Problem With Title Transfer

[kingmotorboat]

So me and my father were given a boat by his best friend. Just one problem. The man that gave us the boat is now sitting in jail for a white collar crime and now we have a boat just sitting at dad's house. My question is this if he signed the boat title already how do we go about getting it registered in our name? Or is it best to just leave everything be and steer clear. It's quite a moral dilemma for me who had no boat

[curtis9]

If he signed the title you are good to go.

[WIGuide]

Once he signs the title, it releases it from his name. You take the title in to the DMV or DNR (whoever handles boat registration in your state) and then register it as you would any other boat you would have bought. 

[Fishing Rhino]

Did he assign the title to you when he signed it?  Were/are there any lien holders listed on the title?

 

Do you live in a state with a sales tax? 

 

These are a couple of the issues you may have to deal with.  No lienholders and you're free and clear on the title, unless, the state looks on the transfer of title to you as him trying to hide assets.  If that's the case, the state could take the boat.

 

As far as the sales tax, even though he gave you the boat, the state may still charge you a sales tax based on their determination of the value of the boat when he gave it to you.

 

It's not a big deal, but you'll still have to dot your I's and cross your T's to clear up any possible issues.

 

The only way you'll know is to take the title and try to register the boat. 

[rippin-lips]

Once he signs and prints his name on the back of the title you're good to go as far as that goes.

[Way2slow]

Does the title require a notary? If not you are good. Just fill out all your info and date it. If he dated it when he signed it you will probably have to pay a late fee for the transfer if it has been more that a few weeks.

If it has that ugly little notary block, then you might be screwed, because the transfer signatures have to be notarized, meaning the have to be witnessed by the notary.

, unless you have a very good friend that's a notary, or are in real good with your banker or somebody.