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Boat sale question

Old 09-25-2020, 08:29 AM
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Default Boat sale question

Working threw the sale of my boat, I just paid off my loan, waiting for it to post. Bank is saying they will release title 10 days after receiving payoff. Buyer is out of state, coming up tomorrow for a sea trial and hand shake, he will not pay for boat until I have the title, he has the funds available in his account.

Since we are 6 hrs apart, what is the best way to make the transfer once I have title in my hands? If he emails me a copy of certified bank check in my name prior to leaving house with boat (we are meeting half way to transfer) Is that a fool proof on my end?


Old 09-25-2020, 10:36 AM
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Your approach is pretty casual. For the mutual protection of both buyer and seller, you should have a written sales agreement which specifically covers the manner of final payment.

If the sale price of your boat is substantial in your mind, I would insist upon a the confirmed receipt of the funds in your account prior to making the drive, and most certainly before hand delivering the title document along with the boat. He will have had a chance to meet you in person beforehand, so that he trusts you. A pre-arranged wire transfer works well for this, and may be verified on the same day of the exchange by using your mobile banking app.
Old 09-25-2020, 10:42 AM
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Wire transfer. Instantaneous, difficult to reverse.
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Old 09-25-2020, 10:43 AM
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10-4, I will put the method of payment in the bill of sale and state wire transfer, we could probably do it at the transfer point at my bank in the city where we are meeting, my bank told me this as well, Thanks
Old 09-25-2020, 10:58 AM
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I would not provide the title until you have a verified receipt of funds. Physical possession (buyer) of the boat should be enough for the buyer to make payment in full. Then it is a matter of providing the title after verification of funds. Electronic funds transfer is a good idea, then you could provide the title.

Also escrow companies can do this sort of thing
Old 09-25-2020, 11:06 AM
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2020 - can’t he just pay you with the banking app on his phone - banking app on your phone shows funds transferred a few seconds later.

An exchange of deposit and signed paper work in the handshake would probably make you both feel a bit more comfortable.
Old 09-25-2020, 11:16 AM
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Cash usually works, usually doesn't bounce and difficult to reverse.
Old 09-25-2020, 11:36 AM
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Don't accept any form of payment that utilizes ACH... believe it or not, the payor has 3 business days to request a reversal for any (or no) reason.

If we are talking about a significant amount of money, require a wire. If they balk, offer to pay for an escrow service/lawyer. The peace of mind they offer to both parties can really help smooth out a large transaction. As someone else stated, you can put the title in escrow and still deliver the boat once the escrow agent confirms wire received. A few days later, you get the wire into your account, buyer gets title by FedEx.
Old 09-25-2020, 11:52 AM
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Amount is $55,000, I don't feel like taking that much cash and who knows if it's counterfeit anyway, Does Paypal or Venmo have a max amount?

From all the conversations I've had with the seller and I'll meet him and his wife tomorrow I am not too concerned about fraudulent behavior, just want to do what would be best for both parties.

This says wire transfers cant be reversed and ACH can be but only for specific reasons relating to wrong info provided.

https://www.thebalance.com/tips-on-ach-reversals-315439

I can look into Escrow to see what costs are involved but I don't think this is necessary.
Old 09-25-2020, 02:58 PM
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You also have to look at if from the buyer's side. If he/she wires you the money, what happens if you never deliver the title? I will tell you what: they post here for advice and all the folks that posted above berate them for having delivered the money without getting the title. It is a chicken and egg problem which has become a real issue lately with all the different ways to scam folks. (PayPal, BYW is one of the easiest ways for a buyer to scam you.) Unfortunately, the only really safe ways of doing it are to either meet in person (so, a second trip or the buyer holds off his visit until you have your title0 or use an escrow agent. That way the wire comes into one hand as you give the title with the other. Doesn't anyone watch the People's Court anymore? Wink

You can also reach out to your bank very nicely and see if they can expedite the delivery of the title on an expedited basis.
Old 09-25-2020, 03:26 PM
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Wired funds only for that amount. If cash only accept at your bank where they can run thru machine. Cash gets stole, car crash it burns or dissapears,etc ...easy to fake any check.

Set up escrow account where money is wired and buyer releases to you as he takes possesion.
Old 09-25-2020, 03:31 PM
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That sounds like best way to go, who is escrow my bank or a third party ?

my bank also has locations in city where we planned on meeting so why couldn’t we meet at the bank and he would have his bank wire funds while we wait together with boat and title?
Old 09-25-2020, 03:38 PM
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Originally Posted by PeteVB View Post
That sounds like best way to go, who is escrow my bank or a third party ?

my bank also has locations in city where we planned on meeting so why couldn’t we meet at the bank and he would have his bank wire funds while we wait together with boat and title?
wiring funds can take some time. Depends on bank they may be able to set up escrow account for buyer and give him paperwork that they will mail him title if bank is title holder. You would have to talk to your bank. If he does bring cash, can meet at your bank and have them run it and put into your account.

unless you get clear title with your name, or bank holds title going to be hard until you have the title in hand.
Old 09-25-2020, 03:45 PM
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Originally Posted by PeteVB View Post
That sounds like best way to go, who is escrow my bank or a third party ?

my bank also has locations in city where we planned on meeting so why couldn’t we meet at the bank and he would have his bank wire funds while we wait together with boat and title?
Don’t wire funds. Takes up to 4 hours to show up and verify anyways.

Definitely no cashiers checks.

Do it at the bank. Do it in cash or the bank can transfer funds from one account to another securely.

I just sold my boat for 22k. We both had accounts at the same national bank. Met at bank, moved funds. Done.

There’s also nothing wrong with getting $55,000 in cash (again at the bank).

Unlike what the movies show you, it won’t fill a briefcase.
Old 09-25-2020, 03:51 PM
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I just purchased a boat. Some of you may have read. It was CG documented. I bought it from an older gentleman in NY. After the survey he told me to go ahead and take the boat ( it was at his place in Florida) and we would figure the transfer out. Didn’t want any money from me til we got the title figured out. He was way to trusting.
I called the CG and finally got everything figured out with them. I overnighted him a cashiers check and he overnighted me the docs the CG required. Probably the easiest boat transaction I have ever done.
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Old 09-25-2020, 03:53 PM
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Originally Posted by oceandansar View Post
I just purchased a boat. Some of you may have read. It was CG documented. I bought it from an older gentleman in NY. After the survey he told me to go ahead and take the boat ( it was at his place in Florida) and we would figure the transfer out. Didn’t want any money from me til we got the title figured out. He was way to trusting.
I called the CG and finally got everything figured out with them. I overnighted him a cashiers check and he overnighted me the docs the CG required. Probably the easiest boat transaction I have ever done.
Yeah it’s a good thing you’re not a dirtbag or this guy would’ve gotten taken. He did everything wrong.
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Old 09-25-2020, 04:00 PM
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Originally Posted by oceandansar View Post
I just purchased a boat. Some of you may have read. It was CG documented. I bought it from an older gentleman in NY. After the survey he told me to go ahead and take the boat ( it was at his place in Florida) and we would figure the transfer out. Didn’t want any money from me til we got the title figured out. He was way to trusting.
I called the CG and finally got everything figured out with them. I overnighted him a cashiers check and he overnighted me the docs the CG required. Probably the easiest boat transaction I have ever done.
two good folks!!! Congrats on new tub
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Old 09-25-2020, 04:55 PM
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What happens if he should happen to total the boat on the way home?
Old 09-25-2020, 05:01 PM
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Originally Posted by C Skip R View Post
What happens if he should happen to total the boat on the way home?
Insurance pays. He did have insurance, yes?
Old 09-25-2020, 06:05 PM
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I made sure I had insurance and he was paid before I went to his house to pick the boat up. He was a super nice guy and the captain he had down here handling things for him was awesome also.

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