Hi Larry,
Selling the boat with the lien already released will be much easier. I work
with finance companies quite often and they are often a hold-up in the
closing process. If the boat is documented, which it probably will be if it
is currently financed, you should provide the buyer with a simple Bill of
Sale and a Coast Guard Bill of Sale. The Coast Guard Bill of Sale will help
the new owner transfer documentation, as it notes the official number, notes
both parties, and is signed and notorized by you. Not to mention, the CG
Bill of Sale is a document that the CG documentation folks in West Virginia
(that's not a typo) handle every day. You may be able to download the CG
BOS from their website, but I'm not quite sure of the URL. I would be more
than happy to email you a blank CG BOS form that you could populate.
My advice would be to pay off the loan ASAP and have the lien holder
expedite the paperwork to you. This way, you can officially close on the
boat the day it is paid for and the buyer can leave with all of the
necessary paperwork. This will also prove to be a more relaxed closing, as
the buyer has peace of mind that he/she won't be waiting for paperwork to be
sent from the lien holder!
Email me if you have questions--I work at a brokerage in Bristol, RI.
[EMAIL PROTECTED]
Casey Miller
"Wickusea" 1986 C-27 #6119
From: "Larry Robertie" <[EMAIL PROTECTED]>
Reply-To: [email protected]
To: <[email protected]>
Subject: catalina27-talk: selling a boat
Date: Thu, 5 Oct 2006 20:00:07 -0400
Hello all,
In the past I worked through a finance company to close the sale of Cheeky
Monkey and change the documentation. It was great in that I got an
envelope
with instructions to "sign here" in various places. They walked me through
the whole thing.
Now, with Cheek Monkey, there is a possibility there will be no finance
company involved so. anyone know what the steps are on the sellers side to
do the sale? Is it like a car, just sign the back of the documentation
cert
and put together a bill of sale? Tomorrow we will be sending the finance
company a check to clear what is left of the load I had on her.
Larry Robertie
Cheeky Monkey
Salem, MA
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