Selling To A Private Party

[LDUBS]

If you guys have ever sold a boat to a private party, what form of payment did you accept?

I'm not selling my boat (no way, heck no) but am selling the travel trailer. I just wonder how payment between private parties is done.

I don't want a personal check or that much cash. I'm thinking a wire transfer is safest but the buyer might have to be out of pocket for a wire xfer fee and I would want to confirm with my bank that it was received before handing over the title. So I'm thinking it is cleaner & simpler if I just ask for a cashiers check.

BTW, we have enjoyed the heck out of the travel trailer. Especially camping along the Northern California coast. Now that the pandemic seems to be winding down and travel is opening back up, we just don't think we will be able to use the TT more than a couple times a year. I hate to have it if it just sits there. So on the block she goes.

 

[Jim]

Cashiers check for sure. They get the Title after funds are confirmed. You can put that verbiage in the Bill of sale. I did that with our camper.

 

[poorthang]

i go with the buyer to the nearest post office, where i watch him buy a postal money order. and he hands it to me, i hand him title. i do not know if that would work with big $$$$ as i have never sold anything that wasnt wore out! lol

 

[overboard]

I would say a cashier's check also. and like Jim said said, no title transfer until it clears,I read somewhere that even a cashier's check can be modified, seems like nothing is foolproof anymore. If the purchaser is coming any distance maybe go to your bank first to confirm the check, hand them a receipt, then on to the notary, some banks may have a notary inhouse.

 

[MN Fisher]

Cashier's Checks, Money Orders - both can be forged now-days with little effort.

Getting the bank to clear it before title transfer is your best option.

 

[DaleH]

I like US Postal money orders ... there's special watermarks and foil tape you can verify. Plus you can call a special USPS # to verify it and when you give them the ID# of the money order, it tells you from what office and when it was created - which is useful for when the payment is out of town.

To me, there's more ways to verify these than any other instrument, and maybe even more than ca$h too, haha!

My Dad used to say ... In God we trust ... all others pay ca$h!

 

[JL8Jeff]

Cashier's check, certified check postal money orders can all be cancelled so you want to verify with your bank they have cleared before letting go of anything. I prefer cash or bank wire and give the wire extra time and verify with your bank it's good and clear.

 

[gogittum]

I've always worked on a cash only basis, but a couple of years ago when I sold my motorcycle the buyer wanted to use Zelle for payment. I did some checking and seemed like a good thing, so I agreed.

When we agreed on the sale, he went into the app on his phone and transferred the money. I went into my online banking and confirmed the transfer had taken place and gave him the title.

 

[LDUBS]

I've always worked on a cash only basis, but a couple of years ago when I sold my motorcycle the buyer wanted to use Zelle for payment. I did some checking and seemed like a good thing, so I agreed.

When we agreed on the sale, he went into the app on his phone and transferred the money. I went into my online banking and confirmed the transfer had taken place and gave him the title.

I've used Zelle before but didn't think about using it for this kind of transaction. That might be a good way to go provided their bank doesn't have a limit on how much can be transferred via Zelle.

 

[LDUBS]

I would say a cashier's check also. and like Jim said said, no title transfer until it clears,I read somewhere that even a cashier's check can be modified, seems like nothing is foolproof anymore. If the purchaser is coming any distance maybe go to your bank first to confirm the check, hand them a receipt, then on to the notary, some banks may have a notary inhouse.

Yep, the current potential buyer would be about half a day drive. Best is if they have the same bank as us, but we haven't got that far along yet.

Curious why a notary would be involved?

 

[overboard]

I just assumed that a notary would be needed in order to do a title transfer, I think everything I ever bought or sold involving a title had to be processed through a notary's office, might be different in your state.

 

[MN Fisher]

I just assumed that a notary would be needed in order to do a title transfer, I think everything I ever bought or sold involving a title had to be processed through a notary's office, might be different in your state.

It varies from state-to-state
In MN - seller signs over the original title, putting in the buyer's name/address and amount on the back-side
Buyer takes that to the DMV and applies for a new title.
No need for a notary.

 

[JL8Jeff]

NJ needs a notary on the bill of sale so it's always good to get that notarized. I really wish all the states would come up with a standard for vehicle sales regarding titles, registrations, notaries whether it's a car, truck, boat, trailer, pwc, 4wheeler... NJ and PA are the opposite for titles/regs on boats/trailers and it's a huge pita when so many sales are over the border.

 

[LDUBS]

I just assumed that a notary would be needed in order to do a title transfer, I think everything I ever bought or sold involving a title had to be processed through a notary's office, might be different in your state.

It varies from state-to-state
In MN - seller signs over the original title, putting in the buyer's name/address and amount on the back-side
Buyer takes that to the DMV and applies for a new title.
No need for a notary.

Same in California. I sign the title releasing ownership to the buyer. The buyer takes it to DMV to get a new title in their name and or course pay taxes and fees. There is also another form that I have to send to DMV within 5 days that releases my liability for the trailer.

 

[LDUBS]

Thanks everyone for the feedback and advice. I sold the trailer to a young couple with kids, actually about 4 weeks ago. After talking to them I felt pretty comfortable and told them to just bring a cashiers check and allow me to take a pic of their DL. Kind of sad watching the trailer go down the road as they hauled it away. I hope they enjoy it as much as we did.

Now, I have more room for the boat!

 

[Kismet]

One, slightly off the point, item:

on all boats, motorcycles and occasional shotguns I have sold, every bill of sale I have made up has a bottom line notation, above the signature line that reads: "No warranties expressed or implied."

Probably is still arguable should difficulties arrive, but it serves a prohibitive statement if someone gets buyer's remorse.

When I see something I'm selling leave the yard, I want it to stay gone.

 

[LDUBS]

One, slightly off the point, item:

on all boats, motorcycles and occasional shotguns I have sold, every bill of sale I have made up has a bottom line notation, above the signature line that reads: "No warranties expressed or implied."

Probably is still arguable should difficulties arrive, but it serves a prohibitive statement if someone gets buyer's remorse.

When I see something I'm selling leave the yard, I want it to stay gone.

That is a very good point. I used the boilerplate bill of sale form off our motor vehicle department website. It didn't have that wording. I did get the release of liability filed with DMV right away.

 

[Jim]

ah, excellent point!