I am interested in purchasing a boat on which the seller has a loan. The boat is in Virginia. Obviously, the easiest and safest way from my perspective to complete the deal is to draw up a detailed bill of sale; for the seller to pay off the loan, get a release from lending company, and sign off the title to us. In this case, would you give him a deposit in good faith? What percentage of purchase price is reasonable? Would you have possession of the boat?
If seller does not have the money to make payoff prior to sale, what would you do? Are there lawyers or brokers who can facilitate the sale similar to closing on real estate in the area?
Thanks
If seller does not have the money to make payoff prior to sale, what would you do? Are there lawyers or brokers who can facilitate the sale similar to closing on real estate in the area?
Thanks