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08-07-2017, 08:10 AM
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#1
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Senior Member
Join Date: Mar 2017
Location: Roaring Gap, NC
Posts: 572
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Selling a MH with a lien and electronic title
We are getting ready to sell our MH and it is going to be tricky when it comes to the actual paperwork.
VA issues only electronic titles now, and since there is a lien on it, I cannot get a copy of a paper title until up to 5 days after the lien is released .
If I were the purchaser, I would want some sort of assurance that the seller was not going to take off with my $$$.
I do have the option of paying it off myself, but then the risk falls on me if the buyer backs out at the last minute.
So my question is - is there something like a Bill of Sale that is legally binding that gives piece of mind to the seller? I know the title in hand is what ultimately matters most, but at least this gives the most assurance that they will receive the title once it is released.
I would be curious to hear thoughts from both a seller and buyer perspective.
Thanks.
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08-07-2017, 08:29 AM
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#2
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Senior Member
Holiday Rambler Owners Club
Join Date: Oct 2012
Location: Tampa FL
Posts: 679
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Just did this in FL.
I met the buyer at a local bank(BoA) that holds the lien (11am). The buyer was told by the clerk how to wire the funds and the payoff amount. I use the FL DMV Bill of Sale template and we had it notarized while at the bank.
By 5pm the RV loan dropped off my on-line BoA acct. I was comfortable releasing the RV to the TX buyer. It wasn't until a couple of days later did the DMV database remove the lien. I could either order a paper title to be mailed to me (DMV only mails to address on Title) or go to the DMV and get a printed title. So the process took a week. I took the plate (only one in FL) and the registration to the DMV (required in FL) and while there, picked up the title. Since the buyer was already on their way back to TX, I went to UPS and mailed it to them (UPS provided a tracking #).
It took a couple of more days for BoA to mail me a check for the excess funds.
__________________
2006 HR Scepter 42DSQ
Holiday FL
RVIA Certified RV Service Technician
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08-07-2017, 09:28 AM
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#3
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Senior Member
Join Date: Jan 2009
Posts: 5,382
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Quote:
I do have the option of paying it off myself, but then the risk falls on me if the buyer backs out at the last minute.
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What is the risk in paying it off? Having no monthly notes (paying no interest) and having a clear title in hand seem like pretty good things to me.
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03 Itasca Sunova, Workhorse P32 with the 8.1 and 4L85-E
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08-07-2017, 09:35 AM
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#4
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Senior Member
Join Date: Mar 2017
Location: Roaring Gap, NC
Posts: 572
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I have a great interest rate so I would rather keep the cash on hand for other things.
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08-07-2017, 01:21 PM
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#5
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Member
Join Date: Dec 2016
Posts: 85
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Recently Did This
In December we purchased a motorhome from a private party with a similar situation in Texas. His lender was an online lender so we could not go to do the payoff with him in person.
I downloaded a Bill of Sale from the internet and carefully included the terms in writing. We conference called with his lender to get the payoff amount. He wired his share of the payoff to the lender in my presence then we both went to my bank and had the purchase price wired to his lender. The same bank officer notarized the bill of sale.
I left with the motorhome, the bill of sale, and copies of his title and his lender payoff information. In my case it went flawlessly. I didn't receive his clear title for about 30 days but had checked with both his lender and the TDMV and found that to be about the right timeframe.
Hope this helps. I tried to cover all my bases against fraud since I was driving away without a clear title. In our case everything went flawlessly
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2009 Winnebago Journey 34Y
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08-08-2017, 08:13 AM
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#6
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Senior Member
Thor Owners Club
Join Date: Jun 2012
Location: Mitchell South Dakota
Posts: 1,177
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Hers is what I would do.
You mentioned you have the $$ on hand to pay it off for a clear title and thus have the title in 5 days.
With your buyer, I would negotiate a final deal, they have inspected it and ready to buy, then write up a bill of sale with a min of $500 cash down payment. Probably more like $1000 will make them think twice of backing out. Stipulate you will have delivery in XXX days for you to detail and finalize paperwork on your coach.
When we purchased ours, the owner had a note on it and he gave my name to the lender authorizing me to check inquiries on his account. When I flew to Florida to inspect it and pay for it, I verified everything he told me with his lender that the balance was paid before I wrote him a check, minus my deposit. He then verified everything with my bank for funds and we I waited in Florida for a couple days on his title and of course he made sure my check cleared the bank but everything went smoothly. If he had done that ahead of time it would have went faster but of course I understood he had no assurance I was going to buy it until I had it inspected. I'm just thinking if you held the title in hand, it would increase your odds of a faster sale.
__________________
06 King of the Road 37RLQS
06 Coachman Cross Country 5.9L 300HP 382 DS
03 Jeep Wrangler, 4.0L James, Trina, SMSgt, USAF Ret
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08-08-2017, 08:29 AM
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#7
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Moderator Emeritus
Join Date: Jan 2000
Location: West Palm Beach, FL. USA
Posts: 27,676
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I too just did this in Florida with electronic title. Buyer gave me a check made out to me and the lender (BoA) and I gave him a Bill of Sale, which we both signed and a bank employee signed as a witness. BoA filed the electronic Release of Lien 5 business days later and I then obtained a paper title which I signed and express-mailed to the buyer (out of state). If he had been a Florida buyer, I could have transferred the title to him electronically.
There is nothing magical about a Bill Of Sale - it merely needs to identify the item (year/make/model and VIN is sufficient for a vehicle) and a price and have sellers name, signature and date. Buyer info should be included as well, but a buyer signature is optional.
You can probably find forms online that are suitable, but I just typed up my own. If there are sales-related agreements, e.g. date to be delivered or repairs promised, the Bill of Sale is a good pace to document those as well. Buyer should sign if buyer is making some promise as part of the agreement.
__________________
Gary Brinck
Former owner of 2004 American Tradition and several other RVs
Home is West Palm Beach, FL
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