private seller to private buyer transfer ?

What is the best way to do a transfer of ownership from a private seller to a private seller ?? Boat is documented ! What about transfer of funds ??
Use a private attorney ? Use a house title company ?

tracie said:

What is the best way to do a transfer of ownership from a private seller to a private seller ?? Boat is documented ! What about transfer of funds ??
Use a private attorney ? Use a house title company ?

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There are maina title companies in most major boating areas.

Go to the BOATUS website and read the "BoatUS Guide to Buying and Selling a Boat."
You can also hire a documentation agent who can draw up a bill of sale, get an abstract of title, give advice about local sales tax, write a warranty of title from the seller. If you hire an attorney get a maritime attorney who knows maritime law.

Many banks will hold funds in escaro.

He signs only a USCG marine sales document , you give him a check (which he knows is good) , cause the bank has your money.Bank is Notary.

Banks will usually do this for free if you have an account
No added hired help required.

With the USCG bill of sale changing the document in your name is no problem , again no need for hired help.GC is slow tho, takes months , tho you can use the boat during the wait.

Check on the USCG site to see if there is anything pending against the boat,..Oil spill, dead crew member ,whatever.

Purchasing and avoiding State sales tax is an art form and will require some specifics.

Phil Fill said:

There are maina title companies in most major boating areas.

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What part of the country are you buying or selling from? We may be able to recommend someone.

I bought mine in 2 - 8hr trips from Jersey to Florida, and a few phone calls. Bank transferred the funds, receiving bank verified and notarized the documentation papers, USCG bill of sale...easy peezy.

Sent in the documentation papers and registered it with NJ. Whole process about 6 months till the documentation cleared and only maybe 20 hrs of my time including flying and driving.

We have done it twice. Buying and selling. If selling fill out coast guard bill of sale and sign coast guard documentation front of a notary take the check done deal

Buying the seller does above very simple

Order an abstract from the coast guard documentation center

When selling I signed the Coast Guard Bill of sale and the documentation papers. The buyer did an abstract. My banker talked with his banker assuring them that he did in fact have the papers in his possession. When the buyer wired the money, my banker sent the documents FedEx overnight.

Works the same way buying. Just opposite. Not complicated at all.

Send me a pm and I will forward you a broker who I will vouch for who uses a national title company for a very reasonable fee.

"a very reasonable fee."

FREE is the most reasonable fee of all.

Hire help to paint the bottom , not to pass papers .

FF said:

"a very reasonable fee."

FREE is the most reasonable fee of all.

Hire help to paint the bottom , not to pass papers .

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If they are providing title insurance, that's not free.

Thanks everyone for your comments- all sounds very straight forward and very doable - just not use to the big $$ numbers - boat is located in detroit, michigan - A bit of concern is the trip across Lake Erie to the Erie Canal but that's another concern we'll get to later. Again, Thanks

tracie said:

Thanks everyone for your comments- all sounds very straight forward and very doable - just not use to the big $$ numbers - boat is located in detroit, michigan - I bit of concern is the trip across Lake Erie to the Erie Canal but that another concern we'll get to later. Again, Thanks

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Have you seen the boat in person?

If so, has a survey been done?

beachbum29 said:

If they are providing title insurance, that's not free.

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beach, it is my understanding from dealing with title insurance that it does not cover missed unrecorded liens. The insurance basically insures their title search for recorded liens and releases. Because the National Documentation Center is the one place for recording liens on documented boats, it is usually a simple process to follow the chain of liens and title. If it is a boat with a complicated history that would be a different story.

Beachbum29 - No - we have not seen the boat in person yet - lots of info and lots of photo's so far and lots of important questions and answers - all look good on paper - we'll see the boat in early July - boat appears to have been well maintained - both vessel , engine & gen-set survey will be done after my 4-6 hour pre-survey inspection, assuming my inspection passes - just trying to get all our ducks in a row - again, thanks for everyones comments - most helpful

Moonstruck said:

beach, it is my understanding from dealing with title insurance that it does not cover missed unrecorded liens. The insurance basically insures their title search for recorded liens and releases. Because the National Documentation Center is the one place for recording liens on documented boats, it is usually a simple process to follow the chain of liens and title. If it is a boat with a complicated history that would be a different story.

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Good to know.

USCG documentation process seems to be taking forever even with a requested "rush" with our boat.

tracie said:

Beachbum29 - No - we have not seen the boat in person yet - lots of info and lots of photo's so far and lots of important questions and answers - all look good on paper - we'll see the boat in early July - boat appears to have been well maintained - both vessel , engine & gen-set survey will be done after my 4-6 hour pre-survey inspection, assuming my inspection passes - just trying to get all our ducks in a row - again, thanks for everyones comments - most helpful

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We've been down that road only to visit the boat and start wondering if it's the same boat.

We drove up into Georgia to look at a Bayliner 3888 that by all indications was a nice boat. We were on and off in 10 minutes.

So dont get your hopes up.

Never stop looking at boats, even if you think this is the right one...

It may not be and you must give yourself as many opportunities as possible.

I have a presurvey inspection list that Bill Gladding gave me.

beachbum29 said:

We've been down that road only to visit the boat and start wondering if it's the same boat.

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I had several false alarms myself before pulling the trigger. Taught me a valuable lesson about counting chickens before they hatch. Nevertheless I found boat shopping to be a relaxing past time.

Still absolutely nothing wrong with being fully prepared though, because when the right boat talks to you hesitation can be your greatest enemy.