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Old 07-01-2019, 13:30   #1
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Financing - Signed and executed slip contract

So I've gotten approval from my finance people for the boat I want but they have a provision in it for having a signed and executed slip or berth contract. I've never heard of this and it seems sort of crazy.

The boat is in FL and I'll be leaving the state within the window for tax exemption on my way to NC.

Now... does anyone know what this document they want is? Is it legally binding? What if I decide I want to move marinas? How do I execute a contract that is going to be 3 months in the future, etc?

Guidance appreciated.
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Old 07-01-2019, 13:35   #2
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Re: Financing - Signed and executed slip contract

It's not crazy at all--if you are the boat finance company. Your boat is the collateral for the loan, it seems pretty rational to me that they want to know where the boat is going to be!

What they want to see is that you have made provisions for a "permanent" place to keep the boat. I would imagine that there is a clause in the contract that requires you to tell them where the boat is berthed as an ongoing part of the deal. Just in case you decide not to pay them anymore, they know where to start looking for what is now their boat.
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Old 07-01-2019, 14:00   #3
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Re: Financing - Signed and executed slip contract

Unless you parse all the fine print (via an experienced lawyer), just be open and honest with them about your plans, and ask what they advise.

Very likely any major surprises allows them to call the loan in full.
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Old 07-01-2019, 15:31   #4
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Re: Financing - Signed and executed slip contract

I have already advised them that I had planned on keeping the boat in FL for roughly 2 months before heading to NC for permanent "home" but they refused to take the current mooring ball agreement of the current owner as a document. I guess I just need to pay an extra 2-3 months of slip fees, which is not fun.

Also I have no idea what this document would look like.
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Old 07-01-2019, 18:40   #5
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Re: Financing - Signed and executed slip contract

Bureaucrats just want their forms, tick the checkboxes.

Talk to the marina office, likely just the standard rental contract.
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Old 08-01-2019, 10:44   #6
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Re: Financing - Signed and executed slip contract

My marina requires a rental contract for each slip rental. When I leave for an extended summer cruise, I give up my slip but I enter into a new agreement which begins when I plan to return and proceeds into the next year. I do this so I am assured of a slip waiting when I return. Surely a copy of such a signed rental agreement will work for the lien holder on your boat.
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Old 08-01-2019, 11:27   #7
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Re: Financing - Signed and executed slip contract

This is not unusual.
I too am in Florida and just moved into a new Marina. The contract is just a written agreement for Cost, Boat, Length ect. I was on a mooring ball prior to this and they have the same type of contacts but it is limited to the ball number and boat size. billknny is correct they want to know where their collateral is!
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