Buying a boat four States away

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GreatWhite23

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Ok I am looking at a boat in long island to use at the coast as a place to stay. Its is a 340 Sea Ray Flybridge. Nice shape, I had a survey done. All is good. Here is the issue How do I pay the individual in a secure manor. I do not want to fly to long island just to pay for it. Hire a broker to do the paper work??? Never bought a boat without looking at it first. I do feel good after hiring a surveyor that it is represented well. The reason for not going any bigger is that It can be docked next to the grady any bigger and off we go to the other side with the big boys.Anyone ever bought a boat from a individual not in person and completed the transaction in a safe manor for both parties.
 
I work part time at a Sea Ray dealership. The two acceptable methods (at least for us) for what I'll assume - even though an older boat - is still going to be a transaction over $10K, would be either a bank check or a wire transfer. Both should be initiated 3 days prior to taking possession. In the case of a bank check, acquire the check and then fax a photocopy of it to the owner. 3 days later, the owner can call your bank to verify the funds and then match the physical check to the photocopy. I'm not sure exactly what the DMV in NY needs, but you might need notarized copies of the title and a bill of sale - every state is a little different. If you're not going to actually see the owner during the process, then you may have to go through a notary or something - I'm not 100% clear on that part since we (the store I work at) are, of course, a notary ourselves.
 
Yes When I wire the money in 18k to a persons bank account that I do not know. He has the money and title to the boat I have nothing. I am not worried about this guy but do not like the risk either. Maybe pay pale???? There has to be away that both parties are protected I would assume that this is fairly common. Thanks for your input maybe a dealer would be a good resource.
 
My last boat went to Indiana from here on Long Island.
Buyer paid me through wire transfer, then I Fedex overnighted to him the keys and CG Documentation (title), the very next morning after I saw the funds cleared in my account. Boat got hauled a few weeks later. No survey. I never met buyer.

I just bought a boat in NJ, paid deposit wire transfer to broker, bank is handling everything else and title company for tax and reggy. I had it surveyed. I will never meet seller.

My last example, I bought a Harley from New Hampshire distributor/reseller, did wire transfer, shipped bike a short time later, never met seller.

Bottom line is that you need to feel comfortable in the transaction. Just use a method of payment that is completely traceable. Paypal is ok for a deposit but no one will let you pay in full through paypal, they will whack him with a percentage that hurts. I believe 3%.
You can ask seller for info and notarized signature, etc to spell out the transaction with HIN and motor numbers and listing all bolt on options (electronics) with serial numbers if you like. He can snap a pic of title and email it to you to show you no lien listed, etc. Communication is important during these types of transactions. Someone always immediately reachable for each step will reduce anxiety. Ask him to overnight you title as soon as funds clear. It is not expensive and it is the right thing to do.

One thing that will not happen is a seller will never send you title without all funds in the bank and cleared. I would not do it and would not expect a seller to do so for me.
 
Yeah, it's a tough one. In other words, you don't want to give him the money until you have title/boat and he doesn't want to give you title/boat until he has the money. Unless you can do this in person, the same day (although that doesn't give him the 3-day cancellation timeframe), someone's gotta take a chance. However, if you do the bank check method, you can do this all in one day PLUS it gives you the ability to easily back out at the last second (simply by not handing over the check). BUT, it also gives him assurance as he knows the funds are valid because it's a bank check and he saw the copy 3 days ago - and when the two of you go to his bank together, it's verified again. Be sure to make CLEAR bill of sale with boat info and both or your names.
 
I think i will wire transfer money with a signed contract. He seems like a decent fellow. Funds are traceable. I would guess this would be a norm for this type of transaction. When I changed motors, the marina in NC agreed to give me 1000 dollars for both 150 s It took me 3 months of bothering him to make good. He finally squirmed when the detective stopped by Obtaining property under false pretenses. I would of rather taken care of myself but this worked. Bottom line I left with no check and no motors stupid is as stupid does.
 
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