Cruisers Forum

Join CruisersForum Today

Thread Tools Rate Thread Display Modes
Old 15-08-2009, 11:19   #16
Registered User

Join Date: Aug 2009
Location: SWFLA
Boat: Catalina 25
Posts: 38
Get an Admiralty Attorney - one that has handled boat conveyances before

JackHinks is offline   Reply With Quote
Old 16-08-2009, 15:02   #17
Senior Cruiser
osirissail's Avatar

Cruisers Forum Supporter

Join Date: Feb 2009
Location: A real life Zombie from FL
Boat: Gulfstar 53 - Osiris
Posts: 5,416
Images: 2
To specifically answer your questions, it is necessary to know several things. One is the purchase price significant - over $10K? Assuming USA, is the boat State registered or USCG Documented? And the biggy, are you taking out a loan to buy the boat and using the boat as collateral for the loan?
-- If the last question is yes, you are taking out a loan to buy the boat, then you had best go through a "reputable broker". He will do all the leg work and earn his money. Lawyers are necessary for houses but not for boats. A reputable broker will arrange everything from title transfer to USCG Documentation to making sure all liens and claims on the boat are satisfied. He is "your man".
- - If the boat is under $10K and/or there are no bank loans involved, then you can do everything yourself. State registered boats are simple as the State title has a transfer of ownership on the backside. USCG Documentation is also simple and the forms are available online - the cost for my 50 foot boat was $94 plus notary services for a Bill of Sale I wrote myself.
- - All the suggestions above are based on your exposing lots of money and wanting some "assurances" as to the value and serviceability of the boat. The "man" to do that for you is the broker - a "good" broker. If he is good he will help you lower the purchase price to cover his "percentage." Only "Maritime Lawyers" can handle ships and boats, it it out of the scope of normal lawyers. And they are not necessary as virtually all boat sales agreements contain a version of "as is, where is" with no warranties implied or offered on used boats. There is just too many variables in construction, past history, and upkeep to be covered. That is why it is suggested and required by bank loans and insurance companies to have an out of the water thorough licensed survey done. They want to know what condition this boat is really in and what are its hidden problems, if any.
So, Yes, you can do-it-yourself gathering data, hiring surveys, and inspections but for big money purchases by the time you finished you will be educated and qualified to be a broker or if not, extremely likely to lose your money.

osirissail is offline   Reply With Quote


Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Boat as Legal Home in Connecticut/NE Jimske Liveaboard's Forum 15 15-08-2009 11:29
UK Flagged Yacht in Caribbean - Part 1 or Part 111 Registration? Ukabroad Training, Licensing & Certification 9 01-11-2008 07:55
How to Part out a boat Bradley Dollars & Cents 1 16-07-2008 10:29
Fist boat to live (part time) aboard New Skipper Meets & Greets 6 07-09-2006 14:30

Our Communities

Our communities encompass many different hobbies and interests, but each one is built on friendly, intelligent membership.

» More about our Communities

Automotive Communities

Our Automotive communities encompass many different makes and models. From U.S. domestics to European Saloons.

» More about our Automotive Communities

Marine Communities

Our Marine websites focus on Cruising and Sailing Vessels, including forums and the largest cruising Wiki project on the web today.

» More about our Marine Communities

Copyright 2002-2015 Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 21:36.

Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.