Am I subject to any penalties or liability if the person I sold the boat to hasn't transferred it into their name? What should I do, if anything? Just wait until the registration expires and expect them to have to deal with it then?
I went through the same thing several years ago. I don't know what the "best" thing to do is, but I went down to the TPWD office and changed the title myself, 2 years after I sold the boat. I didn't like the idea of it being in my name. This was ten years ago, so I don't know if that changes anything.
You may spend some money to prove it in court, but as long as you have a bill of sale between you and the other party, you no longer have any liability.
One way to clear it up is to go to the person you sold the boat to and back your truck up and tell them you're going to haul off your boat. Show him the title, and then he may just get off his but and change the title over.
When selling a vehicle, the seller should keep the license plates. When selling a boat, the seller should keep the license plate and the registration sticker.
Man, you guys are harsh. This happened to me once when I was in high school. The person working at the bank forgot to turn in my paperwork. Didnt catch it until after a year went by and then had to call the guy at bank to see what deal was since that should have been taken care of. He forgot to turn in paperwork and it was in a folder in a cabinet at his office. So moral of story is the guy that owns the boat may have filled out necessary paperwork but the bank where he got the loan may not have done their end.