owning your own slip scam or not

[ak08820]

Originally Posted by pdjb

I bought a slip or sort I did, I got a certicate instead of deed, is this legal or not....I am in north carolina, new bern. also they said they have an HOA but don"t.I have alot of question about this marina that I live in, I pay hoa fee plus elecity, but they add about 1.5% to the bill, but the meter reading is correct when I do the math...but they add this because they have to pay the bill.but they are tied to the hotel.,but really they are giving the hotel the money fee, is this legal or not, need a help with this, a lot more is going on,,think they are scimming out money?

Could you post a copy of the document you received? You may black out any personal info. That will allow people to respond better.

[oceanminifish]

I am not understanding why you are coming to this group for free legal advice. No, I get it, it is free, but a real estate transaction is fraught with risks. It is so much better to hire a local attorney going into a transaction like this so that they can explain the contract and risks rather than hiring one to extract you from a bad deal, which is generally impossible. I hope you invested such a small amount of money that you really don't care what happens, including a lifetime of uncontrolled HOA fees.

[Giro]

Originally Posted by wingssail

Mvmojo, you should charge us for the privilage of reading that.

Here in California we have marinas that have slips for sale. They are in the $30,000 to $40,000 range and offer fee simple ownership. Check your contract to see if you might have something in your state that provides you with some protection. In other words, before you panic about what you bought into, make sure of what it is.

[erie]

Originally Posted by pdjb

I bought a slip or sort I did, I got a certicate instead of deed, is this legal or not....I am in north carolina, new bern. also they said they have an HOA but don"t.I have alot of question about this marina that I live in, I pay hoa fee plus elecity, but they add about 1.5% to the bill, but the meter reading is correct when I do the math...but they add this because they have to pay the bill.but they are tied to the hotel.,but really they are giving the hotel the money fee, is this legal or not, need a help with this, a lot more is going on,,think they are scimming out money?

As much as I dont like Attorneys, that's why we have them.....

[BlueH2Obound]

Originally Posted by Captain Bill

Yeah Right! When I first put my boat in Oriental NC Catamaran slips were selling in the 70s and 80s depending on whether you were in town or in a more remote marina. Two or three years ago someone was auctioning off three cat slips in one of the marinas in town where they once sold in the upper 80s (2005-2006). The high bid was $30K for all three. The seller offered them for $15K each and the bidder turned him down. If the definition of Market value is what someone is willing to pay and at a price someone is willing to sell then the market value of these slips was something between $10K and 15K. That's some real appreciation from the nearly $90k original purchase price.

Cpt Bill, I'd be really interested in one of these cat slips that is selling for $10k to $15k . . . Can you provide some specifics? Location? Ad for the slips? Or is this one of those, you heard about them from your sister's cousin's once removed boyfriend's hairdresser?

[osprey877]

Originally Posted by pdjb

I bought a slip or sort I did, I got a certicate instead of deed, is this legal or not....I am in north carolina, new bern. also they said they have an HOA but don"t.I have alot of question about this marina that I live in, I pay hoa fee plus elecity, but they add about 1.5% to the bill, but the meter reading is correct when I do the math...but they add this because they have to pay the bill.but they are tied to the hotel.,but really they are giving the hotel the money fee, is this legal or not, need a help with this, a lot more is going on,,think they are scimming out money?

How much did you pay?? Was the price reasonable for ownership of a slip in New Bern, or did you think you were getting a super great deal and now it’s not??
And who did you buy it from: the marina or a previous slip owner??
And who is the “they” you repeatedly refer to? Have you asked them what it is you bought or who is in charge of the HOA???

[Askeeta]

Reminds of a good light read “ l bought a Slip” by Cris Robinson,a man who bought a slip in Venezuela ,good luck with your venture

[CaptainsWench]

We had our 48’ sailboat in New Bern. It was more like a stopping marina for us between Maine and Florida. The last year we were there, the State charged us $2000 for personal property tax. Also, we looked into buying a slip but they were too expensive ...$30,000.we didn’t look further because the slip rental itself was so cheap on a monthly bases we decided it would take us years upon years to reap the rewards of owning a slip. At that time the only benefit were free pump outs.

[Netteypatch]

I 'bought' or 'leased' a slip for a 10-year contract at was once the Dartmouth Marina, Halifax Harbour; all funds were paid up front and in full. After 18 months, the marina went into receivership, and I lost both my slip and the money, as the 'contract' was not honoured. I would never fall for that again

[Tonali99]

My friend sold his restuarant, bar, bait shop in Folly Beach S.C.
The new owner began selling dock-o-miniums. That wasn't for me compared to slip fees.
Here's what I'm thinking, if it is your's, can you rent it? Are you allowed to?
Then it is your's. If not well then... it's not.

[Captain Bill]

Originally Posted by BlueH2Obound

Cpt Bill, I'd be really interested in one of these cat slips that is selling for $10k to $15k . . . Can you provide some specifics? Location? Ad for the slips? Or is this one of those, you heard about them from your sister's cousin's once removed boyfriend's hairdresser?

They were at the Oriental Marina at the north end of the bridge in down town. There were three Catamaran slips on the inner dock. They were being sold at auction. I actually know the guy who bid $30,000 for all three. The seller would not accept the bid because it was too low. The seller offered to sell all three to the guy I know for $45,000, but my friend said they weren't worth that much. Since he was the only person that bid on any of them I guess that kind of set what someone was willing to pay for them. I was not actually at the auction so maybe the story is BS, but I heard it second hand from an independent source. Well, at least the part where the guy I know made the bid for $30,000. I have no independent corroboration of the sellers counter offer. That was three or four years ago and have no current information on the disposition of the slips. I did see the original advertisements for the auction however, so I know this is real. It is not something that I heard second or third hand.

[Reel Love]

pdjb

So you purchased something.
Have no idea what it is.
Have no idea what you may, or may not, have title to.

Sounds familiar.

1. Pay the $500 +/- and go retain an attorney. A NC Attorney.
You can most likely do this via the internet.

2. Listen to what the attorney tells you.

NOTE: You may have purchased an exclusive right to use. You may have purchased and interest in a Co-Op. You may have purchased a "dockominium". Or you may have purchased a long term lease. No one on this website can tell you what you purchased without looking at the actual documents. And as an attorney, I can affirm that even then it is sometimes difficult to determine exactly what you purchased.

You also want to know if your rights are of record, and how those rights are being protected either at law, or by some trustee, third party, or governing association. You want to know what you're obligations are, and what your benefits are.

3. Next time, hire the attorney BEFORE entering into the contract. You may be surprised at what you are getting yourself into.

Hope everything works out for you.

[David Mathis]

When you have a legal question, get the advice of an attorney licensed to practice law in the state where you are having the problem or conflict. You will have to pay the attorney for the advice you receive, that's how they buy their groceries and pay the mortgage. You will find that it is a worthwhile investment to pay for a correct answer rather than receive a free guess.

[Ken Fry]

Originally Posted by pdjb

I bought a slip or sort I did, I got a certicate instead of deed, is this legal or not....I am in north carolina, new bern. also they said they have an HOA but don"t.I have alot of question about this marina that I live in, I pay hoa fee plus elecity, but they add about 1.5% to the bill, but the meter reading is correct when I do the math...but they add this because they have to pay the bill.but they are tied to the hotel.,but really they are giving the hotel the money fee, is this legal or not, need a help with this, a lot more is going on,,think they are scimming out money?

It would be impossible to say, from what you have said, whether the transaction was legal or not. Certainly, in NC when you "buy" a slip you get a deed, so that much certainly sounds peculiar.

I'd recommend the real estate attorney Ben Hollowell in Bayboro, just a few miles down the road from New Bern. Nice guy, helpful, competent. I used him for a closing recently. But don't take advantage of him. Pay him.

It sounds like there were some material misrepresentations made... or perhaps you were confused, or only hearing what you wanted to hear?
Gather up all the paperwork you have, all the representations, the ad for the property, etc... and go see an attorney.

If by "scimming" money you mean that someone is profiting or covering expenses from a transaction, that is usually is perfectly legal, unless it violates some contract you have with them. WalMart charges you more than they pay for each product.

Fair Winds.

[Ken Fry]

Originally Posted by Captain Bill

It is not something that I heard second or third hand.

Yes. Oriental has loads of dockominiums, most of the time. Prices are all over the place. You can find them on Zillow, or by contacting a real estate agent in Oriental. They also show up on Town Dock, the local online newspaper.

There is also a range of waterfront properties in and near Oriental (and all around the sounds of NC) where you can find property for your own dock. Most will have covenants that you might or might not find attractive.