Can anyone out there give me any advice of how to transfer ownership of surveying equipment? The equipment doesn't come with a title, does it? I know they have serial numbers, but is there any kind of paperwork? I am interested in buying some equipment from my old employer because he is offering a great deal and is having some financial problems. Is there any way I can confirm that he owns the equipment free and clear? i.e. no lien from the bank.
Thanks!
We've always used a "bill of sale" listing the equipment with name, serial number, and price. Have done this both for selling equipment and for buying it. Some people don't want the price, but I've found it useful if the IRS questions your depreciation schedule during an audit.
You should be able to do a search in your local county clerk's office to see if he has pledged the equipment against any bank loans. Similar to a car loan.
The insurance company could also have information about liens.
It might be worth writing to the survey dealers and asking what are their policies in regards of acquiring equipment this way.
Liens are not filed at the courthouse and an insurance company won't know what a banker might hold as collateral for a note. Do an internet search for lien search or equipment lien search. There are companies who can help you do this the right way nd it shouldn't cost an arm and a leg.
