When buying or selling a car, boat or RV, there’s a lot of paperwork you need to gather, complete and exchange before the sale is finalized (as we broke down in our DIY guide). However, even after everything is signed and closed legally, there are often afterthoughts that can occur, throwing a wrench in a transaction that otherwise would go off without a hitch. To help you avoid these situations, we’ve dissected some common afterthoughts and how to best prepare for them.
Does your vehicle or vessel need to be inspected?
The answer to this question in most cases is a resounding “yes.”
For local transactions, the buyer can take the lead here and take the car or RV to a trusted friend/mechanic/appraiser of their choosing. This is more complicated for transactions that occur between two states or internationally. With a little research and few phone calls, however, it’s easy to find a local inspector to do a good job — the buyer should just be sure to hire one themselves and not one recommended by the seller. Independent repair shops and most dealer service departments should be happy to do the inspection.
For boats, the inspection is often called a marine survey. Like car inspections, many people hire a local surveyor to inspect the boat, who will complete a thorough visual inspection as well as check the sound laminate with a hammer or moisture meter. The importance of the survey varies depending on the boat’s age, size and its number of systems. Both buyers and sellers can use the services of a surveyor to determine the actual value of a boat. MarineSurvey.org is a good resource to find a local surveyor.
Does your vehicle or vessel need to be transported?
If the buyer is unable to pick up this vehicle/vessel in person, transportation can be a big hassle if they’re not prepared for it. In most cases, this responsibility falls on the buyer, unless the seller is kind enough to offer their services.
For cars and RVs, the buyer can usually simply drive the vehicle home. This can be tricky if the trek home requires several hundred miles of driving, as time and money restraints start to become a bigger factor. If the car is being shipped, contacting a trusted auto transport company is highly recommended. If at all possible, it’s best to do a walkthrough with the transport driver, even taking pictures of pre-transport condition. Also note that the transportation of any vehicle should always be insured, because damages are not uncommon.
Like cars and RVs, when transporting a boat it’s best to insure the boat and make sure it’s being handled by a trusted professional. It’s not uncommon for a boat to be purchased with a trailer, which, depending on your state, may require a separate set of paperwork to acquire a title, insurance, etc. Your local DMV should have a checklist of all the necessary information.
PaySAFE helps give both buyer and seller peace of mind
Once you and the seller finalize the sale and any afterthoughts are addressed, using PaySAFE will ensure that no money exchanges hands until the details of the transaction are completed and approved by both parties (including successful inspection and transportation). PaySAFE’s paperwork-free online tools are free and easy to use and act as a neutral third party which provides transparency to both buyer and seller during the entire transaction.
For more information on how PaySAFE can work for your next major purchase, visit our website.