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Old 28-07-2017, 08:56   #1
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Help needed in boat purchase paperwork

HELP!!

I have found the sailboat I want except it is about 1000 miles away on Lake Michigan in Chicago..

Doing the "leg work" isn't going to be as easy given the boat is several states removed..

The owner and I have pretty much come to an agreement, but I have no idea what all paperwork is involved.. It is a cash deal so there isn't any liens required, so is it just a matter of a simple bill of sale and appropriately signed title, or is more paperwork required??

Thanks in advance.. flk k
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Old 28-07-2017, 09:04   #2
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Re: Help needed in boat purchase paperwork

Due diligence means, among other things, not buying a boat you haven't seen. There are too many boats for sale to gamble.

Equally important, particularly if you don't know much about boats, is to find a reputable and experienced surveyor to carefully inspect the boat as a stipulation in the purchase agreement in which you have the right to walk away if the results are unacceptable.

There are generic purchase and sale agreements plastered all over the Internet you should review.
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Old 28-07-2017, 09:07   #3
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Re: Help needed in boat purchase paperwork

Are you buying it sight unseen? Was a survey done? A sea trial? Most states only require the title and a bill of sale to register a boat. You haven't provided much information, I hope you've exercised due diligence as to the actual condition of this vessel. A contract of sale is advised.
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Old 28-07-2017, 09:50   #4
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Re: Help needed in boat purchase paperwork

The paperwork is easy, we closed on out boat 400 miles away and all it too was a notary, Fed Ex, and a cashier's check.

You'll need a contract that says you're getting a lien-free boat, title and/ or USCG documentation, bill of sale (the USCG needs the bill of sale on their form).

Others have already pointed out the more important point - your inspection of the boat - and/or that of a competent surveyor.

Since surveyors and people's opinion of them vary, you REALLY should be on hand to yourself to inspect and be looking over the surveyor's shoulder. You should also be flipping through records, paperwork, manuals, logs, repair invoices, etc.

I had to pow-wow confidentially with my surveyor for quite a while to make sure I knew all the good and bad points and contemplate what was a fair adjustment to make to my initial offer to cover deficiencies uncovered during the survey.

In short, though the closing paperwork is easy to do remotely, you should do that only after you do your hands-on inspection and q&a with owner and surveyor while you're standing on or near the boat.
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Old 29-07-2017, 10:45   #5
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Re: Help needed in boat purchase paperwork

Your sense of the paperwork is about right. It's very much like buying a car. Why buy remotely? Seems simpler to close the sale, take possession and move the boat. Don't forget to set up your insurance coverage in advance so no gap exists. Good luck and enjoy your new toy.
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Old 29-07-2017, 12:34   #6
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Re: Help needed in boat purchase paperwork

I agree with valliant's advice.
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Old 29-07-2017, 18:24   #7
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Re: Help needed in boat purchase paperwork

Quote:
Originally Posted by S/V Illusion View Post
Due diligence means, among other things, not buying a boat you haven't seen. There are too many boats for sale to gamble.
While I agree with you in principle, I personally have purchased several boats sight unseen on the internet...including one over $100,000 in Annapolis. I did however, retain the condition of my personal inspection on arrival. This told the seller that if they were BS'ing me, I would walk. I was actually tempted a couple of times, but never did. Bought some great boats at great prices.

Knowledge offsets risk.

I'm sure you have spoken to the seller at length. Do you trust him? Do you have dozens (if not hundreds) of pictures? My current policy is that if they won't send me dozens of current pictures, I'm not going to bother with that boat...or seller.

Live large. Take chances. Trust your gut.
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Old 30-07-2017, 07:27   #8
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Re: Help needed in boat purchase paperwork

Quote:
Originally Posted by hamburking View Post
While I agree with you in principle, I personally have purchased several boats sight unseen on the internet...including one over $100,000 in Annapolis. I did however, retain the condition of my personal inspection on arrival. This told the seller that if they were BS'ing me, I would walk. I was actually tempted a couple of times, but never did. Bought some great boats at great prices..
Not sure I'd call an agreement with a condition of a personal inspection "buying" a boat. Firm offer? Sure, but you didn't buy it - close the sale - until you had seen it.
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Old 30-07-2017, 08:39   #9
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Re: Help needed in boat purchase paperwork

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Originally Posted by ValiantV View Post
Not sure I'd call an agreement with a condition of a personal inspection "buying" a boat. Firm offer? Sure, but you didn't buy it - close the sale - until you had seen it.
You are correct. And I would not recommend closing the deal before seeing it in person.

I did buy one boat like that though...closed the deal, mailed a cheque, had it trucked home...all without seeing it in person. Just one. It was very cheap. It had been sitting in a boat storage yard for 5 years. Although it gave me some real stress, it turned out to be a decent boat and lots of fun.

To be clear...I sent payment in full without seeing the boat. The first time I ever saw it was when it arrived by truck. I think the shipping cost more than the boat was worth at the time. The attached pics show the boat when it arrived...still on the truck...and a few weeks later, enjoying the local cruising.
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