How can I buy a boat if a collection agency says it not worth repossessing but still has the title?
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How can I buy a boat if a collection agency says it not worth repossessing but still has the title?
My neighbor went bankrupt and gave the title of his boat back to the bank. He owed very little on it and the bank gave it to a third party collector. He said he called the bank and they said it’s not worth them repossessing the vessel. So he’s stuck with a boat with no title. Can I legally buy this from him with a bill of sale for a $1,000? How do I get a title? Would they settle or give me the title back so I can register the whole boat?
Asked on November 26, 2011 under Bankruptcy Law, Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you want the boat that is in possession of your neighbor but he does not have registered title to it, the best thing for you to do if you really want to buy it is to contact the person of entity that holds registered title to the boat and try to buy it. It would be a waste of your money to pay your neighbor $1,000.00 for the boat since he does not have registered title to it.
Unless you obtain registered title for the boat and the presumed trailer that the boat sits upon, possessing the boat in the long run will do little good for you. To use the boat upon a navigable waterway in this country, you have to pay a yearly fee to the state that you want to use it in. You will be unable to pay the fee unless you can demonstrate that you have registered title to the boat.
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