Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 03-02-2011, 11:42   #16
Registered User
 
capn_billl's Avatar

Join Date: Aug 2010
Location: Houston,Tx
Boat: Maxum 37'
Posts: 1,587
I was able to do a property exchange through a lawyer for a fixed fee. $600.00 prenegotiated and agreed by both parties, $300.00 each.
__________________

__________________
capn_billl is offline   Reply With Quote
Old 03-02-2011, 17:39   #17
Registered User
 
simonmd's Avatar

Join Date: Nov 2010
Location: Sant Carles, S Spain
Boat: 30ft Catalac 900 "Rubessa"
Posts: 876
The advise about 'treat it like a car sale' sounds simplistic but is a good bit of advise.

If you're buying from a private individual, first off is to confirm their identity. Do the deal at their house and ask to see copies of ID, passport, driving licence, etc. Then, write out a proper reciept for the deposit. Put on it both parties details and exactly what conditions the deposit is paid. Obviously, both of you sign and if possible, get someone to witness it as well. Then at least if they go back on the deal or try to do a runner, you have proper legal evidence that will stand up in court.

For completing the deal, do the above and insist on seeing all the ORIGINAL paperwork for the vessel FIRST (before even a deposit is put down). I'm amazed at the amount of times i've heard people say that "we paid for the boat/car, etc. but are still waiting for the docs to come through". Then, write out a bill of sale, including your terms and the fact that the boat's title shall be handed over upon reciept of funds and exchange.

I would say however, that deals over 100k should really involve some sort of professional like a brooker or lawer for both parties piece of mind.

The simple rule is to get to KNOW the seller, his home address, meet his family, see his ID, etc. 99.9% of scammers will never put themselves in a possition where they can be easily identified. Just like you should never buy a car in a gas station, never buy a boat in a random public location.
__________________

__________________
Previous owner of a 1994 Catalac 900, now sadly SOLD
simonmd is offline   Reply With Quote
Old 07-02-2011, 21:04   #18
Registered User
 
gr8trn's Avatar

Join Date: Sep 2009
Location: Portland, OR
Boat: Beneteau 37
Posts: 132
Cash, how do you know it is not fake?
Cashier's Check, how do you know it is not fake?

How does the buyer know your Title is free of any liens?

I think you should require that closing (title search, transfer, money exchange, registration...) be handled by a Marine Title Service. Most major water side metro areas have them. Just tell the buyer that it is part of the deal. Buyer pays, seller pays, split the cost, whatever.

Is the Title held by a lender? How does the buyer know that you will pay off the loan and get the Title released and delivered to them?

I guess as Brokers, we deal with this all day, and I am feeling bummed about the reports of Brokers not following through and being seemingly unprofessional. It seems that lack of foresight and communication is the biggest problem in these deals.

This really is a good question and I wish you luck.

Greg
__________________
Greg
gr8trn is offline   Reply With Quote
Old 07-02-2011, 23:18   #19
Registered User

Join Date: Dec 2009
Posts: 3,016
Images: 4
Quote:
Originally Posted by gr8trn View Post
Cash, how do you know it is not fake?
Cashier's Check, how do you know it is not fake?
How does the buyer know your Title is free of any liens?
Use a wire transfer of funds. Very low risk of fraud.
For the liens, if documented, the USCG will issue a title report on request.
Otherwise, whoever issues the registration can be checked with to see if the papers are legit and free of encumbrances.

Many brokers are good, I suppose, but many are only good for opening the marina gates. It's a sad state of affairs. Forewarned is forearmed.
__________________
daddle is offline   Reply With Quote
Old 07-02-2011, 23:25   #20
Registered User

Join Date: Nov 2010
Posts: 830
Images: 27
I've got similar questions, except I can't tell if I can trust the dealer / broker or not, especially when he's in one country, I'm in another and the boat is in another.
__________________
ausaviator is offline   Reply With Quote
Old 08-02-2011, 03:43   #21
Armchair Bucketeer
 
David_Old_Jersey's Avatar

Join Date: Oct 2006
Posts: 10,013
Images: 4
Quote:
Originally Posted by ausaviator View Post
I've got similar questions, except I can't tell if I can trust the dealer / broker or not, especially when he's in one country, I'm in another and the boat is in another.
I think the usual way is to find someone you have never met before and give them 10's or 100's of thousands of dollars. Safe in the knowledge that you've managed your risk
__________________
David_Old_Jersey is offline   Reply With Quote
Old 08-02-2011, 05:29   #22
Moderator Emeritus
 
Pblais's Avatar

Join Date: Mar 2003
Location: Hayes, VA
Boat: Gozzard 36
Posts: 8,700
Images: 15
Send a message via Skype™ to Pblais
The handling of the money of course can be an issue but it may not be the biggest problem. Options outlined above are of course good ideas.

You can have any number of problems with "expectations". Things that exasperate one or the other party. You can have tire kickers that just want to pretend to buy boats. Traditions include the 10% refundable down payment in cash or certified check up to maybe $1000 just to separate the loons from the buyers. It's why brokers insist on it. You need to do this else get run around a tree by many peoiple before you close a deal.

A written contract is always a good thing. More important is to set dates and actions so the process is clear. Anything to be done needs a deadline and communication throughout the process avoids mistrust.

Either party can bail without harm if the deal looks bad. If you don't feel right it might be time to quit. Some deals can't be negotiated. You can get close to the end only to held hostage by one more demand two more times. A closing delayed is always a bad sign. Holding a deposit hostage and withholding the closing for a better deal are all very bad signs.
__________________
Paul Blais
s/v Bright Eyes Gozzard 36
37 15.7 N 76 28.9 W
Pblais is offline   Reply With Quote
Old 08-02-2011, 07:11   #23
Registered User

Join Date: Jul 2006
Posts: 3,949
I have lucked out and had no problems with boat brokers, but I have heard of and read of many broker-related issues. This is one reason parties pay brokers--to make sure everything is legal and secure. However, there is one huge advantage in not dealing through a broker--you meet the other party in person and get to judge their character. Exchange phone numbers. Google the person. Etc. To me that goes a really long way towards being able to judge if the situation is legitimate. I personally would be very wary of exchanging funds until I could see the actual CG document for a larger boat in the U.S. You can do a search through the C.G. for liens just with the documentation number. State titling is much less secure, which is why many lenders require CG documentation. I have personally found that if someone wants your boat they are usually more than willing to pay in cash, or a certified check, and then wait until your bank says the funds are there, or you can have them wire funds. If someone seems antsy about waiting for a few days I would be highly suspicious of the whole deal. As to paying $1000 up front if I am buying--I would never do that unless the broker can show me at least copies of the relevant paperwork, and no red flags have been raised to that point. When dealing direct with the owner ask for proof of ownership and ID before paying a deposit.
__________________

__________________
Kettlewell is offline   Reply With Quote
Reply

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
Process Started cla6665 General Sailing Forum 11 16-09-2010 07:05
Installation Process - Windows installer Netsurfer OpenCPN 0 20-07-2010 06:39
Reality Check for Sailboat Process for Newbie zehnmm Monohull Sailboats 14 03-09-2008 14:48
Seeking Advice on Buying Process. Best Proceedure? 3Eagles Multihull Sailboats 2 26-06-2008 22:12
Buying a Boat is and EASY Process!! RANT! ssullivan Off Topic Forum 12 07-07-2007 18:03



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 09:16.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.