Join Date: May 2004
Location: "Lost In America"
I wouldn't pay it off unless i had the money lying around - you're correct to worry buyer could back out.
I wanna add, when I bught my solstice - it was private party. I would not trust anyone enough to write the cashiers check to them, and trust they would actually pay off the lien. In this case, the lien was with Bank of America. So, I went with the seller to BA, wrote the check to BA, and watched the seller hand it to a BA representative as a patyment to the account for which I KNEW for a fact was the loan on the solstice held by the seller. I was thoroughly satisfied with the way I handled that transaction. can you do that type of arrangment with your buyer and bank????
when I sold the civic, the person just wrote the cashies check to me, and trusted that this is how it works (I knew much more about the process than they did). But they were kind of exposed doing it tht way. I however was not exposed at all as I had the money.
Couple of more things:
remember FOR sure to get a release of liablity, and get ti to the DMV real quick (CA has a 10 day requirement, and BE SURE TO KEEP a copy - I've heard some horror stories - keep it FOREVER in a vdry safe place I was warned by AAA.
Cashiers checks etc, are easily forged now - but also easily verified by banks - be sure to verify it at teh bank BEFORE releasing the keys. I sold the MSM like this ( I held the title on that one - so title wasn't the issue).
Note: when I did all three transactions, they were all closed at the bank (either so I could verify my payment of funds went to the lien - or to verify the cashiers check from the buyer).
Best of luck, hope that helps!
All of the animals except for man know that the principle business of life is to enjoy it.-- Samuel Butler
You can find me at the lake -- RODEOSOLSTICE @ YAHOO.COM