Title/reg questions

[waterboy222]

Say a guy was to buy a boat and then find out the title had never been transfered into the sellers name from the previous acquisition. Boat hadnt been registered in the state it resides in and the previous purchase was 3 years prior.

If I bring the boat back to Oklahoma from FL and its still registered in MI, what kind of hassles am I going to have? Does the seller need to put the title into his name, wait 30 days for it to show up, send it to me and have it put in my name? He didnt pay the taxes from buying it and registering it and I Do NOT want to get stuck with it.

How does this work?

He's signed the back of the title and has a bill of sale and both are notarized..

 

[Tantrum]

Who's name was on the title he signed and notarized? Legally it wasn't his boat to sell to you.
The sales tax is what is going to be the issue. The state will be looking for their money.

 

[waterboy222]

Who's name was on the title he signed and notarized? .

The original owners name. He bought the boat and they went to the bank to pay it off and get the lein release. The bank made a bill of sale to him and notarized the back of the title with the buyer/sellers signature. Then he brought the boat back to FL and started a 3 year re-rigging process on it and its completed.

 

[Knot 4 Me]

But the seller does not have a title to the boat in his name, correct?

 

[Chris]

Technically the seller does not own the boat. The term for what he's attempting to do is "jumping titles" and it's a crime- tax evasion. You could potentially be a conspirator if they wanted to push it.

Could you get away with it? probably. Happens all the time.

Is the title notarized and signed over to the present owner? If so it definitely needs to go into their name first. If not you can write in your name and take a chance. There shouldn't be any requirement in your state for additional documentation such as a bill of sale.

Option A- take a chance. Maybe lose.

Option B- Get the title properly and legally conveyed to you. No hassles.

You gotta' pick which one.

 

[waterboy222]

Run, don't walk away from this deal.

if he gets the title transfered into his name, it shouldnt be any issue right? He has the legal bill of sale, he just didnt put the title in his name or pay the reg/taxes on it for the last 3 years. If he takes care of that stuff, I shouldnt have to run, or am I missing something more to this?

 

[waterboy222]

Is the title notarized and signed over to the present owner?

yes..

 

[Ratickle]

Go check with your states licensing board and they should let you know. Really shouldn't be an issue. As long as you pay what is required in OK.

 

[Chris]

yes..

Then it has to be titled into his name. The other option is to go back to the original owner who still legally owns the boat and ask him to apply for a replacement title and assign it to you. If it were me, I'd laugh into the phone before hanging up. The present owner isn't too bright. He doesn't even own the boat legally. If he loses that slip of paper, his claim of ownership is gone.

 

[waterboy222]

The present owner isn't too bright.

Neither is the guy lookin at it, lol.. Thanks for your help.

 

[Knot 4 Me]

if he gets the title transfered into his name, it shouldnt be any issue right? He has the legal bill of sale, he just didnt put the title in his name or pay the reg/taxes on it for the last 3 years. If he takes care of that stuff, I shouldnt have to run, or am I missing something more to this?

Correct, if he titles the boat and pays the taxes then there is no need to run. I would not purchase the boat until both of those items have been addressed.

 

[OldSchool]

In Maryland, you have 30 days to pay the sales tax on the boat after you puchase it. After that...it's evasion. For some reason, they always want to get their $$$!!

 

[sledge]

DISCLAIMER: I do not condone tax evasion

However, if he never titled or reg'd in FL, they don't even know he has it. Nobdy even knows for sure exactly which state the boat has been in all that time. For all anybody knows, it could've stayed in MI.

If the current title has the "original" MI owner's name, with his original lien release, and the "Buyer's" info section already has the FL owner's info, there's probably not much YOU can do with it in OK. But, the current FL seller can apply for a combo title/transfer which would send the new FL title straight to you. FL may not need a bill of sale to calculate sales tax if the MI title can still be filled in with the data.

Or maybe the FL seller can apply for a title in OK?

 

[Griff]

if he gets the title transfered into his name, it shouldnt be any issue right? He has the legal bill of sale, he just didnt put the title in his name or pay the reg/taxes on it for the last 3 years. If he takes care of that stuff, I shouldnt have to run, or am I missing something more to this?

That is what needs to be done. Then the title is in his name and the taxes were paid.

 

[2scoops]

I had the longest confusing response compiled P.M. me. It is easy in Wa. state, Hopefully the same in yours!

 

[DAREDEVIL]

That is what needs to be done. Then the title is in his name and the taxes were paid.

correct !!!!!!!! Not a problem at all.

 

[phragle]

of the boat wasn't operated during those 3 years...it will probably be considered non-op with no reg due, just the taxes.