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Old 24-10-2014, 09:03   #1
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Closing Costs?

Hello all, I am fairly new to this site, and I am gaining huge amounts of info.

We are activly seeking a live aboard boat presently. I was reading "CR38" useful thread

Great Boats at Great Prices?

and noticed a few references to "closing costs".

Correct me if I am wrong (often I am) isnt buying a used boat the same as buying a used car? Ive got cash, you have a title, sign it and "Have a nice day"!

Pay the state tax of course, registration. Anything else Im missing?

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Old 25-10-2014, 04:37   #2
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Re: Closing Costs?

Sorry, I just noticed the "Dollars and Sense" catagory above. Could a moderator move this thread if necessary?

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Old 25-10-2014, 05:57   #3
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Location: Homeport: Oswego, NY
Boat: 1993 Sabre 362 #113
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Re: Closing Costs?

There are some variables, even in a cash sale.

Will your insurance company require a survey? Most do.

Do you want to document your boat? There are fees to do that.

You mentioned state registration, some brokers will do that and charge a fee to complete the paperwork. In NY a broker has to collect the sales tax, so there is no cheating and sales tax must be paid at the time the boat is registered.

Depending on the particular sale there may be charges for sending documents by overnight mail, if the current owner is out of state.

There may be fees to pay off an existing loan.

Your best bet is to ask your broker about the extra expenses.
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Old 25-10-2014, 06:15   #4
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Re: Closing Costs?

If state registered it's easy. If documented then you have to get the seller to fill out form CG-1340 or CG-1270. It's like signing off the title for documented boats. You can then file these yourself. A boat title company will check for liens which could exist if he didn't pay a mechanic. This is hard to do on your own.
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