I am trying to finalize a private sale on my horse trailer, which currently has a lien holder (we still owe on the trailer).
We are trying to figure out how to protect both parties, as I will not have the title until the purchase is completed and the loan paid off. I think I need an escrow service to manage this - however, I contacted the title company I've used for real estate transactions and they do not offer this service on RVs.
Any suggestions? Wondering if a trailer dealer would perhaps be willing to serve as escrow agent for a fee? (The trailer is currently in Michigan, buyer is in Ohio).
Posted 2014-07-02 4:34 PM (#159688 - in reply to #159687) Subject: RE: escrow services/agent for trailer sale?
Expert
Posts: 3853 Location: Vermont
If a title transaction involves the sale of a trailer with a bank lien against the title, the bank or finance company may act as an escrow agent between the buyer and seller. The lien holder has its own interests at stake because it wants to ensure that the lien is paid off. A bank will accept a check from the purchaser and verify that the funds are available and the money received. At that time, it will release the lien on the title, giving clean title to the buyer, and pay the seller any money remaining from the proceeds after the lien payoff.
escrow services/agent for trailer sale?
