Escow accounts??
My wife and I are interested in purchasing a 1 or 2 year old Class A MH in the near future, our 4th unit since 2000. Mainly only interested in private party sales, would like to skip the BS at many of...
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What other people have experienced in other states is of no bearing to what you will run in to in Florida. As I said, by Florida statutes, all banks or finance companies use electronic titles for ALL transactions that have a lien holder. Electronic titles
You can go to the sellers bank and pay off the loan, but you CANNOT walk out with any paper title or anything else that you can take to the DMV. The title will be released at the DMV by the company that I listed above, which does not happen immediately, especially if there is any kind of delay in processing your funds that were used to pay off the loan.
Once the electronic title company releases the lien to the Florida DMV, you and the seller can walk into any Florida DMV office and the SELLER can BUY, for about $20, a paper title. He can then sign over that paper title to you and you can register the vehicle in your name, after you pay the necessary sales tax and title fees. If you want to walk out with a paper title in your name, the DMV will print you one for $20.
Prior to going through these steps, you can write up a sales agreement between you and the seller and have it notarized but unless his bank is going to finance it for you, they do not care what kind of agreement you have with the seller. That is out of their hands. All they want is for the loan to be paid off.
You can go to the sellers bank and pay off the loan, but you CANNOT walk out with any paper title or anything else that you can take to the DMV. The title will be released at the DMV by the company that I listed above, which does not happen immediately, especially if there is any kind of delay in processing your funds that were used to pay off the loan.
Once the electronic title company releases the lien to the Florida DMV, you and the seller can walk into any Florida DMV office and the SELLER can BUY, for about $20, a paper title. He can then sign over that paper title to you and you can register the vehicle in your name, after you pay the necessary sales tax and title fees. If you want to walk out with a paper title in your name, the DMV will print you one for $20.
Prior to going through these steps, you can write up a sales agreement between you and the seller and have it notarized but unless his bank is going to finance it for you, they do not care what kind of agreement you have with the seller. That is out of their hands. All they want is for the loan to be paid off.
