Viv and Denis Posted February 2, 2016 Report Share Posted February 2, 2016 We are planning to purchase a used motor home (considering 2014, 2015 Tiffin Allegro Bus 45LP) this summer. We are curious about how the financial transactions should work between the seller and buyer. In a home purchase, there would be inspections, title searches and other things coordinated in escrow. Outside of inspections, I don't see much legal formality in motor home transactions. What should we be considering to protect ourselves as we move into a purchase? Link to comment Share on other sites More sharing options...
wildmandmc Posted February 2, 2016 Report Share Posted February 2, 2016 Good question, as here in florida, last few yrs been a big rash of fake owners that have tried to sell/rent homes to unsuspecting ppl. An that they were not the true owners of the property. Basicly they just take the deposit from ppl. then run. 2000 Itasca Horizon DP (Got Total During Irma). Vice President of Charlotte County Defenders LE MC http://charlotte.defenderslemc.com/ Link to comment Share on other sites More sharing options...
StarDreamers.us Posted February 2, 2016 Report Share Posted February 2, 2016 A good reason to consider buying from a dealer. Just be careful whatever you do. The world/people have truly changer more than we know. Good luck. Safe Travels! SKP #89742 - Lifetime membership - Member of the SKP Class of 2007Good Sam Club - Lifetime MemberDataStorm #5423Passport America - Lifetime MemberSons Of The American Revolution (SAR) - Lifetime MemberAmerican Legion - USAF - Lifetime MemberRotary Club Member - 30 years Escapee CARE Supporter National Wildlife Refuge Volunteer Link to comment Share on other sites More sharing options...
Kirk W Posted February 2, 2016 Report Share Posted February 2, 2016 A motorhome sale is treated as an automobile transaction. The best way to do this depends to a large degree upon the circumstances of that transaction. The inspection is not a part of the legal requirements, but it is pretty important for most of us unless you consider yourself to be an RV expert & an expert mechanic. Even then you would be smarter to pay a professional to do that inspection for you and to make the results of the inspection a part of the purchase transaction. Just how it is completed depends upon whether the subject RV has an outstanding loan against it. In most states the lien holder will also possess the title to the RV but there are some states that do not title RVs and there are some that send the title to the owner, but have a lien recorded on the back of the title. You need to know what the situation is in the state you will purchase in. If you are buying from a dealer they will know the requirements and have an employee who handles all of the requirements and who can usually be trusted. I say usually as there have been dealers who were closed up for selling RVs that had a lien that had not been paid off and thus did not have clear title. It is important that you actually see the title to know exactly what is recorded against it and if there are any recorded liens, that you receive a release from each of those liens with the title when you buy. In most cases, there will be only one lien and that will be recorded so you can arrange to make the purchase transaction at the institution where the title is held and thus pay the lien portion of the money to the loan officer and the remainder to the seller and then receive both the signed off title and a release of the lien from the bank. That is the only way that I would buy an RV with a loan outstanding from a private seller. I would never make that kind of RV purchase from a seller who had no state issued title. You could also pay some third party to handle the sale for you. There are attorneys who will act as an escrow agent for this sort of sale and some RV dealers will do so for a fee. If you are out of state, that is what I would probably do. Good travelin !...............KirkFull-time 11+ years...... Now seasonal travelers.Kirk & Pam's Great RV Adventure Link to comment Share on other sites More sharing options...
Jack Mayer Posted February 2, 2016 Report Share Posted February 2, 2016 I'm not sure how you do a transaction in the presence of the lien holder if the holder is a financial institution like Essex or Alliant credit union. They do not have nationwide offices. Doing something physically at their location is just about impossible. SO how is it handled in that case? About the only way I'd do it is with an escrow agent. OR if the owner was a trusting soul I'd wire the payoff amount to the bank ONLY if the bank would send the title to ME....and in most cases they will not - they will want to send it to the person they loaned the money to. So it is a problem, for sure. One of the reasons I will not buy from a private party unless they have a clean title. Jack & Danielle Mayer #60376 Lifetime Member Living on the road since 2000PLEASE no PM's. Email me. jackdanmayer AT gmail 2016 DRV Houston 44' 5er (we still have it) 2022 New Horizons 43' 5er 2016 Itasca 27N 28' motorhome 2019 Volvo 860, D13 455/1850, 236" wb, I-Shift, battery-based APU No truck at the moment - we use one of our demo units 2016 smart Passion, piggyback on the truck -------------------------------------------------------------------------See our website for info on New Horizons 5th wheels, HDTs as tow vehicles, communications on the road, and use of solar powerwww.jackdanmayer.com Principal in RVH Lifestyles. RVH-Lifestyles.com Link to comment Share on other sites More sharing options...
KRum Posted February 2, 2016 Report Share Posted February 2, 2016 Not to hijack this thread but in a private sale what documents should one ask for from the seller? Clean Title Bill of Sale showing price and any tax paid Odometer Disclosure Statement Damage Disclosure Statement I've always been a tinkerer and a fixer... So what better way to stay active in my retirement than to buy an RV... Link to comment Share on other sites More sharing options...
Kirk W Posted February 2, 2016 Report Share Posted February 2, 2016 Not to hijack this thread but in a private sale what documents should one ask for from the seller? The answer to this depends upon the state where the sale is and what state the purchased RV will be registered in. You need to verify the requirements with the DMV of each state. Good travelin !...............KirkFull-time 11+ years...... Now seasonal travelers.Kirk & Pam's Great RV Adventure Link to comment Share on other sites More sharing options...
KRum Posted February 2, 2016 Report Share Posted February 2, 2016 The answer to this depends upon the state where the sale is and what state the purchased RV will be registered in. You need to verify the requirements with the DMV of each state. Each State seems to have its own set of standard disclosure statements and title transfer forms... Which State form should be used - the seller State forms or the buyers State forms? I've always been a tinkerer and a fixer... So what better way to stay active in my retirement than to buy an RV... Link to comment Share on other sites More sharing options...
Kirk W Posted February 2, 2016 Report Share Posted February 2, 2016 Which State form should be used - the seller State forms or the buyers State forms? Legally it would be the state where the sale takes place, and typically that would be where it is currently titled. It might not hurt to check with the state it will be titled in as well. Good travelin !...............KirkFull-time 11+ years...... Now seasonal travelers.Kirk & Pam's Great RV Adventure Link to comment Share on other sites More sharing options...
chuckbear Posted February 2, 2016 Report Share Posted February 2, 2016 As a boat broker for decades I have had to deal with the same type of situation many times. If no lean, no problem. I too recommend an inspection by a qualified RV service shop. If there is a lien, you will need to contact the lienholder directly if they have no local office. Explain the situation and give them the date of the closing. They will give you the payoff as of a few days past that date to allow for transfer or mailing of funds. Most fund transfers can be done electronically by your bank. Arrange to have the funds divided and transferred to the seller and lienholder. Do the necessary transfer of ownership papers depending on what state your dealing with. Apply for a new title and registration. You will need the lien release to get the new documents so that may take a few days for the lienholder to get that to you. have all documents including a Bill Of Sale notarized. Not all states hold a title with a lien, so the current owner can sign it over to you. You can do a title search at the DMV where the vehicle is registered. That will tell you that the seller owns the vehicle and if there is more than one lien. It will also tell you if the vehicle has ever been totaled and rebuilt by someone. It sound complicated but it just takes a little time. You will probably have to pay for a title search, etc. but it's not expensive. Good luck. Chuck Chuck and Susan 1999 Fleetwood Bounder 34 Triton V10 on Ford Chassis Link to comment Share on other sites More sharing options...
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