4. Be prepared to walk if something does not meet expectations, yes it would not be fun to do all this, drive there and turn back without a boat but taking on a problem would be far worse.

[RTex]

its easy enough to "wire" the money to the guys bank when you reach a deal.. might delay picking up the boat for a day as opposed to cash.

ask yourself if the seller is trustworthy enough or will set the boat at a neutral site like a local boat mechanic while the money goes thru? (easier to do if you're paying the mechanic to check out the boat anyway)

[bamabassmaster]

All you need is a bill of sale in Alabama as we do not title boats. If he had a title I would definitely take it. I would go to a bank like said above and make the transaction especially if it’s a large transaction.

[IndianaBassMan]

Title can be tricky if it hasnt been titled and is from out of state

[SSNCHIEF]

I think we need much more detailed information to provide good advice on this thread. What boat are we talking about? I wouldn't hesitate on a cash purchase for a 300 dollar jonboat with no title but a 20 - 50 thousand dollar glass rig is another story. Without a title, how do you confirm that there isn't a bank that has a lien on it. Also, there's a trailer involved. Trailer's always have titles.

[bamabassmaster]

Boat Trailers in Alabama are not titled. The boat motor and trailer are registered together.

[Matt1212]

They should have a notary at his bank. Transaction and title transfers w/ notary. Simple cashiers check. Check to see if there is any paperwork your state requires to tag and title out-of-state boat(tag agent)

[jbassman87]

Just bought a boat and did a wire transfer at their bank. Took about two full hours for the wire to go through after being initiated at our bank. Kansas is a no title state, so I had the seller do three bills of sale. One each for the Trailer, boat and motor.

[Bearetta]

I would have a UCC search done on the individual and boat. This is the mechanism whereby a lender obtains a first lien on personal property.
Let’s you think you have a clear transaction-but if a lien was granted in a name of corp., limited liability company or partnership, there could be a problem. Make sure the bill of sale contains a warranty of title free and clear of all liens, claims and encumbrances of any kind. See a lawyer in Alabama. I am sure one will come by on BBC here soon!

[xcoach]

If the boat is currently registered in another state make sure you have the bill of sale and that current registration from the owner.

[Kenfuel]

Go to the government office in your state, where you will register the boat, and ask them what you need!! You will get good advice from them!

[gehol]

If the boat is currently registered in another state make sure you have the bill of sale and that current registration from the owner.

This, absolutely in Alabama. Been there, done that.

[JER-1 BIG BASS]

Take titles and all registration and go to his local dmv, transfer it all over, gotta be notarized anyway.
as pay The Zella app works great,, money strait from your account , strait into his bank account. Doe#nt cost either.
ive used it selling German shepherd pups.

[Mark Perry]

Every state website has an FAQ section regarding what is needed to complete transaction and ensure you have all documents fir titling/registration. Usually can download what you need. If any questions at all I highly suggest you speak to the appropriate office of both states involved rather than trust info given from someone that may not even live in euther state. Also highly suggest you speak with your own bank in how best to protect yourself financially in the process.

[Bill2e]

Ok - this is easy.

go talk to your local tag agency and find out what you need.

if he does not have title make sure you get the MSO and his registration

find a local bank, open an account and wire the money there.

Once you agree tow the boat to the bank. Have the, give him cash, check, MO or what ever.

do paperwork at bank and have bank notarize.

[BrianKF]

If none of this is tilted/registered in the sellers name than I would think you would need to get the person which it's titled/registered under to sign it over to you. I had to do this once. Just something to look into.

[n2ratfishin]

We don’t use titles unless it’s financed. I have MSO’s to pass along when it’s time. I’d think the seller has title or MSO. The last boat I sold like that a broker held funds in escrow until the boat changed hands.

[NitroVanDam]

What State are you traveling to for the purchase? Every Sate is a little Different.

[Phoenix Dreaming]

Thanks for the replies guys!