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Old 02-08-2007
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Still say a call to Essex, made even easier by getting the contact information from your buyer, should put your mind at ease. They are a Ca company but I believe with individual reps around the county. I am sure that the local rep that the buyer is using will be able to answer your questions quickly.

I have not sold a boat using a finance company. However, when I bought my last boat I used Newcoast Financial, similar to Essex. I live in Michigan, the rep and the closing were in Florida, and the bank office that actually lent the money was B of A branch in Atlanta. They required that they document the boat (as money maker for them) and I did give them a LIMITED Power of Attorney to act in my interests at the closing.

As the seller, unless you and the buyer are going to Florida (not sure where you live), they need your LIMITED power of attorney to act in your interests, and then transfer the dollars to you. My assumption is that my dealer on a new boat gave that same power of attorney to Newcoast to get the dollars.

The actual transfer of my new boat did not occur until the dealer had the cash in their hand. You should be in the same position. Cash the check and wish them well.

It sounds like you are having a painless sale except for the concerns you are raising. Understandable, but they can be overcome with a few phone calls.
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Old 02-08-2007
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Walk into a boat broker's office and tell him you will pay him $100.00 an hour to counsel you on the details. He will take your money and you will get some of the cheapest but valuable advice of your life.
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Old 02-08-2007
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Great ideas guys. I'm out in San Francisco for a day (have to love North East to South West to North East trips in 24 hour periods) but I'll take this a step at a time. I'm going to contact Essex and make sure they use that outfit and verify the contact at the outfit. I know Essex has a good rep out there, so if they verify the info, I think I should be able to go ahead. Also, as people mentioned, posession is 9/10th of the law. I'll still have the boat and the e-mails requesting the transaction, including the bill of sale that I won't mark paid until I have the cash.

Here's what the limited power of attorney is:

I/We hereby appoint Malissa C. Schultz or James A. Soffos, or Lisa M. Tenney of Titling Services of Florida, Inc. as my/our true and lawful attorney to sign, acknowledge, record and deliver any applications, certifications, affidavits and instruments required by the United States Coast Guard or by any jurisdiction where the vessel, engine, and/or trailer is to be registered or kept relating to U.S. Coast Guard Documentation, State Titling, Registration and security interest or mortgage lien perfection.

I'll also have a brief conversation with the broker who brokered my Passport 40 deal to get his thoughts.

I love this board - 3 hours, 11 responses

Thanks all!
s/v "Pelican" Passport 40 #076- Finished Cruising - for the moment -
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