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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.
Last edited by hellosailor; 09-01-2013 at 01:06 AM.