Buying a 1989 fisher with a payed off lien on title

[Bushwookie]

So as the header said I’m looking to buy a 1989 fisher sv18 gt that looks to be in great condition on internet. I have been talking with him back and forth for a week and the title thing came up. Boat is his father Inlaw’s who owned it for 20 years or so payed off boat a while back but his title still has lien on it. He is trying to track down the bank that bought his bank years ago and get a release. I live in New York if it matters but I called dmv and asked if I can purchase the boat and get title and registration in my name but lien will still show on title. Question is this common and sound right and what’s the chances he actually has an active dept owed to a bank on it.

 

[Bushwookie]

Sorry dmv stated yes but lien will still show on title

 

[JASinIL2006]

I wouldn’t buy a boat with a lien on the title. If it truly was paid off, the seller should be able to get a free and clear title.

 

[roscoe]

He’s going to have to get a lien release form from the bank.

Someone somewhere has a record of the loan being paid off. His job is to find that record

 

[matt167]

If it’s a NY title it will say who the bank is and google will know where that bank ended up and where to go.

I just bought a car in NY. Title had Lein, they made sure to get the release from the bank for me. It’s their responsibility. Yes I could have titled it with the lein still on it and it probably wouldn’t have mattered, given I plan to be that cars last owner. I wouldn’t do it otherwise as at that point it would never leave the title

 

[Scott Danforth]

I would tell the seller to get it taken care of. because you as a buyer can not.

or walk away.

 

[Bushwookie]

Ok sounds about right thanks. His father Inlaw was going to send cope to one main financial (where it ended up) hopefully he gets release by this weekend I really like the boat

 

[tphoyt]

Definitely wait until they get a clear title.
If it’s clear they won’t have a problem getting an updated title.

 

[tpenfield]

As stated, don't get sucked in. The seller should have clear title . . . don't make it your problem.