Thursday, March 28, 2024

How To Sell Boat With Lien On It

How Do I Obtain A Duplicate Boat Registration

Is there tax on boats in Ontario

A duplicate registration card with duplicate decals can be requested ONLINE following the procedures for boat registration, by MAIL, or by TELEPHONE at 1-800-366-2661. Duplicate Registration cards and decals are purchased / printed together. The registration cannot be expired. The cost is $1.00 plus an $8.00 service charge if done online, $10.00 service charge by phone, or $10 service change by mail using the boat registration application. If you choose to do this online, go through the screens as if you are registering your boat, and you will get to a choice to purchase a duplicate registration.

S Involved In Selling A Boat

Selling a boat is like selling a house but few people see it that way.

If you want buyers to drool over your vessel and start dreaming about owning it from the moment they see it, you have a lot of work to do.

Its important to have a process when selling your boat to reduce prepping time, expenses and time to close the deal. Start by determining the boats worth.

Selling Your Boat: Closing Paperwork

There are a few forms that need to be filled out and submitted. Then the handshake and its off to enjoy your next boat.

Whether youre selling your family dinghy, a large powerboat, or something in between, finalising the transfer of ownership will require some paperwork. Know the requirements and have your files organised ahead of time so you dont hold up the final sale. The requirements are spelled out under Transfer of Ownership on the Transport Canada website.Having all your paperwork notarized is not always required, but its always a good idea.

No matter what boat you’re selling, finalising the transfer of ownership will require some paperwork.

You May Like: Is Banana Boat Ultra Sport Reef Safe

How Do I Sell My Boat 9 Important Steps

What is the fastest and easiest way to sell a boat?

This is a common question boaters ask when they need to upgrade, downgrade their watercraft or stop keeping one altogether.

In this article, we dive deep into everything you need to know about selling your boat. To get top dollar for your prized possession, you need high-level attention to detail and preparations.

This article will show you exactly how to go about it!

Selling My Boat On Craigslist

Sell Your Boat Today With a Mortgage Lien Release Form

I feel its a must to address selling a boat on Craigslist because its that one platform that everyone believes works, but also the platform everyone is the most afraid of.

Here Is The Deal:

Craigslist rings your phone! However, it is also true that:

  • Many of those people will never ask you one question about the boat before asking for a discount first
  • Many of those people will be dealers or brokers trying to pitch you their services
  • Many of those people will be dealers or Flippers offering you significantly less so that they can sell your boat for their own profit.
  • Many of the emails or texts you receive could be scam artists.

So, if you are in a rush you should use Craigslist! However, be prepared for the debris thats going to come in with that flood of action your listing recieves.

Tip: If a lot of people are calling you offering you cheap prices upfront, thats a good sign. Those are dealers or people that flip boats on the side who think your boat is in high demand.

Also Check: How To Register Boat In Missouri

Including A Survey In The Purchase Contract

If the boat passes your inspection and you decide to buy the vessel, you and the seller should sign a purchase and sale contract. The contract should identify the boat, as well as state the price, the terms, the closing date, and whether your obligation to buy the boat is contingent upon a satisfactory survey. Often, a purchase and sale contract gives the buyer a set amount of time to arrange for a survey of the boat. If you’re satisfied with the surveyor if the survey deadline passes and you didn’t get the survey doneyou commit to closing the sale or forfeiting the deposit. With most contracts, if the survey turns up anything you don’t like, you can back out of the deal.

Keep in mind that a survey will not normally include a survey of the engine, drive train, and generator. Though, you could arrange to have those items inspected separately.

Top Tips For Great Boat Photos

  • Take yet another moment to look around for places you forgot to clean while also keeping an eye out for random items you may have left lying around
  • Take both Wide Angles & Close Up Photos. The top boat dealers in the county know that people want to see details, but that they also want to feel the space of the boat, so their photographers will often use lenses as wide as 14mm to give people the sensation of having a lot of space. Taking a picture with a regular lens may make your boat FEEL smaller, and thats rarely ever something boat buyers are shopping for!
  • Make sure to capture all of those areas you meticulously cleaned up. Focus and highlight them! You want people to look at your listing and think, Man, this person was crazy about their boat.
  • Always wait for the best lighting- It may be cloudy today, it may be cloudy tomorrow, but you must wait for good lighting unless of course, you are selling a commercial fishing boat in the Grand Banks. When people are thinking about being on the water its probably a sunny day they are imagining, and thats what pictures of your boat should line up with so they can see themselves driving it on that perfect day. Another good reason to make sure you get great sunlight is so that your listings stand out on websites next to someone else who may have been in a hurry to take their pictures.

Recommended Reading: What Size Boat For Family Of 5

Top Boat Photography And Selling Tip

If there is something that doesnt look good, but that you know people will see, dont run from it, in fact, highlight it. People are skeptical of you and are trying their best to find problems:

Beat Them To it!

If the buyer finds a problem, its perceived to be that they found a reason to ask for money off . However, if you present the issue upfront, there is more of an assumption that this issue must already be factored into your price which is exactly how you should frame it.

This needs to be repaired which is why I am only asking X. If were good I would be asking for more money.

Option One: The Seller Pays The Loan

Buying a boat in Texas without a title? Watch this!

If there is a lien on the car, you may ask the seller to pay off the loan before you buy the car. As soon as the seller pays the claim, he should contact the lender and get the title transferred to his name as quickly as possible. This action moves ownership from the bank or other entity that technically own the car to the seller. Then, the seller is entirely within his rights to sell the car to you.

Alternatively, if the seller does not have the cash on hand to pay off the debt, he may be able to refinance. This way, he can take out a personal loan or line of credit, pay off the lien with that, and then make payments on the new loan. If the seller tries to make money from selling the car to you without first paying the lien holder, it could cause legal trouble for all involved.

Recommended Reading: What Is The Best Boat Cover Material

How Do You Find The Owner Of A Boat

How to Find Out Who Is on a Title for a Boat?

  • Check the boats registration. Look on either side of the bow for a registration sticker.
  • Write down the boats identifying information. Write down any information on the boats registration sticker.
  • Enter the boat into the Coast Guard-documented database.
  • Contact the relevant state agency.
  • Cosmetics To Think About

    The first 30 seconds are the most crucial when a prospective buyer sees your boat.

    Any physical blemish on your boat can dent your chances of selling it.

    • If your paint is peeling off in some places, touch it up.
    • Polish the hull to a shiny finish. Polish the fiberglass and wood surfaces until they glisten like a mirror.
    • From the interior, exterior to the engine compartment, keep everything in top shape.

    Everything on the ship should work if you can afford to repair them.

    • Check little things like light switches that dont always work.
    • Repair latches and hatches that wont close.
    • Change the oil and ensure the engine is primed and ready to go.

    While you may not bring every component to top gear, make sure the boat is in a shape that most buyers will accept.

    If you are selling a trailer with the boat, make sure it works perfectly. Check the brakes, lights, rust, etc.

    You May Like: What Does Boat Insurance Not Cover

    Focus On The Cleanest Areas

    To create that wow effect, capture the cleanest places on the boat. You want buyers to see it and start thinking of how to make it their own.

    Highlighting the best parts gives prospective buyers the impression that you took great care of your boat.

    If the aesthetics are excellent, they will expect the engine and other systems to be in top shape.

    Take Pictures in Good Lighting Conditions

    The best pictures are shot when the lighting is perfect. So even if you are planning to sell your boat offseason, wait for that perfect time when the photographer can capture the vessel in rich detail.

    When people see pictures of your boat sparkling in the sun, they automatically envision themselves piloting it or having a party on the deck.

    So help them visualize owning the boat and it will be easier to sell. Plus, premium-quality pictures propel you above the competition that used poor quality photos.

    What Is A Lien

    1999 Lien Hwa 56 Pilothouse for sale

    When you buy a used car from a dealer or from a private seller, be aware that there could be a lien registered against it. Along with cars, this also applies to other used vehicles such as boats or motor homes.

    A lien is a lenders claim for repayment that is registered against a car. Lenders and garages have the right to place a lien on your car.

    Liens stay registered on the car until the debt has been paid in full and the lien has been removed.

    A car can have more than one lien on it.

    Don’t Miss: Does Aaa Cover Boat Trailers

    Selling Your Boat Yourself

    If you cant get a broker or dealership to sell your boat, sell it yourself.

    Selling a boat yourself is no fun as it is like a full-time job.

    The main things you have to do when selling your boat is to advertise, show it and then sell it.

    If your boat has flaws that buyers can use to negotiate a price reduction, beat them to it by saying upfront that you ask that price because of so and so.

    You also have to organize sea trials and show the boats capabilities.

    You need to learn to weed out time-wasters who are not serious about buying.

    Some boaters feel uncomfortable showing their boat if it has shortcomings. But its better to be honest about the true state of the boat and hope you can find a buyer who can love it as you do.

    When you find the ideal buyer, all that will matter is the joy and happiness they will derive from owning the boat.

    Remember that the decision to buy a boat is emotional, not logical or economic. So do your best to portray your boat as worth the price and hope for the best.

    Determine The Market Value Of The Boat

    The biggest mistake that can make or mar the sale of your boat is to either price is too high or too low. And the reason many boaters fall into this trap is that they dont do basic market research.

    Too low, you will lose money and too high you will drive prospective buyers away.

    Thankfully, there is a wealth of resources online and offline to help you identify the best price for your boat.

    Use the following resources when pricing your boat:

    Don’t Miss: Does State Farm Offer Boat Insurance

    Lien Paid By The Buyer

    If settling the transaction at the lenders office is not feasible, the buyer can pay the lender directly through a wire transfer or with a cashiers check. Either of these methods can satisfy a lien and can also be used to pay the remaining balance to the seller.

    This option provides an added level of assurance to the buyer. That’s because the funds can be routed directly to the lender, which completely avoids the need to send the sale proceeds to the seller, who must then transfer the funds to the lender to satisfy the loan.

    Depending on the laws of the state where the sale takes place, the buyer may be able to send the paperwork and transfer instructions along with the payment to receive the cleared certificate of title directly from the lender. If they can’t do this, the lender can send the cleared title to the seller instead. In either situation, both parties must sign the certificate of title to complete the sale and transfer ownership to the buyer.

    One of the problems with this option lies with the fact that if there are any proceeds left after the loan is paid off, it could take a while for the lender or lien holder to issue a check. For instance, let’s say you have a balance of $9,000 on the car. But the buyer agrees to pay you $9,500 for some of the upgrades you’ve made, such as a new stereo system. It may take some time for you to get your money. That’s because you’ll be at the mercy of the lien holder issuing you a check for the proceeds.

    An Overview Of Boat Title Lien And Ownership Searches

    How to sell your car when you still owe money on it

    Search Elements – Seller’s Disclosure – Boat Description Verification – Boat Registration Search – Recorded Lien Search – Non-recorded Liens – Boat Owner Search – Boat History Search – Chain of Ownership – Pass Through Titles – Alarm Flags – Closings and Settlements – Title Search Resources – Professional Assistance –

    Recommended Reading: How To Get Barnacles Off Boat

    Execute The Sale At The Lenders Office

    This is probably the fastest way to sell the car, pay off the loan, remove the property lien from the title, and transfer ownership. This option is also the fastest way for the seller to collect proceeds from a sale involving a lien on the certificate of title after an agreement has been reached.

    Either the buyer or the seller can transfer funds to the lender to pay off the loan and documents can be executed to transfer ownership to the buyer, usually in one sitting. Regardless of whether it’s a big or small lender, call ahead to ensure someone in the local office is available to facilitate the transaction. And make sure both you and the buyer are present for the transaction.

    Although this may be the easiest option, there are downsides to conducting the transaction at the lender’s office. The most obvious is the convenience factor. It may not be the most convenient location for both you and the buyer to attend, which means you and/or the buyer must travel if the office isn’t close byespecially if the lien holder is an out-of-state lender.

    Option Three: You Take On The Payments

    If neither you nor the seller has the cash to pay off the lien, you can choose to take on the payments that the seller owes. For this option, you will need to enlist an escrow service. The escrow account manager will take payments from you and transfer the title to you when the lien is paid off. This route can be easier because escrow services are equipped to handle these situations and do so regularly.

    You May Like: Do You Need Boat Insurance In Nc

    Information For Persons Holding A Security Interest And For Lien Holders Lenders And Others Regarding Original Titles And Original Manufacturers Statement Of Origin /uniform Commercial Code Georgia

    Georgia is a title state for vessels. Once the registration is finalized, registered vessels have a Georgia eTitle in the vessel registration system. Outboard motors over 25 hp are included on the title. There are two methods for recording a security interest or lien in a Georgia registered vessel.

  • A lender may use the Security Interest or Lien form to record a security interest in a Georgia registered vessel. The cost to record the lien is $10. The lien will be recorded on the electronic record in the Georgia vessel registration system. The lienholder will receive an Owner of Record letter to show the lien was filed on the eTitle. A paper copy of the title showing the lien may be requested by the lienholder for an additional $10. When the lien is satisfied the lienholder will send the Security Interest or Lien form to release the lien, or if a paper title was purchased the lien is released by returning the paper title. The vessel returns to an eTitle in the vessel owners name. Address and directions for releasing the lien appear on the form and on the title.
  • A lender with a security interest may record outstanding debt against a vessel and an individual by filing a Georgia UCC-1 form through the Georgia Superior Court Clerks Cooperative Authority. Refer to the following site for information and a checklist:
  • A direct link to UCC forms is:

    Popular Articles
    Related news