Have any of you ever bought a boat that someone doesn't have titles in hand for? It's also not a local bank, like they're in Utah…

TPWD's advice was don't give the guy any money until he's paid the loan off and has the titles in hand. I assume he doesn't have the money to do that. I called his bank and she says we'd do a wire transfer from either his bank or mine then they would transfer the titles to him and then him to me. That's a lot of changing hands for a big chunk of money.

I assume people do this all the time so what's the best plan of action? I asked my Dad but he's never bought anything that someone doesn't have the titles for. This boat is priced right so that's the only reason I'm trying to make this deal work.

Is price equal to payoff or money + payoff?

Can you buy it through a bank (maybe the one he has it financed through)? They're going to run down getting the title I'd assume.

Then once your loan is set up, pay it off.

Look into some kind of escrow agreement or bond.

mosdefn14 said:

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Can you buy it through a bank (maybe the one he has it financed through)? They're going to run down getting the title I'd assume.

Then once your loan is set up, pay it off.

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This is the safe way. I bought mine off craigslist the dumb way and it worked out fine. Paid him the amount he needed to pay it off and took possession (hid in a storage unit), when he got the title i paid him the balance and he signed it over. I think we wrote up a basic contract at the time of the first transaction and took pictures of it with both our drivers licenses. Lot of trust involved on both sides but i tried to generate a pretty good paper trail and it worked out fine

"If it flies, floats, or etc."

Hopefully it doesn't lien too much or it may flip over, lol

Oyster DuPree said:

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Hopefully it doesn't lien too much or it may flip over, lol

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bet you thought this joke would keel.

I was selling a gun to a guy in Alaska. I dropped off the gun at a local gun store. They inspected it for him and he sent the check Fedex to the store. I deposited the check and they mailed him the gun.

Perhaps get a local boat store to act as intermediary. Safest way to not get screwed.

When I sold my last boat I had a lien. I drew up a Bill of sale and the buyer wired funds to my bank. I also completed the title transfer docs and sent them to the buyer and bank with instructions that they send title to the buyer, which they did. Easy peasy

Done this many times, in all honesty, there is nothing to worry about. Several of the largest Marine Finance Co. are based out of UT for some reason. It's not different than buying a car, home, or anything else with a note on it. IMO looking for problems where there are none.

The only part thats a little iffy is the transfer of he title to the current owner then you. I can see why you're concerned. I'd say it depends on how much you trust the seller/good vibes type of deal.

The issue is who is holding the MSO's? I would assume that his bank would be holding them until they get payement in full. Can't issue a title without MSO'S. You should be able to contact his bank and do a wire transfer with them sending you the MSO's so you can title it.

Oyster DuPree said:

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Hopefully it doesn't lien too much or it may flip over, lol

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You mean like the island of Guam?

Escrow Agent? Make them pay the fee, sounds like they need the money.

Ragoo said:

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Oyster DuPree said:

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Hopefully it doesn't lien too much or it may flip over, lol

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bet you thought this joke would keel.

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It probably sailed right over a few heads.

I 'd worry about it, too. Maybe just a stern warning will suffice.

I bow to all of the punsters and their clever words.

Well it worked out well! Just picked her up today!

Sweet rig with one of the best engines ever made on the transom.

Nice rig sir. Glad it worked out. Great engine as has been said. Now you can start having some fun and making memories.
If you live where it can hard freeze make sure to undo the flush out hose fitting and tilt the engine all the way down. ( you might need to lower your tongue jack to keep the skeg from hitting). Then tilt it all the way up then back down again. Do this till no water drips out of the lower unit.
They make some treatment that screws into the flush hose fitting and a pressurized can squirts the stuff through the engine water jacket passages. It has non toxic anti freeze in it and a corrosion inhibitor.
Same stuff used to winterize pressure washers. You can get it at Northern Tool.
They make a specific marine treatment but I can't remember the name.
Have fun

Edit to add: The name of that treatment is " Winterize-It-Pro."
Lots of my dealers use it.

TarponChaser said:

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When I sold my last boat I had a lien. I drew up a Bill of sale and the buyer wired funds to my bank. I also completed the title transfer docs and sent them to the buyer and bank with instructions that they send title to the buyer, which they did. Easy peasy

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This. Super easy. Very few boats are paid off.