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Boat title search?
- Thread starter SCORPIO
- Start date
NYS does issue titles for boats and if there is a lienholder it will be listed on the face of the title itself. Once the lien is satisfied, the owner must send the satisfaction letter and the title to the DMV, and the DMV will issue a new title with no lienholder indicated.
If the old owner never got around to mailing the stuff to the DMV after they paid off the loan then they should at least have a copy of the satisfaction letter. A new owner can take a transferred title and a satisfaction letter to the DMV and have a new title issued in their name without any lienholders on it. In cases like this I would take a few minutes and call the bank that issued the satisfaction letter just to make sure it is valed.
I would say that you are pretty safe if the owner presents a NYS title and there is no lienholder listed on the face.
If the old owner never got around to mailing the stuff to the DMV after they paid off the loan then they should at least have a copy of the satisfaction letter. A new owner can take a transferred title and a satisfaction letter to the DMV and have a new title issued in their name without any lienholders on it. In cases like this I would take a few minutes and call the bank that issued the satisfaction letter just to make sure it is valed.
I would say that you are pretty safe if the owner presents a NYS title and there is no lienholder listed on the face.
Aha, I too was worried about liens and had similar questions when I bought my boat. My boat was also NOT USCG documented but was registered in RI, previous owner was in CT and the manufacturer is in NJ.
I ended up hiring a marine documentation service which called these and neighboring states to see if there were liens. In fact, they followed the boat back through its chain of ownership and was able to document it through USCG by securing forms, signatures, etc.
Something to consider.
I ended up hiring a marine documentation service which called these and neighboring states to see if there were liens. In fact, they followed the boat back through its chain of ownership and was able to document it through USCG by securing forms, signatures, etc.
Something to consider.
BEWARE..........There ARE instances where a Bank....Loan Company...etc. etc. can File a lien on your Boat.....(or car for that matter) and it obviously won't show up on your Title.
New York is NOT a Title Holding State. In some states where there is a lien....the State DMV Holds the title until the lien has been satisfied.....in States such as New York the ORIGINAL (if any) Lien is recorded on the front of the Title and satisfaction of THAT lien must be sent to the DMV to get an Official Lien Release issued by the State DMV. However.....there ARE instances where the owner of a Boat or whatever can offer the boat as collateral for ANOTHER Loan of sorts and the Lender then Files their OWN lien which obviously won't show on the Title because you'll already have it. THAT Lien however IS Recorded at the DMV and it to must be satisfied before the Boat can transfer ownership.
New York is NOT a Title Holding State. In some states where there is a lien....the State DMV Holds the title until the lien has been satisfied.....in States such as New York the ORIGINAL (if any) Lien is recorded on the front of the Title and satisfaction of THAT lien must be sent to the DMV to get an Official Lien Release issued by the State DMV. However.....there ARE instances where the owner of a Boat or whatever can offer the boat as collateral for ANOTHER Loan of sorts and the Lender then Files their OWN lien which obviously won't show on the Title because you'll already have it. THAT Lien however IS Recorded at the DMV and it to must be satisfied before the Boat can transfer ownership.
quote:
Originally posted by Tanqueray
BEWARE..........There ARE instances where a Bank....Loan Company...etc. etc. can File a lien on your Boat.....(or car for that matter) and it obviously won't show up on your Title.
New York is NOT a Title Holding State. In some states where there is a lien....the State DMV Holds the title until the lien has been satisfied.....in States such as New York the ORIGINAL (if any) Lien is recorded on the front of the Title and satisfaction of THAT lien must be sent to the DMV to get an Official Lien Release issued by the State DMV. However.....there ARE instances where the owner of a Boat or whatever can offer the boat as collateral for ANOTHER Loan of sorts and the Lender then Files their OWN lien which obviously won't show on the Title because you'll already have it. THAT Lien however IS Recorded at the DMV and it to must be satisfied before the Boat can transfer ownership.
IMHO.........If you use your car/boat for collateral on a loan....you must produce a title (to prove ownership) to the lender...which...then they file with the NYS DMV as a lein holder....If your vehicle had an original lien.....you will now have 2 lein holders on the face of the title.
This is why the title system was originated......was to stop people from having multiple unrecorded lenders of one vehicle. NY is a title state.
"IMHO.........If you use your boat/car for collateral you must produce a title to the new lender......which they file with the NYS DMV as a lein holder....you will then have 2 lein holders on the face of the title."
Partially correct....Yes any financial institution accepting proof of ownership in the form of a Title here in New York would want to SEE the Title. Key thing here is the word "see" They merely look to see how many "First" Liens are on it. Alot of people these days with sub-prime financing etc. are in positions (and NOT a good one either) where in order to Finance the amount they need due to lack of Cash Dollars they turn towards smaller lending institutions we here call "Mouse Houses" The smaller lending institution takes a "Second" Lien on the property being bought ( Boat....Car.....House....whatever) and files their own lien. Unfortunately these liens often do NOT get recorded on the face of the Original Title But DO show up if a Duplicate Title is ever applied for for whatever reason. (ex....Lost...stolen...etc.)
Scorpio.....I would suggest that before you spend alot of money getting someone to investigate the Lien situation for you that you spend an hour or so on the phone with the New York State ( I'm assuming that's where the boat in question is registered and Titled) ? DMV and ask all the simple questions...
I'm sure there's someone there that will be able to correctly tell you how to go about doing what you're trying to do. You'll probably need to fill out a few forms and it might cost ya twenty or thirty bucks for processing but I'd start there.
Partially correct....Yes any financial institution accepting proof of ownership in the form of a Title here in New York would want to SEE the Title. Key thing here is the word "see" They merely look to see how many "First" Liens are on it. Alot of people these days with sub-prime financing etc. are in positions (and NOT a good one either) where in order to Finance the amount they need due to lack of Cash Dollars they turn towards smaller lending institutions we here call "Mouse Houses" The smaller lending institution takes a "Second" Lien on the property being bought ( Boat....Car.....House....whatever) and files their own lien. Unfortunately these liens often do NOT get recorded on the face of the Original Title But DO show up if a Duplicate Title is ever applied for for whatever reason. (ex....Lost...stolen...etc.)
Scorpio.....I would suggest that before you spend alot of money getting someone to investigate the Lien situation for you that you spend an hour or so on the phone with the New York State ( I'm assuming that's where the boat in question is registered and Titled) ? DMV and ask all the simple questions...
I'm sure there's someone there that will be able to correctly tell you how to go about doing what you're trying to do. You'll probably need to fill out a few forms and it might cost ya twenty or thirty bucks for processing but I'd start there.
Here's some of the DMV rules about titles.......maybe this will help.
http://www.nysdmv.com/broch/c19.htm
http://www.nysdmv.com/broch/c19.htm
Not sure what you mean by an undisclosed lein.......but I believe if you use a motor vehicle in NYS for loan collateral.... the lien holder will be attached to the title. In order to remove a lien....the lender must file a lien release .....and a new title will be issued.
Im sure there are all kinds of scams out there.........but thats how it should work.
Im sure there are all kinds of scams out there.........but thats how it should work.
"but I believe if you use a motor vehicle in NYS for loan collateral.... the lien holder will be attached to the title."
You're right except that they don't get Physically put on the Title. Look...YOU live in New York right? I'm sure you have a Vehivle or two......Don't YOU have the title and/or Titles to them? If you were to go out on Monday and take out some sort of loan and use your vehicle as collateral you would SHOW the Title to the Lending Institution but they don't TAKE it. The4y record the information and file their own lien with the state DMV. They DO have a Lien on it but they're NOT listed on the Title. They ARE however on record atthe DMV. This prevents a new owner from TITLING a car in a new name. It can still be registered......but a new title won't be issued without the Lien Release. It really IS all that simple.
You're right except that they don't get Physically put on the Title. Look...YOU live in New York right? I'm sure you have a Vehivle or two......Don't YOU have the title and/or Titles to them? If you were to go out on Monday and take out some sort of loan and use your vehicle as collateral you would SHOW the Title to the Lending Institution but they don't TAKE it. The4y record the information and file their own lien with the state DMV. They DO have a Lien on it but they're NOT listed on the Title. They ARE however on record atthe DMV. This prevents a new owner from TITLING a car in a new name. It can still be registered......but a new title won't be issued without the Lien Release. It really IS all that simple.
Im not a DMV expert........but I don't believe you can change registered owners of a motor vehicle without presenting the title at that time. To change owners on a title it must be clear. What your saying is.....you can have one name on the title......and a totally different name on the registration.??? I may be wrong....its been a long time since I've had lein holders on my titles.....but that doesn't sound right to me. Who would be responsable for the insurance ?
"To change owners on a title it must be clear. What your saying is.....you can have one name on the title......and a totally different name on the registration.???"
That is correct....to change OWNERS on the TITLE requires a clear Title. However.....as I said before.....a Vehicle (or Boat) CAN be registered in a name OTHER THAN THAT OF THE PERSON NAMED ON THE TITLE (not yelling)
The person being REGISTERED to is responsible for the Insurance. Registering in another name does NOT change ownership. If there's a copy of what NYS calls an 82T form on the DMV Website....take a look at it and you'll see a spot on it that has a provision for just that particular instance. The area is headed....
"Name of Registrant if other than owner"
That is correct....to change OWNERS on the TITLE requires a clear Title. However.....as I said before.....a Vehicle (or Boat) CAN be registered in a name OTHER THAN THAT OF THE PERSON NAMED ON THE TITLE (not yelling)
The person being REGISTERED to is responsible for the Insurance. Registering in another name does NOT change ownership. If there's a copy of what NYS calls an 82T form on the DMV Website....take a look at it and you'll see a spot on it that has a provision for just that particular instance. The area is headed....
"Name of Registrant if other than owner"
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I have used Specialized Yacht Services, Inc.
They do all kinds of stuff like title searches etc. NY 631-321-1600 and in Ft Lauderdale 954-563-6380.
They do all kinds of stuff like title searches etc. NY 631-321-1600 and in Ft Lauderdale 954-563-6380.
quote:
Originally posted by SCORPIO
Walshie, what service did you use and what is the approximate cost of this type of service? This sounds like what I'm interested in doing.
Thanks
Chris
I used "New England Marine Documentation Services" (boatdoc.com). They were very professional. Being that the boat was not USCG documented and I am now the third owner, they received signed releases from both former owners(RI, CT) the original dealer(CT) and the manufacturer (NJ). I forget the exact term used but there are different types of USCG documenation. They were able to secure the better of the two by showing a detailed paper trail. Give them a call.
I believe the fee was either $200 or $400, can't recall. In my case, I was buying from a broker with a less than stellar reputation and I wasn't financing so I didn't have a bank to dot the i's and cross the t's. Others (Robyn's Nest) have also hired such services.
Oh, and in the end, let them get you a quote on insurance, I saved mega bucks over BoatUS.