Buying an out of state boat requirements?

[bigeyes75]

Does anyone know what exactly you need to do if you buy a used boat from a private seller from a different state?

They also have a loan out on the boat.

I know I will need a lean release from his bank in order to put the boat in my name.

I just have no idea how this will go down. I don't want to give him the money with no title in my hand.

Any help would be great. Thanks

[Ice Wolf]

Meet with the person selling the boat make sure it's what you want. Then both of you go to his bank where the lean is held and have a banker give you a lean release. If you are buying the boat with a loan the other banker can fax over the paper work to your bank. Done deal! The best thing about buying a used boat is thet you don't pay sales tax in MN. When you transfer the title.

[JohnMickish]

I purchased my boat from an out of state guy and this is how it went down.

First I looked at about 80 pictures that where emailed to me of every possible inch of the boat. I got a printout of the engine by his dealer so that was all cool.

2, we agreed on a price, he sent me copies of the trailer, boat and engine paperwork.

3, I took that info to the bank, they cut a check in both names for safety

4, I gave him my bankers phone number so he could verify all funds where good.

5 We met half way (Iowa), put the boat in a lake, went for a test drive and the deal was done.

In your case, if there is a lien on it, just have your bank contact his bank and then they can figure out how to do the money transfer. I am sure that the pay off will be a wire transfer between the two institutions.

When you go to transfer it to your name at the DMV, it's just like a car but in this case you only pay tax on the trailer so you will have to tell them what you think the value of the trailer is alone.