Title company question

[hornbri 1,407]

For all the real estate pros out there. We are in the process of buying a lake house, as part of the transaction we are also purchasing a boat. 
 

Can the title company facilitate the transfer of the property and boat at the same time? Both the house and boat have a lien on them that will need to be paid off. There is no company financing the loan on our side so no other bank involved. 
 

I thought they could but our title company is now saying they cannot do it and the sellers now want us to switch title companies to some one who will. Is this a reasonable request and something a title company should be able to do? Or is this a big red flag?

[Surly Bevo 25,153]

Why the fuck would you need a title company for a boat?

 

Sales

 

In a private sale, whenever possible, both the seller and buyer should go to the nearest participating office to transfer the vessel/boat title and registration and outboard motor title into the name of the purchaser. Trailers are registered/titled separately through your County tax office.

 

Seller – by accompanying the buyer to the local office you are assured that the record is transferred out of your name and future liability for the vessel/outboard motor eliminated. The vessel/boat and/or outboard motor title will remain in your name until a new title is applied for and processed. If you do not accompany the purchaser to your local office, submit a Vessel/Boat or Outboard Motor Ownership Transfer Notification to Texas Parks and Wildlife (Ownership Transfer Notification Online).

 

Purchaser – you can avoid unwanted surprises about your purchase by having the seller accompany you to the local office. If there are any problems with the title, they can be resolved by the seller at that time. DO NOT purchase a used vessel/boat or outboard motor without receiving an original title (signed on the front and back) along with a signed bill of sale from the person(s) listed on the title or from their legally documented representative. If a legal representative signs the title or bill of sale for the recorded owner(s), you must obtain a copy of the documentation authorizing the legal representative to act on behalf of the owner(s). Purchases or gifts of vessels/boats or outboard motors that do not include the title and bill of sale (or statement of gift) will not be eligible for immediate transfer. These may be titled through a more expensive and lengthy bonded title process requiring additional documentation to be acquired and supplied.

 

The seller must:

 

Complete the tax affidavit portion of the Vessel/Boat Application form PWD 143 media download(PDF 259.5 KB) and/or Outboard Motor Application form PWD 144 media download(PDF 173.1 KB), sign and date each form; and

If the vessel/boat or outboard motor is required to be titled, the seller must provide one of the following in their name:

MSO (if brand new); or

Texas title; or

Out of state title/registration (whichever is required by the previous state)

On the back of the MSO, title or out of state title/registration, the seller must print the name of the purchaser, sign, and date. Brown colored titles (newer format for vessels/boats & motors) have spaces on the back of the title to fill in for the bill of sale information.

If a hand written bill of sale is provided instead of on the title or signed tax affidavit portion on the PWD 143 media download(PDF 259.5 KB) and/or PWD 144 media download(PDF 173.1 KB), list the price of the trailer separately from the price of the vessel/boat and outboard motor. A valid bill of sale must contain the date of sale, sales price (excluding trailer), description of the vessel/boat and outboard motor (make, year, and TX or serial number), purchaser(s) name(s) and seller(s) signature(s).

The purchaser must:

 

Obtain the title signed on the back along with a bill of sale.

Complete the rest of the application in the new owner's name, sign and date; and

Out of state or not previously titled vessels/boats and motors must verify the serial number (HIN/MIN) by completing form PWD 504 media download(PDF 241.8 KB) (pencil tracing or photograph of the vessel/boat hull identification AND/OR motor identification/serial number); and

Submit application(s), assigned title(s), supporting documents, required fees and tax within 45 days to Texas Parks and Wildlife Headquarters in Austin, a Texas Parks and Wildlife Law Enforcement field office or a participating County Tax Assessor-Collector office.

Applications for transfer of title and ownership filed later than 45 working days from date of purchase are subject to tax penalties and interest.

[Bernard 879]

No title company is going to handle the sale of the boat. It’s just not what they do. The good news is you can handle the boat sale on your own. It’s similar to buying a car. It’s two separate transactions.

Is the seller worried you’re going to buy one and flake out on the other? If so, give him enough non-refundable earnest money on the house that’s he’s confident you won’t flake.

Bernard

[immamac 43,053]

Can boats convey with real estate? 

[Dbeasy 15,092]

Your RealEstate agent is confused. You just need them to put the boat on a personal property addendum to the contract. The title company can do the debit of the cost, if any. The title itself is transferred via the mechanisms described above.

[hornbri 1,407]

Thanks, I think we are just going to have them do two transactions. The issue is the sellers have moved out of town so they wanted to find a way to just do it all together. 

[TwiceHorn 31,536]

I learned on here in the boating thread, I think, that there are "boat escrow" companies that handle a boat buy, usually pretty big bucks and for people that would have a hard time transacting in person and want earnest money, inspection, delivery etc. more resembling a real estate transaction than your typical motor vehicle transaction.

[blacklab 11,951]

57 minutes ago, TwiceHorn said:

I learned on here 

You should put reading shaggy down for CLE credit.

[Gil Bang 26,021]

So, out here we have escrow companies, and escrow companies and title companies work hand-in-hand closing real estate deals. 

 

The escrow company could handle the boat deal, but the title company is in the business of Real Property only.

 

Escrow companies frequently handle "bulk sales", such as, somebody buys a liquor store, and the inventory is sold along with the building.

[justhookit 4,191]

It’s a boat. They should be paying you to take it off their hands.

[TwiceHorn 31,536]

3 hours ago, blacklab said:

You should put reading shaggy down for CLE credit.

Self-study credit, 5 hours a year, ftmfw.

Edited October 17, 2020 by TwiceHorn

[Enchubben 5,510]

If it FLOATS flies or fucks, better off leasing.  Unless of course you have fuck you money, in which case you buy because...fuck you. 

[IDIOTsavant 8,502]

1 hour ago, Enchubben said:

If it FLOATS flies or fucks, better off leasing.  Unless of course you have fuck you money, in which case you buy because...fuck you. 

I've always heard the nursery rhyme version: if it'll fuck, float , or fly, it's cheaper to rent than it is to buy.