Buying boat from the distance via Broker + paperwork/ownership procedure
After looking at the boat in Ohio I made an offer to purchase the boat via email. Broker responded with counter offer from the owner and agreement was made. That was 2 weeks ago. I was expecting Broker to follow up with paperwork right after we make a deal to put it in writing and secure the sale. I was following up with him but was getting responses that paper work will follow shortly. Two weeks later I get the call form the broker that seller has signed the paper and I will get fax shortly to sign the agreement. He also mentioned that he will need power of attorney or something to transfer the ownership/title of the boat. This is my second boat but something seems not right here.
1. Usually broker would send you the agreement so buyer can sign it and will follow up with signature of the seller. Initially you would go back and forth so all the details are captured.
2. Broker will try to do it right away to secure the deal in writing
3. Owner signed agreement I didnít see. What if one of my conditions is missing? We will need to rewrite it againÖ
4. You donít need power of attorney to transfer the ownership/title. Why would he even ask for it?
I have survey scheduled for May 9. I didnít put any deposit yet because I donít have any deal in writing. If I donít have written agreement I was afraid that my deposit becomes a giftÖ
Now I am starting to second guess the dealÖ donít know if broker just take his time or something fishy is going on. Any advice/feedback would be much appreciated.
What is procedure to transfer title of the boat in Ohio?
You are right on 1 & 2 as that pre-purchase agreement stipulates the time frame for everything and conditions. I wouldn't go any further until a faxed copy with the owners signature is received period.
As for the titling - if it is not a US documented boat - do it yourself. All you have to do is have the owner sign the title to you - walk over to DMV and have it transferred. I would though suggest a title search (which you can do yourself as well) to make sure their are no liens on it.
If you are not comfortable with the process - back out and deal with someone whom does business your way would be my suggestion. Plenty of boats out there - and perhaps the lackluster response is because they are busy fixing some items that were listed etc... but who knows....
Thanks Jody, how do i do the title search?
Not sure how things are done in Ohio, but I would be very hesitant (and skeptical) giving a broker power of attorney without reading the fine print of the sales agreement. Documents can be overnighted easily, signatures can be witnessed, so why a need for POA?
Here's a link that might help with the title search http://www.dnr.state.oh.us/Portals/4...forms/8513.pdf
Gotta hand it to the State of Ohio, that title search document is quick, cheap, but what about a lien outside the state?
I hate to be litigious or suggest you proceed with due dilagence, a reputable title search company or dare i say attorney?
But Rick Q's right no need for POA.
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