Personal check for boat purchase - Page 2 - The Hull Truth

Blue C's · 08-12-2003, 05:07 AM

I'm with Tin-Man, if you hold the title, the ball is in your court! If and when the check clears, THEN you sign over the title. I wouldn't sign any title over before I KNEW the funds cleared, cashier's check or not.

beachblitz · 08-12-2003, 08:08 AM

Can't rely completely on certified checks either. Forgeries abound. Draft a bill of sale and hold the title until the check clears.

cabosn · 08-12-2003, 10:43 AM

Be careful of your assumptions about what "clears" means when dealing with checks. I have received 20 rental checks per month for the last 23 years and I am still learning the dirty secrets that the banks keep. I thought a check had cleared when the bank released the hold on the funds. Not true. I thought the check had cleared when 2 weaks had passed and the check had not returned. Not true. I had a check return 3 weeks after I deposited it and it was a local check. The bank won't tell you what their policy is - you are at there mercy. When I have an unreliable tenant, I cash the check at their bank. If their bank is the same as my bank, I pretend I don't have an account there. Personal checks are a poor substitute for money. You can get screwed even when the issuer has the best of intentions.

SN

AGULHAS · 08-12-2003, 10:46 AM

why would someone not give you a cashiers check and insist on a personal chq? that's right.

AGULHAS · 08-12-2003, 10:47 AM

tin man that is a fine looking boat.

jocko_nc · 08-12-2003, 11:44 AM

I would NOT accept a personal check. There is no reason for that.

However, a check is certainly more than a "promise to pay". A check is a legal document equivalent to cash. Any attempt to stop payment or otherwise have funds not follow the check is a crime. Period. Theft by deception, or whatever else it might be called. The cops will be all over it. You may have to go to civil court to get your boat back, but in that case the buyer goes to the big house. I do not think a prosecutor would laugh off a $ 15K or more theft.

A good scammer will try to get to your property without resorting to writing a bad check. Not worth it.

jocko

Scali62 · 08-12-2003, 04:24 PM

A personal check is fine, but insist on keeping his wife/girlfriend collateral until it clears.

danielb · 08-12-2003, 08:38 PM

Be careful, even bank checks or certified checks are being forged now. There were two cases in the Marina business news-two big boat dealers got taken for over $50k with bogus certified checks. One in NY and another in Texas-the checks look good an the dealer releases the motors or boats only to find out that the certified check or bank check was really for $5 dollars and change-the perps removed the amount and managed to enter in whatever they wanted the check to look like. In NY a reputable dealer got taken for three Yammi engines-alot fo money- the goods where transfered thru three trucking companies and then to a private truck so they could not be traced.
When I sold my boat last year I asked for cerified check and waited till it cleared before turning over the boat and the title with bill of sale. When I bought my new used boat-I gave the seller a personal check as a down payment (10%) and then a cashiers for the rest and we traded drivers license info and put it on the bill of sale so when I checked out the title info I made sure it was clear ( the seller told me they were going thru a divorce and had to sell-no way I wanted to be involved in a property despute).
Be very wary!