Help me out guys...never done this before. Just sold my fishing boat and trailer. Meeting the buyer at a Title and Tag place on Tuesday. Does any money need to change hands? The guy paid me cash at my home, how much does it cost to transfer the title of both items, and who pays the $$$. Thanks fellas...
AKB...Transferring title of boat?
- Thread starter Bkmtnittany1
- Start date
Which state?
Usually the buyer pays for the new title, registration and sales taxes. You should owe nothing
Was this the second best day of owning that boat?
Lol, I’d never heard that before. I told the joke to my wife and she laughed, “I’ve heard that a million times but it’s still funny.” Huh.
Some titles should never be transferred.
Only because now he looks for something better!!
Im not as up on the PA fees as when i lived there but....
Sales tax is based on the sale price. 6% so 180 bucks. Some counties add another 1%
Registration costs are based on the length of the boat....the most expensive being $52 for over 20 feet.
Title transfer fee is usually on rhe order of 10 bucks or so.
Guy paid in cash, plus he is a good friend. What happens if I tell the title guy he paid 500 for boat and 500 for trailer?
Along with a cellmate named Tiny. (But just the one cot.)
That happens all the time in PA. You should be fine at $500 or $1000. The title clerk might question you if you are way off on value but for a boat, just say the condition is poor and they can’t challenge that. In PA the title is actually for the trailer. I don’t recall my boat being titled when I had it.
A bit of more info… the guy paid 3k for the boat and trailer, sort of. What I failed to mention was I also threw in a 9.9 Merc motor with very little hours on it, a 75lb thrust Minn-Kota electric motor, brand new oars, a brand new battery for the trolling motor and a gas can for the merc. The Merc is worth at least $500, the MinnKota is at worst $300
You will be fine at $500 - $1000. All the transfer costs will be on the buyer. 6% sales tax, new tags for the trailer and title transfer fees for the notary.
So long as the price is at least realistic and you trust the friend you should have no problem.
Dont know PA state laws, but typically you only pay tax on the vessel and the trailer. If you do an itemized bill of sale- boat, motor, trailer and accessories- you can save your friend some money in a perfectly LEGAL way.
I dont know if you have an answer or not, but on boating issues I refer to www.thehulltruth.com they are the AKB of boats.
This whole Tiny discussion in a fishing boat thread gives new meaning to “catch and release.”
Get unlimited access today.