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WakeWorld Discussion Board » >> Boats, Accessories & Tow Vehicles Archive » Archive through March 18, 2009 » Boat Purchase « Previous Next »
By JP (mcbean7) on Friday, February 27, 2009 - 7:47 am:    Edit Post Delete Post
Hi All,
I apologize if this question has been brought up before.
I'm getting ready to buy a used boat in another state and am wondering what is the best way to go about the transaction that will protect both parties. There is no leins on the boat. I bank with a small/local credit union. I know cashier's checks/money orders are not good since they are easily counterfieted. I have been told that wiring money from one bank to another is the safest way to conduct this transaction. I wanted to see what others thought or have done in the past.
I'm meeting the seller halfway to pick up the boat so I would like to get the finances ironed out ahead of time.
Thanks in advance.

 
By Diggs (pdxWAKE.com) (tyler97217) on Friday, February 27, 2009 - 8:12 am:    Edit Post Delete Post
Open up an account at a National Bank (US Bank, Bank of America, etc)and deposit the money there. Let it clear for several days as they will put a hold on it and then go meet the seller at that bank in a central location and transfer the money or draw a cashiers check. Kind of risky wire transferring the money unless you really trust him..... This is good for the both of you....

(Message edited by tyler97217 on February 27, 2009)

 
By Curt (curt489) on Friday, February 27, 2009 - 8:20 am:    Edit Post Delete Post
Should be pretty simple because no lien on the boat. When i purchased my boat, my credit union just wired the money directly into the guys account both parties satisfied. Safe and easy. Just make sure you have a purchase agreement and get it notarized. You also need to call the department of something in your state.in my case the department of wildlife and fisheries in louisiana. You need to find out the exact documentation to get the boat and trailer registered in your name. I didn't have the correct stuff from the begining and it was such a hassle.
 
By JP (mcbean7) on Friday, February 27, 2009 - 8:20 am:    Edit Post Delete Post
Diggs,
I think this is the easiest and safest suggestion I've got so far. Thanks.
Anyone else?

 
By Diggs (pdxWAKE.com) (tyler97217) on Friday, February 27, 2009 - 8:23 am:    Edit Post Delete Post
The bank will also have all the generic bill of sale documents you can use too.... They will be able to help you do it if you are not comfortable doing it securely. Remember to meet there during banking hours..... Also, when you open your account at one of those banks you should bring a cashiers check from your bank and it will speed up your hold.

(Message edited by tyler97217 on February 27, 2009)

 
By JP (mcbean7) on Friday, February 27, 2009 - 8:49 am:    Edit Post Delete Post
Curt,
Thanks for the reply. I like the idea of wiring money because it's easy and safe. The thing I don't like about it is I have to release all this money before getting product. I feel nervous about that. As Diggs mentioned, I'm relying on "trust" that seller will show up?

 
By sp0tts (sp0tts) on Friday, February 27, 2009 - 8:57 am:    Edit Post Delete Post
I wouldn't wire transfer the money ahead of time if you don't know the person, but I have friends who sell heavy equipment out of state all the time and they won't accept anything but a wire, personally, if I were selling a boat, I wouldn't either. Diggs has the right idea, wherever you are meeting, check out the boat first, then transfer the money, title, ect....
 
By Curt (curt489) on Friday, February 27, 2009 - 9:02 am:    Edit Post Delete Post
Tell your bank to wire the money after you have looked at the boat and signed the purchase agreement at the notary. You can always get the funds back if there is no purchase agreement. The funds will sit in the guys account up to three days before it actually clears. You will have some recourse if theres no purchase agreement. Like diggs mentioned make sure that all this takes place within banking hours. Try to do it in the morning time so you have enough time in the day. Just in case something goes wrong. It took my boat purchase all day, because there was a lein on the boat, out of state purchase, and a problem with my loan. It all worked out at the very end of the day. I drove all the way to alanta,ga 10hrs for my boat. Thats why i say make sure you go all your ducks in a row before you go. I learned a valueable lesson on this purchase, but now i know what i need to do.
 

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