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Old 08-31-2013
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Bill of Sale Question - Ownership

I am purchasing a large sailboat in Florida. The money has not switched hands until tomorrow. He is concerned about me taking the boat out until the boat is titled out of his name and into mine. Does a bill of sale release him of any liability of the boat? He just is worried that if I sink the boat he may be liable.

Any thoughts.
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Old 08-31-2013
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Re: Bill of Sale Question - Ownership

Found this in the DMV website: Official Website Florida Department of Highway Safety and Motor Vehicles

How many days does an owner have to register a new vessel?

The purchaser of a new vessel has 30 days in which to apply for registration and title through the county tax collector's office. During this 30-day grace period, the owner is required to have aboard his vessel a bill of sale with proof of the date of purchase.


If its a documented vessel, Florida only requires registration and not titling.

Last edited by Seaduction; 08-31-2013 at 04:46 PM. Reason: Added text
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Old 08-31-2013
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Re: Bill of Sale Question - Ownership

bo, I would call the title a formality. Same for the registration.

Once it is sold, it is yours. So make a duplicate bill of sale, a "seller's copy" and if he's worried, find a notary to notarize it as well. Once he transfers the title over to your name--it isn't his anymore. He should be able to make a photocopy of the title transfer as well, there are plenty of ways to make enough paper to keep everyone happy. And of course the payment in his hands, or bank, affirms that he sold something to you. Whether it was boat or a brick of coke, that's something else entirely.

But with a bill of sale and transfer of title--both of which can be notarized and copied to both parties--it ain't his boat anymore. In a big-ticket private sale on a holiday weekend when the banks are closed, you can both be worried. He's got no guarantee that your cash or check is any good, and you've got no guarantee there are no liens on the vessel.

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Old 08-31-2013
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Re: Bill of Sale Question - Ownership

Quote:
Originally Posted by hellosailor View Post
He's got no guarantee that your cash or check is any good, and you've got no guarantee there are no liens on the vessel.
So what is the best way for a private seller and buyer to guarantee the check is good and that their are no liens on the vessel?
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Old 09-01-2013
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Re: Bill of Sale Question - Ownership

Use a dedicated Marine Title company.
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Old 09-01-2013
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Re: Bill of Sale Question - Ownership

Well, cash is no good unless you are doing the transaction at a bank and they can authenticate it for you. They have a better chance than you do, but even they get fooled sometimes. Of course if you ask for $5 bills, those are rarely counterfeited.(G)

And then money orders can come from Nigeria and take two weeks to bounce. Bank checks should be verifiable on deposit, wire transfers probably better still. These are quiet little problems that Uncle really doesn't like to discuss, because they tend to get people upset and there's no fast answer besides "wait for it to clear and then you can..."

A title company should at least be able to confirm no liens up to a recent point, although I know that also used to be a mortgage scam, with folks taking out a loan and then counting on the fact that it wouldn't post and register for 30 days, during which time they could fraudulently sneak in another one. I have no idea how fast marine liens, mechanics liens., etc. post these days but expect that also varies with the venue.

Crazy, isn't it?

Coupla months ago, either here or on another boat forum, someone was asking what to do because he'd sold something on Craigslist and gotten paid in cash--and his bank later told him a couple of hundred dollar bills were counterfeit, he was SOL on them.
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Last edited by hellosailor; 09-01-2013 at 02:06 AM.
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