selling a boat/releasing the title

Status
Not open for further replies.
R

r. gallagher

.
Mar 18, 2007
86
Hunter 28.5 cedar creek lake, tx
I have sold my Hunter 28.5 and will be closing the deal this weekend. The couple buying even brought champagne to seal the deal when we accepted their offer. They will be bringing a cashiers check from their credit union to pay for the boat. I do not have a lein so the check will be made out to me. Here is my question:
When any of you have sold your boat....did you hand over the title in a situation like this, or did you wait for the check to clear first? I do not personally know this couple. I feel comfortable with them but k ow if I was sell in a car I would demand cash. For some reason this feels different. I look forward to reading what others have done.
 
Phil Herring

Phil Herring

Alien
Mar 25, 1997
4,923
- - Bainbridge Island
I'll probably get body slammed for this, but I suspect someone inclined to make a fake cashier's check would buy a new Bayliner instead of a 20 year old sailboat.

I'd take the check, but I generally trust people unless I have some reason not to.
 
Squidd

Squidd

.
Sep 26, 2011
890
AMF Alcort Paceship PY26 Washburn Wi. Apostle Islands
Cash the check then check the cash with one of those "pens" you can steal from the grocery store...
 
Warren Milberg

Warren Milberg

.
Dec 1, 1999
2,391
Hunter 28.5 Chesapeake Bay
While I generally agree with Phil, I would call the issuing bank prior to inking the title then sip the bubbly....
 
Don S/V ILLusion

Don S/V ILLusion

.
Sep 25, 2008
7,435
Alden 50 Sarasota, Florida
Phil Herring said:
I'll probably get body slammed for this, but I suspect someone inclined to make a fake cashier's check would buy a new Bayliner instead of a 20 year old sailboat.

I'd take the check, but I generally trust people unless I have some reason not to.
Click to expand
Bay liner? Maybe a Benetti.
 
T

tommays

.
Oct 2, 2006
1,517
Jboat J24 commack
I would be waining for it to clear and your bank will tell you the same thing due to the high fraud level in are current world
 
S

Steve Dion

.
Dec 2, 1999
15,184
Hunter Vision-36 Rio Vista, CA.
You can always take the title to the bank and have them hold it until the check clears.

Another option is to put a title company in the middle of the transaction. Good for you good for them.
 
Doc_holiday

Doc_holiday

.
Nov 19, 2011
1,489
MacGregor 26S Hampton, VA
It might not be so bad to give them a bill of sale with the stipulation the title will me turned over once the funds have cleared.
 
A

alexco38

.
Sep 25, 2008
1,096
CS 30 Toronto
Can you get them to have the cheque certified?

Why take the chances. You hardly know them and a couple of days wouldnt soil the deal.
 
Don S/V ILLusion

Don S/V ILLusion

.
Sep 25, 2008
7,435
Alden 50 Sarasota, Florida
Why deal with a check at all? It is common practice to electronic transfer the funds thereby eliminating any concerns.
 
Kermit

Kermit

.
Jul 31, 2010
5,673
AquaCat 12.5 17342 Wateree Lake, SC
My PO and I met at his bank. I wrote a personal check and the bank teller did any required witnessing. He signed over a clear title at the bank. I don't think it ever occurred to either of us not to trust the other.
 
H

HernandoBeacher

.
Dec 5, 2009
80
Hunter 36 Hernando Beach, FL
I concur with JustSomeGuy.

Meet them at their bank, when the teller hands you the cash, hand the buyers the title
 
B

Benny17441

.
May 24, 2004
7,173
CC 30 South Florida
Set up so you meet at their bank, they usually have a notary public who may witness the signatures on the Bill of Sale. The buyers can then instruct their Bank to give you a cashiers Check and you hand over the title. You may then go back to the boat to partake of the champaigne.
 
MrBill_FLL

MrBill_FLL

.
May 4, 2005
4,062
Macgregor 26d Ft Lauderdale, Fl
cashiers checks can be faked. how much $ are we talking about?

to be safe I would go to their credit union and either cash the check, or at least verify its good with an officer.


that said, I have accepted checks for boats and cars under $5k.
but they provided ID and I a good feeling about them.
 
S

Steve Dion

.
Dec 2, 1999
15,184
Hunter Vision-36 Rio Vista, CA.
Another option is a bank transfer. Maybe they are worried about a clear title!
 
G

Grizmaster7

.
Mar 18, 2013
44
Macgregor 26 C Lake Meade
Steve Dion said:
Another option is a bank transfer. Maybe they are worried about a clear title!
Click to expand
I agree with Benny. When we bought our bought we took cash, the PO wanted to deposit the money and got his bank to notarize the title. Which was great since it had an Az title and we would be registering it in NV.. plus then the boat is out of your name.
 
Rick D

Rick D

.
Jun 14, 2008
7,186
Hunter Legend 40.5 Shoreline Marina Long Beach CA
I would hire the bank to handle an escrow. It will be easier for both of you.
 
shemandr

shemandr

.
Jan 1, 2006
7,586
Slickcraft 26 Sailfish
Trust but verify. Do you want to end up with no boat and chasing someone for money? I once sold a boat and demanded cash. The buyer showed up with the whole amount in $2 bills. I didn't even know if they were real. We all took a trip to the bank. There are a lot of nuts out there.
 
Anonymous 121765

Anonymous 121765

.
Jan 6, 2010
1,520
Rg Beware!

RG BEWARE!

How do you know this guy doesn't have his mother-in-law tied up in her house.
zip tied to the railing in her living room. The court appointed guardian of his kids.

Then kidnapping his two boys that the court had taken away from him & his wife.
Leaving to sail to Cuba to escape the authorities.

And, he bought the boat just two weeks before. But they never said if he paid cash or check.

Just something to think about man..............

CR
 
Status
Not open for further replies.

Top Bottom