Buying used boat?
 

Anyone has ever purchased a used boat with a lien on it? What kind of process will I have to go through to get the boat legally transfered to me? What kind of title on the boat would the bank be holding? All I would need is notorized bill of sale, notorized transfer of trailer, and transfer of boat registration certificate? And, I am guessing the boat can't be sold with a lien on it. So, I would need a notorized paper stating it is lien free before purchase? Has anyone gone through this process before? My guess would both of us settling everything at the lending bank.

Are you buying it from the Bank that holds the Lien?

individual
 

No, from the individual.

i would think that the lien would need to be resolved befor you could purchase it and you would need to provide documents concerning the lien pay-off

They will not release the Lien until it is paid in full, then they issue clear title. I'd talk with the bank or financing company holding the lien, it should not be to much of a problem getting it done. You just need to make sure it is done properly.

My main concern is getting it done properly. Any tips?

You paying cash or getting a loan?

Cash

If loan then the bank will take care of you to protect it's interest.
Paying Cash.. talk with your bank they help you out to do it right.

just contact a title attorny that is what they do everyday let them hanlde it

I will start with bank first. Then go from there.

Thanks for the input.

I agree. Pay the guy at the bank that holds the lien, then let the bank take their part, then they can release the title and registration to you.

That's how I had to sell my bike. We just went to the bank and let them take care of everything. They will make sure that all paperwork is transferred and that everything is properly done.

thanks...
 

Thanks everyone for helping me work out this situtation.

lein
 

Yes the holding bank should take care of the paper work . They want their money. If you pay the owner cash and he does not pay the bank ,They are going to be looking for the boat.

The bank holding the lein is where we will be headed.

just went through this...a notary told me that there is a document that can protect both parties involved, but i went to the bank and paid the loan off,then off to the notary.....the bank told us the only way to do it was to go in to the bank and pay off the loan...They want the MONEY....

You will have to make sure he pays the bank off so you will get the title.....

Or if he went thought a credit union he will have the title.....

I just brought my boat and borrowed about 1/2 of the price and I have the title to boat and trailer...Bank has nothing