Most efficient process to buy a boat
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Make sure you are able to seal the deal after the sea trail, dont leave and come back and get the boat unless the owner is there and take it for another sea trail to make sure NOTHING has happened since the last time you rode in it.
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Make sure the "seller" actually can legally "sell" the boat, meaning that they have the clear title in hand with their name on it. If the bank owns it or there is some other lien against it, make sure you DO NOT make a check payable to only the supposed owner/seller. Either hire a closing company to complete the financial transaction (to be sure it is legal and can be completed), or at least have the seller and (not or) the lienholder's name on the check.
I bought a boat from a boat dealer who said they "owned" the boat (really, though, the bank owned the boat) and would deliver the title within 30 days of purchase. It even stated that on the purchase agreement / contract. To make a long and expensive story short, the dealer handed me the boat, signed and notarized bill of sale / purchase contract ... and walked away with the money . He kept giving me excuses why my title was being "delayed". After some investigation, I found out that he never paid his bank, and as a result, I didn't get my title. The bank then wanted me to turn in the boat to them or they were going to report it as "stolen". Not all states treat boats the same regarding motor vehicle laws, and the state where I bought the boat told me I had to file a civil suite against the boat dealer - the state would not treat it as a criminal offense that they would persue since boats were not handled as motor vehicles in their state. Working with the bank, I eventually got my title ... turns out the dealer stiffed the bank for many boats that he sold and didn't pay off the bank. Hard lesson learned. And, for reference, this wasn't National Marine or Lake Cumberland Marine
I bought a boat from a boat dealer who said they "owned" the boat (really, though, the bank owned the boat) and would deliver the title within 30 days of purchase. It even stated that on the purchase agreement / contract. To make a long and expensive story short, the dealer handed me the boat, signed and notarized bill of sale / purchase contract ... and walked away with the money . He kept giving me excuses why my title was being "delayed". After some investigation, I found out that he never paid his bank, and as a result, I didn't get my title. The bank then wanted me to turn in the boat to them or they were going to report it as "stolen". Not all states treat boats the same regarding motor vehicle laws, and the state where I bought the boat told me I had to file a civil suite against the boat dealer - the state would not treat it as a criminal offense that they would persue since boats were not handled as motor vehicles in their state. Working with the bank, I eventually got my title ... turns out the dealer stiffed the bank for many boats that he sold and didn't pay off the bank. Hard lesson learned. And, for reference, this wasn't National Marine or Lake Cumberland Marine
Last edited by bob_t; 07-09-2010 at 04:48 PM.