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Broker and title question

Old 06-02-2020, 12:51 PM
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Default Broker and title question

Question on obtaining a title and financing.


Bought a boat April 30th from a dealer/broker in Florida. They handled entire transaction, and I paid taxes etc with them. Seller apparently lives in some Caribbean country also.

Few days later the dealer/broker emails and says the title is in the sellers safe in Florida and if they leave the caribbean country they won't be able to return because of the corona. I email yesterday and the dealer/broker said they are allowed off the island July 22nd, and will try to leave sooner if possible.

My problem is if I have to wait that long, and my bank isn't listed as the lien holder within 60 days my loan could be converted to a personal loan at a crazy 20% rate. I also have also considered selling the boat, which I can't do without a title.

What options do I have?
Old 06-02-2020, 01:03 PM
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broker returns 100% of money and you wait until the title is on brokers hands to restart the transaction

broker should have either known this would be an issue and disclosed it to you or there is something else going on

by the time April 30th was a day in history everyone knew full well what was going on and the lock downs in place and they should have disclosed this to you

no title no sale period the end I would move to unwind the transaction immediately especially sine this could easily be a scam using the virus as a cover
Old 06-02-2020, 01:08 PM
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Originally Posted by Insider View Post
broker returns 100% of money and you wait until the title is on brokers hands to restart the transaction

broker should have either known this would be an issue and disclosed it to you or there is something else going on

by the time April 30th was a day in history everyone knew full well what was going on and the lock downs in place and they should have disclosed this to you

no title no sale period the end I would move to unwind the transaction immediately especially sine this could easily be a scam using the virus as a cover
I don't think its a scam, i bought it from an actual dealer, although small dealer. Im defiantly getting screwed with though. Had I not already spent $7,000 plus in upgrades on the boat, I would have probably mentioned to the dealer I want to cancel the sale, etc. to get this finished
Old 06-02-2020, 01:13 PM
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I thought Florida titles were electronic, no paper. Was it registered in Florida?
Old 06-02-2020, 01:17 PM
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Originally Posted by halfwaythere View Post
I thought Florida titles were electronic, no paper. Was it registered in Florida?

They are both ways in florida. I have most of mine paper, so If I do sell something i don't have to go to the dmv to print it.

Had it been electronic none of this would be a problem.

I just emailed the dealer asking if the seller can request a lost title. Its only a $75 fee, did one a couple months ago over the phone.

Old 06-02-2020, 01:21 PM
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well unfortunately brokers go under and abscond with cash all the time screwing both buyers and sellers and it seems they do it right a the top of good times or just after the top of good times starts to fall off

it was poor form for them to not tell you the title was not readily available and you having more money in the boat just makes it worse

you need to try and work with your bank or find a different bank that might give you time (doubtful with the one loan already out there) or ask the broker to return some portion of the cash that you can then return to your bank in hopes they will hold off on converting the loan to unsecured

lastly ask the seller and broker to come off of the price in an amount that equals the extra interest paid on the converted loan until you can get clean title and get the loan back to a secured loan
Old 06-02-2020, 01:54 PM
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I would demand from broker to either find a way for them (prior owner) to get the title out of the safe (a relative, etc) or you want them to take boat back. If nothing else have broker agree to pay for any additional loan costs you have associated with the loan.
Old 06-02-2020, 02:26 PM
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They are in the Turks and Caicos (not sure if I spelt that right). Upon looking it up, there is a travel ban in place till July 22nd.

the dealer/broker has said they will speak to my bank and provide any information needed.

i haven’t demanded anything yet from them, not sure I really should.
Old 06-02-2020, 02:30 PM
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What about them getting a duplicate title from Florida DMV
Old 06-02-2020, 02:35 PM
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The owner can obtain a duplicate title from Fl DMV ( I think it's like $2.50) On line process and they will mail to you (my clients just did this). Took just a few days for them to receive. That said, the title must be signed by seller - though seller can authorize broker with POA one time for the transaction. Further, seller should have signed a notarized warranty of title at the time of transaction (which bank might accept).
Old 06-02-2020, 02:36 PM
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Originally Posted by rdiesel01 View Post
What about them getting a duplicate title from Florida DMV
i asked that and the broker/dealer responded with:

The original owner must sign for it and the owner is in Turkes & Cacos”

i just emailed back asking what my options are, asking if I can return the boat. And asking if I need to get a lawyer involved. Hopefully that gets it moving and not create drama lol
Old 06-02-2020, 02:52 PM
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Pretty sure the owner can designate the dealer as a power of attorney via a notarized document and the dealer can take that document over to the tag office and get a duplicate title on the spot.

Unless the bank wants to defer the conversion of the loan, this may be your best option.
Old 06-02-2020, 03:00 PM
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Originally Posted by JohninFla View Post
The owner can obtain a duplicate title from Fl DMV ( I think it's like $2.50) On line process and they will mail to you (my clients just did this). Took just a few days for them to receive. That said, the title must be signed by seller - though seller can authorize broker with POA one time for the transaction. Further, seller should have signed a notarized warranty of title at the time of transaction (which bank might accept).
that was Probaly a title that was electronic, the fee is cheap to get it printed, like $7. I got a lost title couple months ago and it was like a $75 fee. Did it over the phone and mail because the corona stuff. So not sure why they won’t do that....
Old 06-02-2020, 05:20 PM
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Even if they had to print the title and have it mailed it would be way quicker than july. How the hell is the broker selling the boat without having the title to start is beyond me.
Old 06-02-2020, 06:06 PM
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Most brokers have the seller sign a POA for the title so they can handle getting a duplicate title/replacement. Seller can sign this electronically through a lot of the online services at the broker/dealers avail.

Broker should be handling all of this. That why he’s getting 10%.
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Old 06-03-2020, 02:11 PM
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a seller can have someone open the safe for him. or for a fee can get a replacement title. its easy in florida.

why on earth are you buying a boat without getting a title anyway. when the money changes hands the title and boat go with you.
and why did you wait a month before doing something. you are being had right now by the dealer. he knew exactly what was going to happen.
and you spent 7000 on a boat you dont even own at this point in time.
make sure the boat is not someplace where it can be hooked up and taken away.

i would spend the 100 bucks or so and have a lawyer call the boat dealer. what if money is owed on this boat. or there is a govt. lien against it. and the boat dealer probably didnt send any money to the seller yet.
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Old 06-03-2020, 02:23 PM
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i would at the minimum insist the money you paid for the boat be put in escrow at the bank. have your lawyer do that. the longer you wait the more likely something bad happens. you did a dumb thing so dont compound it. sending emails to a dealer is not the way to handle things.
Old 06-03-2020, 02:56 PM
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I financed part of the purchase.

figured buying a boat at a dealer was like a car at the dealer. Nothing to worry about, and the dealer handled all the titling and taxes, and registration. Never crossed my mind to ask to see the title etc.

Going to call them in the morning.
Old 06-03-2020, 03:02 PM
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Closing should not have taken place without all of the paperwork being in order. This is on the broker IMO!!
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Old 06-03-2020, 03:17 PM
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Originally Posted by OKAZAY View Post
Closing should not have taken place without all of the paperwork being in order. This is on the broker IMO!!

I agree its the brokers fault. The seller may not have even known there was a paper title, and assumed the title was electronic. Has happened to me the other way around. Got scared when I couldn't find one of my car titles, ended up being an electronic title.

I just don't understand why the dealer hasn't had a POA signed, and handled getting a lost title for the seller. Maybe they were just being lazy, and using corona as the excuse? who knows

I sent them a more serious email this morning asking why they can't do a power of attorney, asked what my options are and if I can return the boat. Also asked if i need to contact a lawyer. Hoping they haven't responded yet because they are taking it serious and going to get it straightened out.

Will call in the morning though

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