in Tx. even though the bank signed off on the lien on the title. you have to send the signed title to Austin and get it cleared into your name. i sat on a trailer that was paid off for years because the registration renewal came in the mail every year and i got my plates. when i decided to sell the boat and trailer, i went through h*** getting the title cleared and in my name. the finance co had gone out of business. took about 6 mo. to get everything clear.

This is the correct answer, and the current owner should be willing/able to handle without question. In fact, TPW may be able it issue one to original owner on the spot, given the level of technology, not sure if they will though, as they have a lot of arcane policies, loosely regarded as rules...

Walk away if no title just walk . Their are to many boats out there for sale not worth the headache.
J D