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Old 23-06-2021, 20:26   #1
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Buying process in FL

Hi,


I'm planning on buying my first boat sometime in the next couple of month. FL is a likely location. Can someone describe in detail what the buying process is and who does what? At a high level I understand the purchase agreement, pending survey and trial. I understand they'll ask for deposit.

I will be financing a part of the purchase.

Who does something like a lien search? The finance company? Who files USCG docs, etc? Is there an article someone could reference (no such thing as too much detail).


Thanks!!
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Old 23-06-2021, 22:56   #2
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Re: Buying process in FL

Here’s a rundown

https://www.tgyg.com/resources/how-to-buy-a-used-boat


What style and size boat? New, used.? Have financing in place. If used, go take a look at the boat. who’s gonna represent you?
Once offer is accepted, you’ll give a deposit,”in good faith”. Retuned if sale doesn’t close.
Title company handles lien search, documentation, for transfer. If needed, I believe the sellers agency provides paperwork for “temporary stay sticker” 3 month stay, additional 3 months at price

Start looking at insurance agents, give them a call. IMO, Be at the survey. Insurance may require onboard training (this was a whole other” thing “ in my case. But I don’t think it could’ve worked out any better)
Where is the boat going upon possession? Height of hurricane season is coming up
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Old 24-06-2021, 04:37   #3
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Re: Buying process in FL

Quote:
Originally Posted by PhxGazer View Post
I will be financing a part of the purchase.

Who does something like a lien search? The finance company? Who files USCG docs, etc? Is there an article someone could reference (no such thing as too much detail).

In our case, our finance company (Sterling Acceptance, a brokerage) has their own in-house documentation service... mandatory to use them.... and for which they charge some $$$. That's who gets/reviews the Abstract of Title (from USCG, on a documented vessel) in our case, files to change documentation from previous owner to us, etc. One-stop shopping, but the actual financing bank may or may not have a clue about boats, and the brokerage solves all that in one swell foop.

Ref insurance: Yes, what he said. Look for that, early on. Florida is especially an issue. Arm and a leg $$$. Sterling offered to find insurance too, but we worked with our own insurance broker -- and eventually BoatUS/Geico -- for that.

-Chris
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Old 24-06-2021, 04:51   #4
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Re: Buying process in FL

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Originally Posted by ranger42c View Post
Florida is especially an issue. Arm and a leg $$$. Sterling offered to find insurance too, but we worked with our own insurance broker -- and eventually BoatUS/Geico -- for that.
Wild you were able to get Geico, Chris. But I guess it's because "Ranger42C" is not a sailboat?

Help! Geico is no longer writing for sailboats!!!
https://www.cruisersforum.com/forums...ts-250694.html

Best of luck with your boat purchase, PhxGazer,
LittleWing77
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Old 24-06-2021, 09:22   #5
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Re: Buying process in FL

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Wild you were able to get Geico, Chris. But I guess it's because "Ranger42C" is not a sailboat?

Help! Geico is no longer writing for sailboats!!!

Didn't know about that, but yes, Ranger isn't sail. See avatar

It was strange the way it all worked out. I had State Farm all lined up (they insure everything else we own), then also had several broker-provided options, then eventually added BoatUS (Geico) to the list... and all that percolated over a week or so... with being in Florida for a shot while during hurricane season being the largest obstruction. An arm and a leg, but at least I didn't have to throw in a good mule...

For OP: I should also have mentioned that our finance brokerage arranged payment of our state sales tax, too, and the state registration acknowledging Federal documentation. My $$$ check, as a pass-through, but they're handling the paperwork and so forth.

-Chris
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Old 24-06-2021, 09:57   #6
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Re: Buying process in FL

Be aware that Florida registrations renew on the owner's birthday. If you buy the boat and register it in July (full price) and your birthday is in August, you get to pay again (full price) for the next year's registration. Ask me how I know!
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Old 24-06-2021, 12:57   #7
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Re: Buying process in FL

I purchased in FL. The brokerage had its “in house” service. For documentation, They work with ASAP Marine Documentation out of Miami.(

Went to check Ranger 42c couldn’t find an exact match.
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Old 24-06-2021, 14:10   #8
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Re: Buying process in FL

I would add an engine survey to your list.

A regular marine surveyor will not be skilled enough to really inspect the engine and tell you if it is in good shape. Without naming names..... I did a delivery of a twin engine boat from Ft. Lauderdale to GA. I got as far as Pompano before I was on the phone with the owner. He spent a mountain of cash to get that boat out of Broward County.

Hence the recommendation for a separate engine survey.


Wherever the boat is in FLA, find a local marina that is factory authorized to work on the engines in the boat and have them look at the engine(s). It will be money well spent
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Old 24-06-2021, 15:26   #9
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Re: Buying process in FL

Quote:
Originally Posted by LittleWing77 View Post
Wild you were able to get Geico, Chris. But I guess it's because "Ranger42C" is not a sailboat?

Help! Geico is no longer writing for sailboats!!!
https://www.cruisersforum.com/forums...ts-250694.html

Best of luck with your boat purchase, PhxGazer,
LittleWing77
The rumor that Geico is no longer insuring sailboats is not entirely true. I just renewed my policy with them on my 1983 Nauticat motorsailer.
They decreased my hull value slightly and raised my premium somewhat, but there was no question about reinsuring her.
I don’t know why they are insuring some sailboats and not others, but that is their privilege as a business.

Al, S/V Finlandia
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Old 24-06-2021, 18:58   #10
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Re: Buying process in FL

Quote:
Originally Posted by SRQsailor View Post
Be aware that Florida registrations renew on the owner's birthday. If you buy the boat and register it in July (full price) and your birthday is in August, you get to pay again (full price) for the next year's registration. Ask me how I know!
Good tip!!!

Its info like this that is gold.
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Old 26-06-2021, 09:27   #11
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Re: Buying process in FL

following....not as a buyer but as a (potential) seller.
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Old 26-06-2021, 09:43   #12
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Re: Buying process in FL

Don’t assume that a "mechanic" can do a proper engine survey. On my last boat purchase, the local "mechanic" who was recommended had been the one who had worked on the boat for the PO. I had developed some doubts about both his ability and his honesty. I flew a real engine expert down. $750/day plus expenses. In 4 hours, he negotiated a complete rebuild on the Genset and a repower, with the costs deducted from the price. That saved me $23k.
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Old 26-06-2021, 12:15   #13
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Re: Buying process in FL

Quote:
Originally Posted by Bycrick View Post
Don’t assume that a "mechanic" can do a proper engine survey. On my last boat purchase, the local "mechanic" who was recommended had been the one who had worked on the boat for the PO. I had developed some doubts about both his ability and his honesty. I flew a real engine expert down. $750/day plus expenses. In 4 hours, he negotiated a complete rebuild on the Genset and a repower, with the costs deducted from the price. That saved me $23k.


EXACTLY! Having the mechanic who worked on the boat assess the engine? Like asking the fox to give you a count of the chickens in the henhouse.
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