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Paperwork / bank account help


frankling

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I've been to see a boat today that I really like. However, the seller's dad originally bought the boat for her, and she wants me to pay the deposit-subject-to-survey/final amount directly to her dad's bank account.

 

I have read past posts on this website saying that when you buy from a private seller, you should confirm that the name on the Bill of Sale / licence / mooring / invoices matches with the name on the bank account. What are the implications if the seller's name is on all the documents, but I pay the money to her dad instead? 

 

Thanks for any help!

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5 minutes ago, frankling said:

Thanks for your reply! I was just looking at the template for the MCA Bill of Sale - if I bought the boat and asked them to fill in this document with both their details as joint owners, would that make any difference? 

 

Which of them is named on their Bill Of Sale?  That's the only proof you will get that either of them own the boat.

 

You will be buying the boat off that named person.  If they want to faff about with the money, then make your bill of sale specify which account to transfer money to and make sure the current owner is the one who signs it.

 

You can't list them as joint owners if they aren't, but I see why you'd prefer to.

 

 

  • Greenie 1
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The daughter is named on their Bill of Sale (although the father is the one who originally paid for the boat).

 

So you think that if my Bill of Sale specifies that the payment is to be made to the dad's account, and the daughter (whose name is on all the paperwork) actually signs the Bill of Sale, that should be good enough?

 

(I'm completely battered from the long drive to see the boat, so sorry if my questions are in any way confusing or replies short! And thank you for your message)

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Just now, frankling said:

The daughter is named on their Bill of Sale (although the father is the one who originally paid for the boat).

 

So you think that if my Bill of Sale specifies that the payment is to be made to the dad's account, and the daughter (whose name is on all the paperwork) actually signs the Bill of Sale, that should be good enough?

 

Yes, I'd do it that way.

 

She can't claim you haven't paid her if the money trail goes to the account specified on the sales paperwork.  She probably wouldn't anyway, but you'd be covered with it in writing and signed & dated.

Just now, ditchcrawler said:

So you give dad the money and the daughter who appears to be the legal owner tells you to take a run and jump as she has decided to keep the boat, what do you do?

 

 

Transfer the money from your phone while stood on the boat with the keys in your hand ...

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52 minutes ago, Machpoint005 said:

Fraught, I'd say. You need to be crystal clear who is selling the boat.

 

If daughter and father want to fanny about between themselves that's up to them, but you should not get involved. 

That is correct, but if the last Bill of Sale has the father as the owner then there is no problem. Assuming he does own the boat outright.

I had to pay my vendors agent cos owner was out of the country, and I made sure that it was clear what was happening.

That was an extra document, nothing on the Bill of Sale.

The essence of the Bill of Sale is that the vendor sells the Boat free of encumbrances, ie any debt or finance on the boat is already cleared.

Both documents had the permanent address of the parties involved, an electric bill or such like is required.

There are stories on here of 'sellers' turning up six months later and 're claiming their boat'

 

The other thing is that the bank may not allow a bank transfer without documentation, due to money laundering laws.

This is something the seller may not have considered.

You may also discuss with your bank what you intend to do.

 

I adapted the RYA bill of sale.

 

There was a document, another signed invoice, for the deposit as well.

I had two witnesses to the bank transfer transaction as I recall, signed. Documentation with transaction amounts and numbers, dates.

They had to provide proof of address, sounds complex, but in fact it was easy enough.

 

Edited by LadyG
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39 minutes ago, frankling said:

OK, that sounds like a solution!! Thank you.

Yes, I do believe her and think that she is honest - it's just that it's such a lot of money that the idea of it disappearing into the ether is horrifying...

I understand fully that you've seen a boat you want and what you do is your decision.  However I smell some dishonesty on the part of the vendor. The most obvious possibility is that she's on some type of means tested benefit which would be compromised if she comes into some cash. Suppose you could call it fraud.

  • Greenie 2
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If your vendor can pretty much prove ownership  (mooring invoices,fuel receipts,insurance certificate,licence receipt and bills for any work done) then specify on the bill of sale/receipt for your deposit specifying the account number that moneys are to be paid into,then I think that is as much as you can do under these circumstances.

If this is not acceptable to the vendor,then walk away.

  • Greenie 1
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