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Old 11-07-2013, 10:29 PM   #81
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N3 Update

Today was another high pressure day to get everything complete by next Friday. Even simple things like when to start the insurance has to be vetted through the attorney developing the LLC to confirm if there any legal issues. This evening we signed the LLC documents and tomorrow we sign off the bank documents. Jeff has confirmed he will assist me with picking up the boat next week (assuming all goes well) and get to our marina. Mary and I plan to return on Saturday and spend the weekend aboard. This will be the first time Mary will see the inside of the boat. So far all she has seen is about 100 pictures which Jeff took and visual of the exterior. Again a long story which I will share once we take possession. Jeff and I will hook up within a week or two for some training. Hope all this is helpful to others planning a similar voyage.

Amazing how small the boating world is. Many may have read the post by Bill Krish - owner N4061. Bill and Andrea purchased the boat from us a couple years back in SD when my wife became iii and have traveled as far north as Alaska. They are living our dreams and we could not have been more pleased to see them doing it with N4061. A wonderful and compassionate couple who are now great friends. We look forward to seeing them again soon when they bring the boat south.
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Old 11-08-2013, 12:51 AM   #82
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Impressive that Bill (wkirsh), buyer of a John T (N4061) previous boat, speaks so well of him and his boating expertise. Both must be doing something right.
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Old 11-08-2013, 10:04 PM   #83
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N3 - Update 11/8/13

I thought I would start adding dates to our progress reports to help keep track of the events on a time line. Again the intent of sharing this level of detail is to assist others who are thinking about purchasing a boat and may not have gone through the process.

Today I complete the insurance and we now have coverage for a boat we sill don't own. Thinking this item was completed ahead of schedule I found out after reviewing the bank doc.'s that they require the LLC as well as our names on the binder. So we had to email the insurance broker to update the binder next week. With Monday being a holiday I'm getting concerned about completing everything. Another issue today was trying to deposit and wire transfer a larger sum of money the same day. Even with a 30 year relationship with the same bank they said we would have to wait until Tuesday after the large cashier check clears overnight (no hold). Bummer

We also spent an hour this evening signing loan documents in triplicates and writing checks. Tomorrow we visit the notary to complete the signatures and Fed-ex everything back to the bank. Amazing how things have changed since the financial meltdown. I swear there is double the amount of paperwork compared with 2007.

Jeff and I speak a few time a day to insure we are not missing anything. It pays to work with someone who is experienced with these types of transactions and knows what check and ask about.

I also submitted our application for the slip even though we were told not to worry about the paperwork until after we bring the boat in.

I'm sure there were a few other items but I believe those were the major dealings for today. Hopefully everything will go smooth next week since Friday is the deadline to close the deal.
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Old 11-09-2013, 12:51 AM   #84
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Are we there yet…?
Sorry if everyone else knows, but whats a LLC..? (just a simple expl. will do). Also, as we are nearly there…when can we know what type of Nordy you have bought..?
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Old 11-09-2013, 05:22 AM   #85
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Limited Liability Company
A noncorporate business whose owners actively participate in the organization's management and are protected against personal liability for the organization's debts and obligations.
The limited liability company (LLC) is a hybrid legal entity that has both the characteristics of a corporation and of a partnership. An LLC provides its owners with corporate-like protection against personal liability. It is, however, usually treated as a noncorporate business organization for tax purposes
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Old 11-09-2013, 11:39 AM   #86
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It's so much easier to pay cash. The banks via the fed has gone insane.
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Old 11-09-2013, 04:50 PM   #87
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>>>Then Mary will start redecorating the interior with the same designer we used on the previous boats<<<

I just hope the designer is broadminded enough to work on used boats.

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Old 11-09-2013, 08:57 PM   #88
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N# - Update 11/9/13

Saturday was spent at the Fed-Ex office getting $310 of notary signatures. Unbelievable the number of documents requiring notary signatures in triplicate. Times have sure changed since our last boat and that wasn't that long ago. A lot of coordination is required between the broker, bank. attorney, documentation company, buyer and seller at this point. All it takes is one missed signature and everything gets delayed at least two days.

Assuming all goes well we close Thursday and pick up the boat Friday morning. Jeff and I will drive down to SD and try to get the boat in the new slip early so we can leave by noon to beat the traffic north. Mary and I plan to return to the boat Saturday and spend the weekend learning what we just purchased. The funny thing about this purchase is that Mary has not seen the inside of the boat. She was able to make her first drive to SD in over a year and she seen the exterior only when no one was around. Due to her heath issues (a long story) she is relying on Jeff and I to make the right choice and relying on pictures. Again, this purchase is our first step getting back on the water and the reason we are buying a small used boat. If things don't work out we will just turn around and sell the boat in a few months without taking a financial hit. Time will tell but I'm staying optimistic we made the right choice.
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Old 11-09-2013, 09:34 PM   #89
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Best of luck in getting back aboard, John. I'd say that you've certainly done the majority of it on your terms. An N-40 should provide an opportunity to gain a good perspective on how much of a cruising future you both would like to have. It's a good boat. Sincere congrats. When you can, please include some photos.
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Old 11-10-2013, 09:22 PM   #90
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N3 Update 11/10/13

Sunday was a quiet day limited to an email from Jeff Merrill of PAE providing an updated time line to closing out the deal which was sent to all the players. I can not express how much we appreciate Jeff's effort's on this purchase and helping us find N3. This brings up something that I plan to expand on later and has to do with the benefits of working with the original boat manufacture when looking for a used boat. The OEM can offer things that brokers just can not obtain. An example is our boat, as luck would have it Jeff sold this exact boat to the original owner and was able to provide all the original documentation, spec's including all options when it was originally ordered. We will have all the information on this used boat as we did on our two new builds. Pretty neat!

Today I also started to build our first Blog. Slow going since I'm not up to level of most kids today with these types of web-sites but going to give it a try. We plan to include all three Nordhavn's on the site to serve as information for others to use. That's all for today, I'm sure tomorrow will have its surprises.

Did anyone translate the name of the boat - La Tempestad?
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Old 11-10-2013, 10:08 PM   #91
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Did anyone translate the name of the boat - La Tempestad?
La Tormenta, por supuesto, pero creo que ey una definicion especial para ti. Es un nombre hermoso para un bote.
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Old 11-11-2013, 01:06 PM   #92
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... This brings up something that I plan to expand on later and has to do with the benefits of working with the original boat manufacture when looking for a used boat. The OEM can offer things that brokers just can not obtain. An example is our boat, as luck would have it Jeff sold this exact boat to the original owner and was able to provide all the original documentation, spec's including all options when it was originally ordered.
We too dealt with the same sales team that had originally sold and outfitted our boat. The previous owners had retained all of the original drawings and paperwork provided to them, but the sales team was able to obtain from the manufacturer all of the system schematics in electronic form which will a) survive better; and b) are easier for me to pass on to the next owner; and c) a great resource as I work on the boat.

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Old 11-11-2013, 09:58 PM   #93
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N3 Update 11/11/13

Despite being a national holiday most players involved with our transaction were working today which helped save precious time. As luck would have it all those signatures over the weekend were bound to need correction. One page required three signatures and we only signed twice. The lender emailed a clean page which I printed at work, drove home and Mary sign before running down to the Fed-Ex store for shipment. The insurance binder required a small correction - done. Jeff discovered a California State property tax issue which will cost me another $1K. Found an issue with an address on the boats documentation paperwork which requires correction. LLC is ready. I hope this covers all the changes. Still have our fingers crossed we close Thursday and get the keys Friday.

Advice to anyone planning a used boat purchase - take the last week off of work to address all the last minute issues.
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Old 11-11-2013, 10:12 PM   #94
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Sounds way too complicated to me. I admire your patience.
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Old 11-11-2013, 10:29 PM   #95
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Jeff discovered a California State property tax issue which will cost me another $1K.
Last year we did the same CA tax for both the seller and buyer to avoid the wrath of Brown vs the "wealthy" yachties. We worked with much the same groups most likely you are using, it was crazy to say the least with the boat in trade and being purchased being chased by the hungry CA tax authorities. They are merciless. Thank God the deal fell through - if it hadn't I'm sure they'd still be after us as we are registered offshore.
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Old 11-12-2013, 08:50 PM   #96
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N3 Update 11/12/13

Another day of wire transfers, faxes and signatures. So many signatures for a used boat deal. I guess this is another take away comparing new versus used boat transactions, used boats take more work, much more work. I'm told we are done with everything on our end and assuming everything else falls in line we should close by COB Thursday.

I also spoke with the mechanic who we plan to have address some of the more urgent items from the inspection and plan to meet with him early next week. I'm also researching which Satcom system to install for TV and internet reception.

That's about it for today.

For those who may be wondering the name of boat La Tempestad it is Spanish for "The Storm". Something different this time around,
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Old 11-12-2013, 11:01 PM   #97
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It has been interesting reading about the transfer of this boat.

On my latest boat we made the offer, did sea trial, survey, got insurance, paid for it, registered it and had the entire thing done in one week..

Different strokes for different folks.

HOLLYWOOD
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Old 11-13-2013, 07:12 AM   #98
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It has been interesting reading about the transfer of this boat.

On my latest boat we made the offer, did sea trial, survey, got insurance, paid for it, registered it and had the entire thing done in one week..

Different strokes for different folks.

HOLLYWOOD
I too am amazed at the paperwork involved.

My last purchase from a private seller, (albeit at a small percentage of the cost of a Nordhavn) took 8 hours for the sea trial/survey, 10 minutes of negotiating and then one signature on a hand written Bill of Sale with a small cash deposit. Next day wired the rest of the funds, arranged insurance online, and one more signature to register it. Done!
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Old 11-13-2013, 09:03 AM   #99
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I think the LLC and bank loan are the complicating factors here.
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Old 11-13-2013, 09:34 AM   #100
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I think the LLC and bank loan are the complicating factors here.
In real estate today if you're not a cash buyer the deal either never closes or closes late.

I'm sure it's even worse for boats.

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