Sundown94

Hey Everyone! I am trying to sell my boat (this coming Friday actually) and have a loan on the boat through National City. If the guy who wants to buy my boat decides to take the boat on Friday, what do I need to do to make this all happen? How do I make sure that the buyer's money (cash, check, cashiers check, etc.) is legitimate? If he has his bank send the money directly to mine, how do we make it all happen on Friday? Obviously he does not want his bank to give the money to my bank until he sees the boat on Friday. But if he likes the boat, he wants to take it Friday. So how do I make sure that my bank has his money and how does he make sure that my bank will be sending him the title, etc.? I'm getting a headache trying to think about how this will all work, but I figure that this is also a very common situation in the boating world.

Sun-

jeff1000man

THere is an escrow service you can use.

I think it is escrow.com

Ebay uses it also.

Sundown94

That sounds like a cool idea...I'll have to look into it. Thanks for the reply!!

DaveP

Piece of cake it happens everyday.

1) He should bring 2 bank checks. (not certified or verified). A bank check is a check issued by Wachovia, Bank of Amercia, etc.. has their logos, fraud proof markings and also has all info typed in by the bank (possibly except who it is made payable to)

1 made out to Nat City and one made out to you for the balance. There should also be a letter from you stating that the titled should be mailed to him with his address and have the letter notorized.

If he likes the boat, you both drive to the local FedEx drop box. Put the one check for Nat City and the letter in an envelope and drop it in the box.

2nd Check, put in your pocket and you are good to go!

bowtye8

Yes as mentioned above it good info.
I did this last year as the buyer. I had a bank check and some cash(certified check).
Mett the seller. Loved the boat. Hooked up the boat and went right to his bank. Signed some paperwork and it was done. It was a documented boat so no title. I just had a bill of sale. Went very smooth.
I ended up titling the boat. Paid about 550.00 todo this. Not sure if this was smart or not.

Other note. In Florida Banks dont hold titles. The DMV will relase and print them upon the slae of the vechicle or boat. Then send to addy listed.
When I sold my 272. I recieved a bank check gave him the boat and had to wait for the title. upon reciept of the title. I signed off and fex ex'd to the buyer.

Sundown94

Thanks everyone!! These were awesome answers and a major help. I had also posted this question under the "general discussion" forum becuase I didn't think this forum was monitored by too many people, but I feel much better after reading these responses (Dave, yours was very clear and precise). One more quick question though. If I ask the buyer for a "bank check" rather than a "certified check", can the buyer cancel the bank check before I get a chance to deposit it (or before it clears at my bank)? Thanks again everyone!!!

DaveP

Nope - once a bank check is issued it cannot be cancelled.

Sundown94

OK, I just got back from talking to my personal bank (this is not the same bank that I have my boat loan through) and they said the following:

1. A bank check, cashier's check, and teller's check are all the same thing but with different names.

2. The person who original owner of the bank check can put through a "stop payment" only as long as the check has not been brought to another bank and deposited in an account.

3. The main difference between a bank check and a personal check is that a bank check is "guaranteed funds" and will deposit into my account immediately without a hold. Depositing a personal check at my bank however requires a 3 day hold if in-state and a 5 day hold if out-of-state check.

So with your help and the info I got from my bank, I think I found a solution. I will ask the buyer for a bank check made out to me. Both him and I will go my local branch on Friday and deposit the check. He will go home with my boat. I will then pay off my loan at National City and they will send me the title, which I will then endorse and finally send to the buyer. National City said this morning that they won't send the title anywhere else, so I guess this has to be the best solution. If the buyer doesn't like it, then I'm not sure what else to do since this is the way National City handles titles/payoffs.

Shooter

You might want to do it at a local branch office. In my case, I bought a boat in Va and the original owner was a Wachovia customer as am I so the whole thing went rather smoothly.

sleek1

you will probably need to get a lien release from the bank so the new owner has a clear title. Just take the buyer to your bank (with boat in tow) and do everything right there.