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Max Online: 36273 @ 01/23/13 02:34 PM
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#12459314 - 10/09/17 01:27 PM Selling to a cash buyer?
i-Fish Online   content
Angler

Registered: 06/07/16
Posts: 407
First timer here on the selling end. I financed my boat and the potential buyer is paying cash. How does that typically work with the pay-off and transfer of ownership? Thanks for any help.
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#12459333 - 10/09/17 01:45 PM Re: Selling to a cash buyer? [Re: i-Fish]
bigcat85 Offline
Extreme Angler

Registered: 07/19/10
Posts: 1832
Loc: dallas, tx
You both go to your bank and get it taken care of. Fill out all texas parks and wildlife paperwork to transfer titles.

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#12459350 - 10/09/17 01:55 PM Re: Selling to a cash buyer? [Re: i-Fish]
sktr300zx Offline
Angler

Registered: 02/16/08
Posts: 420
Loc: Mineola,texas
make sure to get all the TPWD papers done correctly!! its ALMOST as important and the CASH!!!!
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#12459360 - 10/09/17 02:00 PM Re: Selling to a cash buyer? [Re: bigcat85]
i-Fish Online   content
Angler

Registered: 06/07/16
Posts: 407
Originally Posted By: bigcat85
You both go to your bank and get it taken care of. Fill out all texas parks and wildlife paperwork to transfer titles.


Where can I get information on the TPWD paperwork? I don't recall doing any of that when I bought the boat. Just signed a few things from the lender.

Also, my financing was not done locally. They are based out of Ohio.
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#12459367 - 10/09/17 02:02 PM Re: Selling to a cash buyer? [Re: i-Fish]
96speed Offline
Extreme Angler

Registered: 10/12/10
Posts: 1234
Loc: Houston, TX
https://tpwd.texas.gov/fishboat/boat/owner/titles_and_registration/

Call your financing company, explain the situation, and have them instruct you on what to do.
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#12459390 - 10/09/17 02:14 PM Re: Selling to a cash buyer? [Re: 96speed]
i-Fish Online   content
Angler

Registered: 06/07/16
Posts: 407
Originally Posted By: 96speed
https://tpwd.texas.gov/fishboat/boat/owner/titles_and_registration/

Call your financing company, explain the situation, and have them instruct you on what to do.


Copy that. I have a certificate (card) from TPWD for the boat. You're saying I need one for the motor as well before I can then transfer them to the buyer? Do I need the previous owner's assistance in getting this title from TPWD or, since they already have record of me being the new owner, will the motor titling be easily done without the previous owner?
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#12459420 - 10/09/17 02:30 PM Re: Selling to a cash buyer? [Re: i-Fish]
GIG'EM AGGIES Online   content
Extreme Angler

Registered: 05/14/14
Posts: 1913
Loc: texas
Whoever financed your boat has the titles to the boat, motor and trailer. If your buyer is paying cash he's going to want to make sure those titles are transferred to his name at the same time he pays. So basically he's going to pay off your boat while it's still in your name and then have your FI send off the paper work to you to do the sign off to your buyer. Being as your FI is in another state it's going to be a ticklish situation. I would contact them and get all the details so you can inform your buyer what has to happen and hopefully it's not a deal breaker. I bought a boat in another state once but the seller had a clear title and I had cash so we filled out the paper work in the front seat of my truck and all I had to do was go to TP&W in Garland and do the title work. I don't envy your situation but wish you luck.
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#12459436 - 10/09/17 02:42 PM Re: Selling to a cash buyer? [Re: GIG'EM AGGIES]
i-Fish Online   content
Angler

Registered: 06/07/16
Posts: 407
Originally Posted By: GIG'EM AGGIES
Whoever financed your boat has the titles to the boat, motor and trailer. If your buyer is paying cash he's going to want to make sure those titles are transferred to his name at the same time he pays. So basically he's going to pay off your boat while it's still in your name and then have your FI send off the paper work to you to do the sign off to your buyer. Being as your FI is in another state it's going to be a ticklish situation. I would contact them and get all the details so you can inform your buyer what has to happen and hopefully it's not a deal breaker. I bought a boat in another state once but the seller had a clear title and I had cash so we filled out the paper work in the front seat of my truck and all I had to do was go to TP&W in Garland and do the title work. I don't envy your situation but wish you luck.


Lol. I reckon I'd rather be the seller instead of the buyer in this situation.
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#12459468 - 10/09/17 02:59 PM Re: Selling to a cash buyer? [Re: i-Fish]
GIG'EM AGGIES Online   content
Extreme Angler

Registered: 05/14/14
Posts: 1913
Loc: texas
I'm sure this has been done many times before and if your FI is up to date on these types of transactions it should go OK but do contact them and get full details of how this needs to go down so you can be totally transparent with him. Hope it goes good for you, you're going to learn a lot in this process.
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"Sometimes there just aren't enough rocks"
Forest Gump

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#12459520 - 10/09/17 03:33 PM Re: Selling to a cash buyer? [Re: GIG'EM AGGIES]
i-Fish Online   content
Angler

Registered: 06/07/16
Posts: 407
Originally Posted By: GIG'EM AGGIES
I'm sure this has been done many times before and if your FI is up to date on these types of transactions it should go OK but do contact them and get full details of how this needs to go down so you can be totally transparent with him. Hope it goes good for you, you're going to learn a lot in this process.


Thanks. The buyer suggested giving me the equity that I have in the boat in cash while he will wire the payoff amount to my lender to satisfy the loan. Assuming he and I both fill out the proper paperwork when we meet (bill of sale, DL#, get insurance information, address, etc.) - does that sound like a suitable situation?
_________________________
If you can't find em wind em.

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#12459538 - 10/09/17 03:45 PM Re: Selling to a cash buyer? [Re: i-Fish]
GIG'EM AGGIES Online   content
Extreme Angler

Registered: 05/14/14
Posts: 1913
Loc: texas
Originally Posted By: i-Fish
Originally Posted By: GIG'EM AGGIES
I'm sure this has been done many times before and if your FI is up to date on these types of transactions it should go OK but do contact them and get full details of how this needs to go down so you can be totally transparent with him. Hope it goes good for you, you're going to learn a lot in this process.


Thanks. The buyer suggested giving me the equity that I have in the boat in cash while he will wire the payoff amount to my lender to satisfy the loan. Assuming he and I both fill out the proper paperwork when we meet (bill of sale, DL#, get insurance information, address, etc.) - does that sound like a suitable situation?


Risky on his part but if he's willing. I still recommend calling your lender and get them involved. Could save you and your buyer a lot of legal issues. Bear in mind there is some interest on the loan that will be dissolved with a cash payoff and that needs to be settled with your lender to get an exact payoff. Also your buyer will have to pay sales tax on the agreed purchase price and if you try and cheat to save money you WILL get caught. Ask me how I know, lol. Lots of questions to be answered on this deal. Do yourself a favor, make the call.
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"Sometimes there just aren't enough rocks"
Forest Gump

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#12459546 - 10/09/17 03:49 PM Re: Selling to a cash buyer? [Re: GIG'EM AGGIES]
i-Fish Online   content
Angler

Registered: 06/07/16
Posts: 407
Originally Posted By: GIG'EM AGGIES
Originally Posted By: i-Fish
Originally Posted By: GIG'EM AGGIES
I'm sure this has been done many times before and if your FI is up to date on these types of transactions it should go OK but do contact them and get full details of how this needs to go down so you can be totally transparent with him. Hope it goes good for you, you're going to learn a lot in this process.


Thanks. The buyer suggested giving me the equity that I have in the boat in cash while he will wire the payoff amount to my lender to satisfy the loan. Assuming he and I both fill out the proper paperwork when we meet (bill of sale, DL#, get insurance information, address, etc.) - does that sound like a suitable situation?


Risky on his part but if he's willing. I still recommend calling your lender and get them involved. Could save you and your buyer a lot of legal issues. Bear in mind there is some interest on the loan that will be dissolved with a cash payoff and that needs to be settled with your lender to get an exact payoff. Also your buyer will have to pay sales tax on the agreed purchase price and if you try and cheat to save money you WILL get caught. Ask me how I know, lol. Lots of questions to be answered on this deal. Do yourself a favor, make the call.


All they could tell me was that the loan had to be satisfied in order for the transfer of titles to be made. Wasn't all that helpful.
_________________________
If you can't find em wind em.

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#12459547 - 10/09/17 03:49 PM Re: Selling to a cash buyer? [Re: i-Fish]
ssmith Online   content
Extreme Angler

Registered: 11/22/07
Posts: 2925
Loc: scotland tx
it be a ssfer deal if you both went to your lender an paid it off an got your equity too many things can go wrong when you are depending on someone else to take care of your business.

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#12459550 - 10/09/17 03:50 PM Re: Selling to a cash buyer? [Re: i-Fish]
i-Fish Online   content
Angler

Registered: 06/07/16
Posts: 407
And he'd be taking the boat, I assume, after giving me my equity in cash. So there is risk on both ends. I'm letting him take the boat (provided he has insurance already) and he's giving me some cash before he wires the payoff amount the following day or so.
_________________________
If you can't find em wind em.

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#12459553 - 10/09/17 03:51 PM Re: Selling to a cash buyer? [Re: i-Fish]
Curtbass Offline
Extreme Angler

Registered: 04/17/15
Posts: 1122
Loc: Grand Prairie, Tx
No way!!!!! Money needs to be wired to payoff loan FIRST!!! TITLES mailed to You with Banks Lien Release signed off. Then he receives titles when he comes to you & pays equity, & you both fill out the TPWD forms 143 & 144. & then he leaves with boat. This insures He has proof trail if you back out & HE has clear/no lien Titles, YOU recieve your cash equity & proof that loan is cleared. Then proper title transfer at TPWD can occur. Sounds like he's a reasonable buyer & has some knowledge of how FI's work. You should get TPWD FORM 143 Vessel/Boat Application AND TPWD Form 144 Outboard Motor Application & have them ready when he comes to pay you & pickup boat. Each form has full instructions. Read them. Easy Peasy. If questions arise call TPWD.
I wouldn't let boat go until lien is paid off & clear titles are in hand. Too many things can go wrong. Example: He pays you cash equity, takes boat to lake, blows up motor, crashes boat ,etc. . Then backs out losing cash to you, but you still have a lien on a blown up motor or crashed boat. He CANT insure a Boat that's NOT in his name.


Edited by Curtbass (10/09/17 04:49 PM)
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