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Jan 23rd, 2013
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Buying from a Private Seller (kind of long) #13403974 01/14/20 02:18 PM
Joined: Oct 2010
Posts: 395
RecLending.com Offline OP
OP Offline
Joined: Oct 2010
Posts: 395
A major part of our business is what we call a Private Purchase. This is where the seller is an individual owner, not a dealer. There are several things that need to be completed before the deal is "done". Since we do this every day, I would like to share a couple things to watch for. Many of these deals are done out of the buyer state and that also brings in a couple hoops.
1. Have seller show you a copy of the registration - all states register. If not in the sellers name, move on.
Many times people buy something with the intention of selling and don't register. The real problem is they are trying to avoid paying sales tax. If this is not right it's not his to sell. Your state will want the Bill of Sale to match the sellers docs.
2. If the seller is in a title state, look at the titles. Again, they must be in the sellers name. Some states are "title holding states". This means the owner has the titles but a lien may still be recorded on the face. If the seller does not have the titles, chances
are there is a lien and his lender has them.
3. Never, never, never, never (is that enough?) pay money directly to a seller if there is a lien. Funds ALWAYS go to the lender first. The main thing is to get the liens released so yours can be clean.
4. If the seller is in a non-title state (AL, GA, TN, NH, ND mostly) there can still be a lien. It would be called a UCC filed by the lender. There are ways to do UCC searches in the sellers name to be sure. IF there is a UCC filed, they must be released by the lender before your state work can be done. Even if you are both in non-title states, the second UCC has no weight until the first one is released. That would mean, you paid the money but don't own the boat.
There are so many things that go along with this topic. We have learned a bunch over our history. Proving ownership for a seller is critical to you getting proper ownership. This is not an exhaustive list.

Let me be very plain on this last point - no matter how great the "deal", if the seller does not present correct ownership papers and lien information - WALK AWAY. Chasing things after your money is gone is a lost cause. Sellers cooperate much better before they get paid.
Let me know if we can help.
Thank you,
(517) 543-6921 - Office

Office (517) 543-6921
Email: Info@Reclending.com
Todd's Cell: 517-294-0459
Re: Buying from a Private Seller (kind of long) [Re: RecLending.com] #13409922 01/20/20 01:47 AM
Joined: Sep 2006
Posts: 12,042
JIM SR. Offline
TFF Guru
TFF Guru
Joined: Sep 2006
Posts: 12,042
always check all serial numbers directly from the item with the title serial numbers...

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