Buying from a private seller - Tips?

[Adrian @ JB Solutions]

Looking at buying a second boat from a private party. I have talked to the guy on the phone and everything seems legit. The boat is on a lake and he has no problems with me taking it out and making sure everything is good.

If we were able to make a deal, how does this process go? I have never bought from a private party before so complete newb here. I assume a few things:

1. He has the title in hand with no lien holder on the title.
2. I need a bill of sale of some sort?
3. I probably need to go to the DMV after purchase to register? Boat has a trailer, how do I bring it home if trailer isn't registered? I know dealers have temp tags.
4. Payment - how does this work? A few stacks of 100s seems sketchy, I would assume we both go to bank for wire transfer?

What else am I missing?

 

[Hot2Go]

How ironic, I have only bought from private sellers most of my life and just bought a boat from a dealer this year lol.

1. Make sure the title is in that person's name and it isn't signed over to someone else who hasn't titled it (signatures on back side obviously). You can't jump titles. Make sure the trailer has a title and you're up to date on what your DMV requires. Iowa requires to title & register all trailers, Nebraska just requires to register a trailer if it is under 9k pounds. Oklahoma doesn't require the trailer to be titled or registered I believe. Not sure what FL does!
2. The bill of sale is a for sure, you can write whatever price you want on it to avoid paying a ton of taxes haha.
3. The bill of sale will give you 30 days at minimum to drive the boat home on the trailer (assumption for all states). If you're pulled over the officer will be fine that you don't have it registered yet if you show him proof you just bought it. Yea you go to your DMV and they will then have you fill out a form to title and register it in your name.
4. Most sellers (myself included) love cash in hand instead but transfer would be fine as well if they want it that way, hell I've even heard of someone using Venmo entirely to buy a jetski.

Good luck!

 

[JBehrens]

0. Make sure you do a top to bottom inspection of the boat, look at service records too.

1. Like what was said above, don't forget about the trailer, check the title/pink slip
2. Write one out but have two copies, one for the government and one for you
3. Same thing as above, in CA we have a 90 day from point of sale grace period, I would think most states are similar. Does FL register using a DNR or wildlife agency? If so you might be able to just mail in a copy of the tile and bill of sale to make the transfer.
4. Cashier's check is my preferred and usually the easiest. Tried doing a wire once and it was a pain.

 

[Dean P]

Sorry, nothing to add except look on the DMV website for what they need. Big question should be "What are you buying?"! Another jet boat, trading up, fishing boat??? Curious mind want to know...

 

[Adrian @ JB Solutions]

Sorry, nothing to add except look on the DMV website for what they need. Big question should be "What are you buying?"! Another jet boat, trading up, fishing boat??? Curious mind want to know...

I've been looking for a Pontoon to rent out full time.

 

[Adrian @ JB Solutions]

Well that boat sold in 12 hours. The search continues.

 

[AZMark]

Call your insurance agent so it’s insured while your towing it home.

 

[AZMark]

Shit just saw last post. Sorry to hear that.

Why a second boat?

 

[AZMark]

Shit just saw last post. Sorry to hear that.

Why a second boat?

Wow, and again I see my answer above.

I’m just going to go back to bed now.

 

[FLJetBoater]

With the market the way it is now, and the majority of boats being financed, you really have to trust the person you are buying from.

The biggest pain point is that they likely dont have the titles to the boat or trailer - they are with the bank.

I would pay the bank directly whatever is owing on the loan, then the remainder to the seller. That way you know for sure that the titles will be released. If they owe more than you are paying, you have them pay the difference first.

Registrations/ID/Bill of Sale all required to confirm identify and document sale. Once you sign & pay you leave with the boat and hope that they send the titles when they come.