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Discussion Starter · #1 ·
Looking to see if anyone has any experiance with this type of transaction or if anyone will know the best route to deal with the situation.

I am looking to purchase a boat that still has a lien. I will be meeting the seller at the bank (wells fargo) tomorrow. I plan to pay off the lean (Cash) and give the seller his proceeds. I contacted the bank today and was advised that the title would be mailed to the seller and should be received in about 4 business days.

The seller will not be able to sign the title over to be until he receives it in the mail.

My plan is to get a notarized bill of sale while at the bank and take possession of the vessel after the lien is paid.

However, I am uncomfortable with the fact that the bank will not be able to release the title directly to me and that I will have to wait for the previous owner to get in contact with me once he receives the title.

The seller is an army recruiter and seems like a stand up guy but he is still a stranger.


What is the best route to take to protect myself in a purchase like this?
 

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You're going about it the proper way with the bill of sale and taking possession of the vessel. For a warm and fuzzy get the name and number of his immediate reporting senior. If he doesn't uphold his end of the bargain give his boss a friendly call letting him know all about it. It'll be taken care of.
He will most likely not try a thing if he knows you know his boss' s number. Not that he would in the first place you just never know.
 

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You should receive proper documentation to show taking ownership of said vessel. Make sure you have names and ph#s of everyone involved including the notary that will notarize all of the signatures on the "Bill of sale". Banks do this all the time so they know the drill. You can get insurance immediately so you are protected in case something happens to the craft with the bill of sale info.
 

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I don't know guys. I would respond better to having an incentive that is part of the transaction to get it taken care of quickly instead of a threat to tell on me if I didn't.
 

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I may be missing something. If you are paying off the lien to the bank, and also paying the seller for his part, why can't the bank just have everything notarized to you in your name? I would be very careful if I were you. I may even pass it up all together. If you decide to proceed, by all means get names and numbers of everyone involved. If something does go wrong, and assuming you are in North Carolina something probably will, it will be much easier to correct if you have names and numbers. If nothing goes wrong, then it didn't hurt to cover your butt.
 

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Discussion Starter · #8 ·
I may be missing something. If you are paying off the lien to the bank, and also paying the seller for his part, why can't the bank just have everything notarized to you in your name? I would be very careful if I were you. I may even pass it up all together. If you decide to proceed, by all means get names and numbers of everyone involved. If something does go wrong, and assuming you are in North Carolina something probably will, it will be much easier to correct if you have names and numbers. If nothing goes wrong, then it didn't hurt to cover your butt.
The bank does not have possession of the title at this office. I was told by the bank that it would be mailed..

Will the bank be able to mail me the title with me listed as the owner? When I called the bank, from what I understood, they could not do this but Im hoping I misinterpreted what they said.
 

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Will the bank be able to mail me the title with me listed as the owner? When I called the bank, from what I understood, they could not do this but Im hoping I misinterpreted what they said.
The previous owner must sign it before it can be registered in your name.
 

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I once had a recruiter tell me about all the wonderful fishing opportunities that come with joining the Marine Corps, fwiw.
He wasn't kidding. The Marine Corps is one of the best things to ever happen to me and I fish now way more than I ever did in western KY and for more and better species. Not to mention the places around the world I've fished while deployed. Florida, Alaska, Canada, Texas, Arizona, California, Spain, and Japan. On top of that I've spear fished in Hawaii and Guam.
 

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Why couldnt you get a check from your bank or take your cash to his bank and take care of everything right there?
 

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After thinking it over more, if someone asked me for my boss' number on a cash sale because the title needs to be signed over I wouldn't provide it. I would not want the buyer to make trouble for me at work if he gets buyer's remorse or wants me to cover something that is just bad luck or he caused.
 

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It's not like a recruiters office isn't listed publicly and it certainly isn't hard to figure out who his boss is. This tactic wouldn't work with your civilian boss anyways. The military is a different story and such a thing really isn't uncommon. I remember a time when I used to have to write my command and work phone number on every check that I wrote or the local businesses wouldn't accept it.
 

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It's not like a recruiters office isn't listed publicly and it certainly isn't hard to figure out who his boss is. This tactic wouldn't work with your civilian boss anyways. The military is a different story and such a thing really isn't uncommon. I remember a time when I used to have to write my command and work phone number on every check that I wrote or the local businesses wouldn't accept it.
I once forgot to make a payment for something cant even remember what but it ended up being 6 days late and was a payment of 100 bux or so. Platoon Sergeant had me doing flutterkicks. 100 for every dollar multiplied by the number of days late.
 

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Here is link to the NC Wildlife Bill of Sale to have notarized. I would also add a note about the lien on the form.

http://www.ncwildlife.org/portals/0/Boating/documents/VesselBillofSale.pdf

Have the bank set up an escrow account with any money over and above the loan amount, to be released to the seller once you receive the signed over title. Just a little piece of mind.
 

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Discussion Starter · #19 ·
Why couldnt you get a check from your bank or take your cash to his bank and take care of everything right there?
Thats what I am doing. Im taking $100 bills to his bank. The issue is they dont physically have the title (I assume it would be at a head office.)
 
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