I think my boat is sold. Now what? Financial advice needed...

[edsmax]

So, I put my 240DA on craigslist and have found a local buyer. Its been over 10 years since I have sold a car or boat. With what I hear about check fraud, what do people recommend?

- I assume I will need a bill of sale. Is there a template specific to a boat sale available online?

-Do I go to the bank with the buyer and watch him have the check drawn?

Any suggestions or feedback is welcome...

Thanks,
Ed

 

[spfortjohn]

I just went through that process. I sold my boat to a guy from South Fla, I did a background check on him over the internet, He brought a bank check from Citi Bank and I called citi bank and verified the check was valid.

I did a bill of sale and gave him a copy of the reg. I kept the MSO for the Boat and Trailer I will foward when the check has cleared the bank

the boat still is insured and if the check turns out not to be good then it would be theft and the insurance should pay off...

I know you cannot be too carefull but I think I covered most of the bases. I would also contact the state and inform them you sold the boat.

Good luck with the sale. I am boatless but picking up the replacement on Friday.....I will be in the water by the weekend.

 

[troyzstang]

If your buyer is local as your post stated I would accept his cashiers check. ( bank Check) and call said bank to verify. When I bought our new Sea Ray a few months ago the selller and us met at our bank to close the deal. Worked out great for both of us.

Good luck & be safe.
Troy

 

[Escapade]

Ditto on what these guys said, then bank the cash. Next Best boat is "friends boat". Bring good food / booze and give a couiple twenties for gas money. Hope all is well on sale.

 

[Wired2Cruze]

I bought my boat from a private owner, he did a bill of sale that I thought was very thorough.
It included the Mfr, Model, Year, Hull ID#, Engine ID#, Nbr of hours, Trailer make & year, Buyer Name/Address, Seller Name/Address, & price.
There was text to the effect of :

The boat described below is hereby sold and transferred from the named seller to the named buyer. The seller is the legal owner of the watercraft, which is free of liens and other encumbrances. It is sold "as is" with no warranties.

We both signed it , and I had it notarized.

Maybe a little bit of overkill, but you never know.....