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-   -   Selling Our Boat and had a question (http://www.wakeworld.com/forum/showthread.php?t=793424)

ksilva 05-17-2012 5:55 PM

Selling Our Boat and had a question
 
Selling our boat to a private party. Still have the loan through our bank.
Buyer wants to go to his bank and get a check and then go to our bank to pay off the loan.

The title would still come in our name, correct? Its not like we can transfer the title at the bank...

Can someone kind of brake it down for me on how this process works.

Thanks

jv210 05-17-2012 6:09 PM

I work at a credit union, and you are correct the title will come to you in your name.
Back in the day we used to keep the actual pink in the vault, and give it you on the spot, but we don't anymore. If you pay off a loan we transmit that to DMV and they send you your title.

Then you can sign the title over to the new owner.

cavlxenvy 05-17-2012 6:10 PM

Get a bill of sale from the DMV.

beleza 05-17-2012 6:12 PM

yeah the person buying the boat pretty much has to trust that you will sign the title off once you receive it and then mail it to him, unless you guys can go to the actual bank location where the title is held.

beleza 05-17-2012 6:13 PM

yes you (and the buyer) will definitely want to fill out a bill of sale

ksilva 05-17-2012 6:48 PM

Okay, so its safe to say once the bank verifies that the cashiers check is good and the deposit goes through, we both sign the bill of sale and a Release of Liability form..... he takes the boat home? And when I receive the pink slip, i mail it off to him?

rznhales 05-17-2012 8:23 PM

Yep. Be sure to put sold in "as in" condition so they cant come back on you for anything.

tyler97217 05-17-2012 9:29 PM

Depends on the state. California I believe still has paper titles???????
What bank has your loan? Is it a big bank? If so go there and pay it off with his cashiers check. You can also google California Power of Attorney form and print one of those with the bill of sale.
If it is a local credit union they may have the title right there to give him, but only some of the local credit unions still do that.

Here are the steps I would follow:
-Meet at his bank and watch him get two cashiers checks. One for the payoff on the boat loan and one for you for the balance.
-Go to your bank and pay off the loan and deposit the balance. At that point in time you should fill out the bill of sale and a power of attorney form. Ask your bank to send the titles to him. By the way I would do two bills of sale and two power of attorney forms. One for the trailer and one for the boat. The bank might tell you they will only send you the titles. That just depends on the bank. They are all different. If they send the titles to you, you sign them and send them to the new owner. If they oblige to your request and send the titles to the new owner, then the new owner has the power of attorney forms to use and sign off on the back of the title for you.
Yes you can put "as is" on the bills of sale, but most states vehicles and toys are sold as is and it is implied and does not have to be written on it. Not sure if that is the case in California, but I am sure it is.

melvinator 05-18-2012 8:57 AM

In michigan the bank signs the title after its paid off, I JUST paid off my boat(120 payments later). I can sell my boat right now and just give them the original title issued 10 years ago. Maybe different in your state though.

wakeboardin 05-18-2012 9:00 AM

I sold my bu to a guy in Wa and I'm in So. Ca. what we did is filled out a contract sort of thing stating the same as above. We met at a bank in Nor Cal he paid off the note via wire transfer and pulled the rest out in cash and gave it to me there. Before I signed the title I called on the note and they stated they received the funds and it was paid in full. He paid me we both signed in front of a notary at the bank and he hooked it up and towed it home. Several weeks later the pinks arrived and I over nighted them to him and sent an email asking him to tell me when he received them. He called and thanked me for everything when he got them and all in all it went smooth. I still have the contract I wrote up and had legal review if you want me to remove the names and info I would be willing to send it if you email me your email.

Good Luck,
Steve

beleza 05-18-2012 9:03 AM

yeah but you still have to sign off the title if you ever sell your boat releasing ownership. the bank can sign off on the lien holder part but not the transfer of ownership part

saberworks 05-18-2012 10:28 AM

Here in WA I had loans through a local credit union and they held the title on file in one of their branches. When I sold, they had it delivered to my local branch, they signed it off, I signed it off, and they gave it to the buyer. Easier that way.

ksilva 05-20-2012 9:17 AM

thanks for all the information guys... the potential buyer backed out... got to love craigslist, lol.... once again thank you for all the information, really appreciate your time...


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