Boat sales transaction tips

[NCH2oSki]

Tennessee is one of the states that does not title a boat if it is not Financed. My boat does not have a title to hold or transfer, but in that case the Bill of Sale would possibly work the same, although its a pretty informal piece of paper.

My bank suggested to have his bank email myself, along with copying my bank contact person when the check was cut. They were to use their official bank email address, along with the bank employee signing it send the email with a scanned copy of each side. My bank would then verify funds, and email me to confirm the check was legit, and was funded. This doesn't actually guarantee anything, but does create an accountability trail. This is the route I'm taking.

One other thing to consider is if how soon you will need the funds from the transaction, and how long the bank will hold the funds till they hit your account. My bank said with the verification process they would hold it two days max. So after I deposit it at 9:00am on Monday funds would be available on Wed for my boat purchase on Thursday if all goes as planned.

[BoardSkier]

I've sold on a cashier's check from an out of state buyer. Called and verified his business and held title. Drafted a bill of sale that specified he represented the check as good. No problems. He was a pleasure to work with. Also purchased a boat on a personal check out of state from dealer they held the title until check cleared. Dealer was also a pleasure to work with.


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[jward]

This doesn't help in your case as the seller, but works for the topic of the thread from the buyers prospective. As I said I have sold boats and even a few motorcycles using the cashiers check, pic, verification method. As a buyer It's good to do this but cut the check for less than the agreed upon price. Take the difference in cash. This way if things don't present the way the seller had promised, you have some room to negotiate. If you show up with check made out to the agreed upon price, you may walk away disappointed and overpaid. Hope that helps someone out one day.

[scottb7]

For large purchases I always insist on exchanging photo copy of drivers licenses. It kind of verifies identity and makes each person know they are serious about non being anonymous. You are at least getting a cashiers check right? There is no reason he can't get a cashiers check in advance. At least that way - although he can cancel it - it won't be bad due to non-sufficient funds.

If you have his identity and he rips you off you can always just sue him. Pain in the butt, but that is the reason you don't want anonymity.

[xrichard]

Great tips re: photos of driver's license. Besides that, I also take a photo of the buyer's vehicle/license plate. And, for a buyer, @jward's advice re: taking check plus cash to allow for last minute negotiation is spot on.

Bottom line for me: all cash is simply too inconvenient and a cashier's check eliminates virtually all of the risk if you verify it and cash it shortly after. If you're concerned at all, you can always go to the issuing bank with the buyer and have the check reissued in your name payable to you. That takes the buyer out of the loop before he drives off with the boat.

[shawndoggy]

Most banks allow transfers between accounts at the same bank. So if you get the buyer to open an account at your bank and make a deposit now, then when the sale date comes he should be able to open an app on his phone and make the transfer and you should be able to verify the transfer at the same time. We use this setup to transfer money to my daughter for her college living expenses, but no reason it couldn't work in your case. Just really depends on your bank (we use Wells Fargo, FWIW).

[DealsGapCobra]

Some good advise given. Just wanted to say good luck with the sale!