Buying a used boat from an individual through my CU. He still owes his bank, so title will transfer from his bank to mine. Boat was recently registered thru 2017. It's a 2011 model.
The list of options and paperwork on TPWD site for boat registration is extremely complicated and confusing.
Just need to know the basics of what to do in transferring registration and ownership of boat.
Which forms and signatures will be required?
Any help would be appreciated!
There are a couple things that need to happen. First off the old lien needs to be paid. In our business we always send funds directly to the lien holder, not the person. In your state, the lenders hold the titles so once paid, the sellers lien holder will send the titles and a release of lien to him. You will need those signed off titles and release in your hand. You will then take them to the state office with the information from the place you borrowed the funds from and do the title work in your name. You will also need a signed bill of sale between you and the seller showing the amount paid. This is the amount you will pay sales tax on when registering. Your state office will record the titles in your name and list the lien holder. They will then send the titles to your lender and they will hold them until you pay it off or sell the boat.
Your lender would probably need pictures of the VIN plates for the boat, motor and trailer for the paperwork you will sign with them. You could also show them copies of the sellers registrations. This is the only way theu know there really is a boat.
I know, there are a bunch of hoops. We have a full time title and lien girl in our office and she works with TX every day. They are a good state to work with but things need to be complete and clear.
First step, do not hand money to a person who has a lien. You and your lender need more protection than that.
Let me know if you have any other questions. If it gets real deep, I can switch you over to our title girl and she can walk you through it.
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