My registration is currently expired…should I renew registration before I sell or would the potential buyer have to purchase their own anyways?
I’ve never sold a “big ticket item” ($10-13K) before…how have you guys managed the sale?
Obviously going with cash…any worries about counterfeit money these days,do I purchase a bill marker?
Do I transfer ownership or trust they will? Go with them the the DMV?
I’ll write up a Bill-of-sale for “As-is”…what else?
Thanks,
CC
Yes on getting the registration done. If not what happens if they want to test drive it?
My registration is currently expired…should I renew registration before I sell or would the potential buyer have to purchase their own anyways?
A simple call to your county recorder should answer this for you. I believe the registration has to be current for the transfer to take place.
Yes on getting the registration done. If not what happens if they want to test drive it?
Or Backout
I would renew. Not that much $’s
Just my $.02
That sum of money, I wouldn’t take cash, but rather a cashier’s check in my name from their bank.
Bought a used for boat from a private party last year. We met at my bank and I had them do a cashiers check, which they handed directly to the seller. This was in Wisconsin. The registration transferred to my name and isn’t due again, until it would have been due for the seller.
Meet at their bank, and have their bank teller hand you a bank check, or if they want to use a personal check, have it written for cash, and their bank teller can hand you the cash. Also insist on a signed bill of sale, where you get a signed and dated copy. That way if they don’t ever transfer ownership, you have proof of sale. Did that with my last private sale, went smooth, and their bank teller handed me their bank check. Also once sold a 5th wheel to someone from Canada. My bank said accept cash or wire transfer only, and if cash ($25,000) do it at my bank, so they can run it through their counter, as it not only counts it, but also checks for counterfeit money at the same time. They brought cash, we went to my bank, and all went smooth. Not only that, my bank faxed all the forms he needed filled out for the sale. He was really pleased how cooperative they were.
My registration is currently expired…should I renew registration before I sell or would the potential buyer have to purchase their own anyways?
I’ve never sold a “big ticket item” ($10-13K) before…how have you guys managed the sale?Obviously going with cash…any worries about counterfeit money these days,do I purchase a bill marker?
Do I transfer ownership or trust they will? Go with them the the DMV?
I’ll write up a Bill-of-sale for “As-is”…what else?
First and formost, do you have the title to the boat?
If yes, was there a security interest listed on the title?
If yes, do you have the security release letter from the bank or FI stating the loan was paid? If no, STOP! The boat is not saleable. You must, must, must have clear title with NO security interests listed or have the release letter! No, anybody who tells you there are ways around this is full of BS.
Next, was the TRAILER titled? If yes, see above. You also must have the same documentation for the trailer.
Please do right by the seller and get your paperwork in order BEFORE listing the boat for sale. I cannot tell you how irritating it is as a buyer to have a seller who has to dig out the title after a 4 day search and then discovers they don’t know where the payoff letter is. Another 2-3 week delay…
I’m not sure about the registration not being current and if/why that would matter (to you). New buyer can simply register in their name, but you still need to give them the registration card so they can keep the current reg numbers on the boat. I’ve boght boats in the past that did not have current reg and I don’t recall any issues.
On big ticket items, I prefer to meet at their bank. Then a cashiers check is fine, but I want to see it drawn up by the bank so that I know it’s real and good.
Cash is fine too. It would be extraordinary for someone to be stupid enough to try to pass off fake money in a boat purchase where the trail easily leads right back to them.
I’ve gone with the buyer to transfer title, etc and I’ve just sold it and said it’s your deal. But YES, get a bill of sale that they signed. I also collect their drivers lisc number on the BOS.
Grouse
Some good points here.. When I sold mine I met him at his bank. He was pretty sure he was going to buy it based on my description and pictures and said he didn’t need a test drive so we met there.. Agreed on a price and did exactly what ED said. I would not take cash NOR would I give cash for that amount. Too many funny things can happen on both sides of the transaction.
Sold a car for $4,000ish on Craigslist, so slightly different but still some things that apply. Met them at the courthouse, took a picture of their drivers license and insurance, let them test drive it while I hung out in the parking lot. Once they returned after a test drive, we negotiated and agreed on a price. We then went into the courthouse and signed the bill of sale I’d written up, signed and transferred title, and had them register it all right there. I’d heard too many horror stories where the new buyer didn’t register it and something came back to the original sellers name. They also paid me with cash right there as well at the courthouse. For me it was comforting doing the entire deal in a public place at the counter of the license bureau.
Great info ALL and thanks.
Title is clear and good to go for the boat, honestly I can’t recall one for the trailer…time to start digging.
I like the advice to meet at the bank.
I’m hoping I don’t have to go with to the DMV but it is what it is I guess if I want it all to go smooth. Regarding this, can’t you call and verify it was transferred and if not, just let them know it’s no longer in your procession?
Thanks,
CC
I wouldn’t expect someone with a first secured interest (loan) to have a clear title before selling a newer boat.
Sometimes the transfer process may be delayed until the lien release is obtained and usually this can’t happen until money is received (sale).
Buyer pays agreed price and signs bill of sale with lien release contingency included. Seller pays off loan and mails/delivers lien release documentation to seller. Seller can now transfer title.
Or buyer and seller can both go to seller’s bank, if able, to pay off loan and obtain lien release.
I just sold a boat today. The buyer lives about 100 miles away. He got a loan check and another cashiers check for what he paid out of pocket. I had him send a picture of the checks and I called the bank and had to email the picture to them. They called me back and verified they were legitimate cashiers checks.
If yes, do you have the security release letter from the bank or FI stating the loan was paid? If no, STOP! The boat is not saleable. You must, must, must have clear title with NO security interests listed or have the release letter! No, anybody who tells you there are ways around this is full of BS.
Almost every boat or vehicle I have owned/sold has had a loan and has been sold without a lean release. Most of the time the bank mails the release directly to the purchaser once I bring in the bank check and pay off the loan.
Maybe I am misunderstanding what you are saying?
If the trailer has a lifetime lic there is no title. You just transfer the registration. If the trailer has a lic plate and gets tabs each year then there is a title. Just learned this getting the lic for my new sled trailer.
Almost every boat or vehicle I have owned/sold has had a loan and has been sold without a lean release. Most of the time the bank mails the release directly to the purchaser once I bring in the bank check and pay off the loan.
Slightly different scenario than what I’ve had issues with. I was writing of a situation where the loan was paid off years ago and the seller just lost or misplaced the release letter and didn’t think it matters. Years ago, I had a huge hassle trying to buy a boat from a guy who worked for General Mills and got a loan through the now-defunct employee credit union there. It took him over 2 months to get the situation cleared up because he lost the release letter.
It DOES matter. The DMV has no records of their own to know if the loan has been paid off, they only go by what is on the title and the documentation you provide.
So in your case, you still were paying on the loan. You ARE still obtaining the release, just doing so after you satisfy the loan after selling the boat.
Slightly different scenario, but regardless the buyer CANNOT transfer a title if a security interest is listed on the title until/unlesss they have proof from the FI that the loan was paid off. My point is people come up with all kinds of BS ideas about how thier uncle’s first cousin got away with this, but it’s a big problem now that so many guys are taking out loans to buy boats.
Grouse
f the trailer has a lifetime lic there is no title. You just transfer the registration. If the trailer has a lic plate and gets tabs each year then there is a title. Just learned this getting the lic for my new sled trailer.
That is true now and generally true since they started issuing “lifetime licenses” in Minnesota
It was NOT always true before that. Single axle trailers were sometimes titled. I had a Crestliner in the 1990s that had a single axle Shorelander that had a title for the trailer as well as the boat. It never was explained to me why this was, but luckily I kept the paperwork in order and was able to pass it on to a buyer when I sold it.
It’s rare, but it is worth asking about.
Also, the “lifetime license” only applies to the current owner. When you buy a trailer with a “lifetime license” in MN, you STILL have to pay a fee to transfer the registration to your name. This should surprise absolutely no one here in Taxesota.
Grouse
When writing up a Bill of Sale include language describing that buyer has reviewed the boat and trailer and accepts ownership of the boat, trailer, and the contents as of the date of the sale.
Shouldn’t be a deal breaker. The point being that you want to protect both parties by delineating the transfer of the title to the point of sale, including anything stored inside the vehicle.
If you forget to remove something, it now belongs to the buyer. If they add something illegal to the vehicle the language helps protect you. For example, they decide to use the vehicle to tranfer contraband weeds the same day of sale. Even if title was transferred, it help delineate intent of ownership should you need to make that argument some time in the future.
Also, the “lifetime license” only applies to the current owner. When you buy a trailer with a “lifetime license” in MN, you STILL have to pay a fee to transfer the registration to your name. This should surprise absolutely no one here in Taxesota.
Grouse
Yes this is true. BUT I would venture to guess that there are a lot of guys here who own used boats that sit on trailers with the “lifetime” sticker while the actual registration of that trailer is still with a previous owner. If an LEO wants to bust your balls it could become an issue. For the most part those trailers get pulled around with old registration all the time.
My current trailer is the first trailer I’ve ever had that was actually registered in my name, and I it wasn’t easy to make that happen. Some partial truths may have been involved.
When writing up a Bill of Sale include language describing that buyer has reviewed the boat and trailer and accepts ownership of the boat, trailer, and the contents as of the date of the sale.
Shouldn’t be a deal breaker. The point being that you want to protect both parties by delineating the transfer of the title to the point of sale, including anything stored inside the vehicle.
If you forget to remove something, it now belongs to the buyer. If they add something illegal to the vehicle the language helps protect you. For example, they decide to use the vehicle to tranfer contraband weeds the same day of sale. Even if title was transferred, it help delineate intent of ownership should you need to make that argument some time in the future.
How about something like this…
Disregard…won’t let me add a word Doc
Also, the “lifetime license” only applies to the current owner. When you buy a trailer with a “lifetime license” in MN, you STILL have to pay a fee to transfer the registration to your name. This should surprise absolutely no one here in Taxesota.
I think this confuses a lot of people. Last year I sold an Aluma Trailer to upgrade to a larger utility trailer. Question I kept getting, “does it have lifetime license?” I kept saying what you said above, “yes it does, but that doesn’t transfer to your name, you still need to register it in your name.” The first 2 or 3 people to look at it didn’t buy it because they couldn’t comprehend the rules on the lifetime license. It’s simply a lifetime license for whoever owns it.
When I bought my boat I took a Bank Check from my bank to their bank. Their bank gave me copies of the title, a bill of sale and handled doing the registration. I just had to get the watercraft stickers.
I don’t know why people try to use the Liftetime License phrase as a selling point! I want proof it’s in their name not the third guy before him. Also it’s my understanding that lifetime licenses are for trailers UNDER 3000 lbs GVW. You got to watch the guys with lifetime on tandems because somebody could a nailed!
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