Questions about selling

OP, some sound advice thus far... Regardless of how the buyer secures the loan, ie; using your RV or some other form of collateral, my experience is to require a wire transfer. Once received by your financial institute, then sign the title over as per your state's requirements.
GLWTS,
Gary

I also would accompany on the test drive. I think it would make many buyers more comfortable with the process, and likely you have a better understanding of the local roads than they do. It also makes it harder for a completely unscrupulous person to just drive off into the sunset with their new (stolen) RV.

Watching them get a bank check is nice if there's a reasonably local branch of their bank near you. If there is not, you have rather more limited options. Some may suggest that you not turn over the title until you verify that the funds clear, but that merely transfers the burden of trust from you trusting the buyer to be basically honest to the buyer trusting you to be basically honest--which is perhaps better for you, but not an improvement in the process overall. I know as a buyer I would be rather loathe to hand over my hard-earned money for the promise of the future production of the title.

The buyer, after purchasing the motorhome, should generally not drive it home using your plates. (If you live in one of the few states where plates stay with the vehicle rather than the owner, that's obviously a different situation.) Generally if the buyer is a resident in the state they would need to go to the DMV and obtain their own plates, paying the various taxes and fees and such needed. If they're from out of state, generally there's an "in-transit permit" that can be had for a nominal fee that gives a temporary registration to drive it home. In Minnesota, it looks like the fee for a non-resident temporary permit is one whole dollar.

j-d wrote:
Find a way to make sure the buyer actually transfers title FROM YOU. In FL, signing the title over does not "sever" your ownership. State DMV makes it clear that the New Owner has to complete the transfer. If somebody pays for the unit, takes it and doesn't transfer title, then if anything happens, the search will lead back to you.

Using a lender, may actually help with this as noted above. Get everything notarized, too, even if state doesn't require it. Then, if buyer understates price paid to avoid sales tax, you have stronger documentation to show you didn't enable that.

OP here - Thanks! I read where you said that on an older post. That was exactly why I made my last comment about needing to look into it where I live.

pauldub wrote:
Regarding the buyer getting a loan, their lender isn't going to give them money without having the title in hand.

OP here - That's my concern. I give them the title. For whatever reason I don't get money (their loan doesn't go through, check to me from the lender gets lost, whatever, any number of reasons...). Once I give up the title I'm in a risky spot. Hoping to find a buyer with cash!

Find a way to make sure the buyer actually transfers title FROM YOU. In FL, signing the title over does not "sever" your ownership. State DMV makes it clear that the New Owner has to complete the transfer. If somebody pays for the unit, takes it and doesn't transfer title, then if anything happens, the search will lead back to you.

Using a lender, may actually help with this as noted above. Get everything notarized, too, even if state doesn't require it. Then, if buyer understates price paid to avoid sales tax, you have stronger documentation to show you didn't enable that.

When we purchased, I made a deposit via PayPal, after seeing the RV in person. They cashed my cashier's check at their Bank while I waited, then handed of the keys and title.

Regarding the buyer getting a loan, their lender isn't going to give them money without having the title in hand.

Can't help with all your questions but recently sold my 5er and my truck on Kijji (Canadian craigslist). Wrt money changing hands, in both sales I met the buyer at the bank and witnessed them getting a bank draft which I promptly deposited. Lucky they did not need financing.

I would ride in the motor home with the potential buyer and I would accompany them to their bank to get the check. In the state I live in, you just sign the title and report the sale to the state as explained on the backside of the title.