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Old 17-04-2014, 08:45   #1
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How does the Closing Work?

One day soon (I hope) I won't have to ask these stupid questions. I did google this but got a bunch of crap on financing and buyers brokers yada, yada.

Can someone please explain the closing process? Am I supposed to hire a title company or will the listing broker take care of whatever paperwork? Does the boat have a title, like a car?
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Old 17-04-2014, 08:53   #2
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Re: How does the closing work???

I would use a marine title company to handle the escrow funds, lien search and title transfer and distribution of fund. Banks and finance companies would require you to use a title company. Do not use a broker!
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Old 17-04-2014, 08:57   #3
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Re: How does the closing work???

I closed about two weeks ago, while I didn't use my Broker, I went with a marine title company they recommended, it does cost some of course, but has been painless, you don't even have to be there to sign documents etc. Actually the whole process was a little scary as the loan app was done in about 60 sec by phone and everything, it's gotten scary easy to spend large sums of money.
I assumed it would be like buying a house was, it ended up being easier than buying a car.
(fingers crossed)
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Old 17-04-2014, 09:00   #4
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Re: How does the closing work???

Have you asked your broker? We have asked ours a million questions. Evidently, it hasn't bothered him, because he has asked if he can come out with us.
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Old 17-04-2014, 09:02   #5
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Re: How does the closing work???

We didn't get a paper title per se but we did get a release document from US registry. In your case I think what you'll get is something to evidence transfer of registration into your name. If it was me, for the size of transaction you are contemplating, I would for sure find a title company and I'd make sure they weren't about to go broke as soon as they got their mitts on my money. I'm sure its possible to do the transaction yourself, just as it is possible to transfer title to a house without using a lawyer, but I wouldn't do it unless the amounts involved were trivial.
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Old 17-04-2014, 09:03   #6
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Re: How does the closing work???

GG,

I just sent you a PM with the company we used to do our title work and USCG documentation.

Good luck,

Jesse
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Old 17-04-2014, 12:42   #7
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Re: How does the closing work???

A marine title company can certainly do all this for you. There is a reputable one in Anacortes, WA, that I hear is very good but I have not personally used them.
There are others - get some references. We are looking at boats in Mexico and we will probably go with the one here. You can document the boat yourself with the USCG - you do need to send them a copy of the bill of sale and a fee. The title company will do that as part of their deal but it is easy to do yourself.

We did all the paperwork ourselves when we bought our Whitby from a Canadian in 1999. That's a while ago but I don't think the basics have changed. From what I know the title search is just a query to the USCG documentation site. It is free and will tell you if there have been any liens filed on the boat in the US. If you use a title company make sure they are on the hook for ALL issues - liens not filed yet, liens in other countries, etc. Read the fine print. But I think you can do it yourself. If you are financing the bank probably will require a title company.

The good thing about a reputable title/escrow firm is that they can handle the money back and forth for you. We didn't do that and both the seller and we were somewhat nervous about the whole deal.

I am not sure if they handle the selling/buying contract though. But the the title/escrow would certainly verify that all documents are there and signed, especially the bill of sale. Just two cents from an amateur. Have fun with your new boat.
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Old 17-04-2014, 14:04   #8
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Re: How does the closing work???

Thanks everyone for the good info!!! I just hired a titling company from one of your recommendations. Things are falling into place. Hopefully the survey will go well
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