Seller wants cash?

[speciald@ocens.]

I sold a boat once and the buyer paid me in cash. Wonder where that money came from?

[speedoo]

Cash for down payment? Will they want cash for future payments on the note as well? Probably yes. I would certainly not do it.

[AnchorageGuy]

as a broker in a prior life I would strongly urge you to either pass on this purchase or explain to the seller that you would prefer not to handle this transaction this way and ask to do an escrow account. If they balk then be sure they planned something other than a straight purchase. California does not have a title as proof of ownership and you could be out your hard earned cash. But the ultimate decision is yours.

[ssullivan]

Just be happy your people aren't demanding gold bullion!

I had a guy show up to buy my boat with a suitcase full of HUGE gold bars.

(see thread entitled "grifters") from years gone by on this forum

I say do what Chuck suggests. Get escrow, do a title/lein search with a company like Atlantic Boat Documentation and follow the paperwork to a "T."

[Pblais]

If I were to make a list of the greatest all time posts of CF Capt Sully's "grifters" thread would easily make the short list:

http://www.cruisersforum.com/forums/...-out-5701.html

Aside from being a great lesson it reads well and tales place in the big city. Colorful characters and a boat. Could be a great movie.

[Chief Engineer]

I can't elicit a laugh from anybody.

I would like to be a "stand up philosopher", Like Comicus in History of the World Part I

Originally Posted by Chief Engineer

Good Day Mr. Al Mostthere,

I am Barrister Ongobongo Mbaban I have a lovely sailing vessel for you to consider. It is a 52 meter Canardley-Floats Designed Schooner. Please forard your cash to me in a mayonaise jar to Po: Box.........Lagos, Nigeria

Originally Posted by S/V Antares

Chief! Thats too funny!
Almost There. Is CA a title state? Was the boat registered? Something smells funny.

[The Mons]

Does your boat insurance cover you in any way if it is stolen through a fraudulent deal?

[Charlie]

Originally Posted by The Mons

Does your boat insurance cover you in any way if it is stolen through a fraudulent deal?

Probably not. In Real Estate that's what title insurance is for.

[Pblais]

Does your boat insurance cover you in any way if it is stolen through a fraudulent deal?

You need to prove the fraud case before you might be able to collect. I couldn't sell you my boat then claim fraud and get the insurance company to pay me off. To collect I would need to prove the fraud case to the satisfaction of the insurance company otherwise they would claim I don't own the boat.

You are left proving the contract agreement was fraudulent and that is a felony. If the boat leaves the state it becomes a federal crime as well. You would first need to convince the police the crime was committed. The criminal report could be used as a basis to pay a claim just as if the the boat was sailed away in the middle of the night. The insurance company is not going to want to pay you if they think you were in on the deal and they are the ones with a fraudulent claim.

California is a title state, however, if the boat is documented, there will be no California title. BUT, it is possible to have a California Title on a documented boat, if, when the boat was turned to documentation, the title was never turned back in to the state. If this happens, the owner could sell you the boat, transfer the California Title, then not transfer documentation. Trying to get the documentation transferred in this instance is virtually impossible. This means, they still own the boat, and money is gone. The state of California does not communicate with the Coast Guard on documentation/Ownership issues.

[Pblais]

The state of California does not communicate with the Coast Guard on documentation/Ownership issues.

Neither would recover your boat in any case or situation. You are really only left with the criminal case. It would be criminal to not return the title back to CA and then document the boat with the USCG. It would be criminal to transfer a boat with an ilegal title and it would be fraudulent to not properly transfer the title in a sale.

I would agree the state title department isn't going to do anything but you can file a criminal complaint with the police. If you can prove that money changed hands then you can prove the fraud case and get a judge to issue a warrant for the sellers arrest.

[David M]

Not to mention you still have to pay a state sales tax.

[KGP]

Originally Posted by ssullivan

I had a guy show up to buy my boat with a suitcase full of HUGE gold bars.

(see thread entitled "grifters") from years gone by on this forum

Wowza, that's an interesting story. I certainly learned something from it; Take the gold, give no paperwork and report boat stolen! J/K, glad that worked out.

I'm actually in a business where we make money by being careful in mitigating risk with financial transactions. If the hippies want cash, they are hiding something from someone, and you need not play along.

[S/V Antares]

As an old "Hippie" I think it is not an unreasonable request to ask for payment in the legal currency of the land. Many of you are assuming fraud but have little to base this on. I aggree this does not pass the smell test very well but if the transfer of documentation and or title can be accomplished within the legal parameters and to the satisfaction of both parties and their counsel then the payment in cash is legit. What the low life, rope smoking, freedom loving, VW driving, vegan, anarchest do with the cash is non of your/our business. They might be replanting the rain forest or buying carbon credits for the needy. "Wow man... what a trip!"

[David M]

On the other hand, somebody who is willing to take a form of payment that creates a paper trail shows that this person is much more likely to be legitimate. Cash is fine for small transactions, but for large transactions, I think using cash is foolish because of the lack of proof of payment and the chance of losing cash or having it stolen. Its better for the banks to deal with the movement of large transfers of currency.