What to do when selling a trailer?

[acdii]

I have mine up for sale and have a potential buyer. What steps do I need to take to protect myself and make sure the buyer has what they need? There is still a lien on it, so no title to hand over, which is what prompts my question.

[sundancer 87]

Originally Posted by acdii

I have mine up for sale and have a potential buyer. What steps do I need to take to protect myself and make sure the buyer has what they need? There is still a lien on it, so no title to hand over, which is what prompts my question.

Wouldn't you pay off the note when you make the sale and then get the lien release for the buyer?

For protection it might be best to check with your local MVD to see what needs to be done to satisfy them.

[acdii]

Originally Posted by sundancer 87

Wouldn't you pay off the note when you make the sale and then get the lien release for the buyer?

For protection it might be best to check with your local MVD to see what needs to be done to satisfy them.

Well of course the loan would get paid off, but that doesn't happen at the time of sale, which is why I am asking questions. I don't know what paperwork will be needed for the buyer to be able to go to his/her DMV and register it. I sent an email to a friend of mine who owns a Ford dealership to see if they can do the paperwork, but he wasn't sure if they can. I mainly want to protect myself and make sure I don't get handed a bad check that appears good.

[franktafl]

When I purchased my mini cooper, we went directly to the bank (I had a chashier's check-certified) and the person I purchased the car from handed it directly over to his bank with me there also. We also negotiated a bill of sale at that time and had it notarized by the bank that they accepted this check as payment and payoff on the loan and negotiated the title at that time..

[edwin sandel]

More than likely your lien holder is out of town. The buyer would need to call the lien holder and find out the payoff, then send certified check to the lien holder for the playoff plus any overage. Then the lien holder or bank will send the title to the buyer and a separate check to the seller if the sale amount exceeds the lien amount/ Most of this is done overnight by fed-ex or UPS next day.

[capeharj]

The sale should be a Where is, As is sale, make no guarantees and the buyer gets what he sees. Let him try all the systems and that is it. You have to clear the lien in order to transfer the title.