Buying without a broker

I'm considering buying a boat direct from the current owner. The boat is about 150 miles away, the owner appears to be trustworthy but I'm not really sure what the steps are to insure the sale goes smoothly and without risk. Is there a source for standardized contracts (MD) and other paperwork? Is there a source that outlines a step-by-step process? Any advice would be most appreciated.
Jim

Easy. Use a marine escrow company. They can help you with bill of sale template, disbursement of funds and certificate of documentation. Usually the offer is contingent on owner inspection, marine survey and sea trial.

The purchase agreement will be the most important thing since it outlines your commitments and the sellers commitments, who holds the deposit, and under what conditions is it returned or forfeited.

There are lots of form contracts produced by various brokerage associations that can be found via google. If you can find one for your state that would be good so it accounts for state laws.

gsholz said:

Usually the offer is contingent on owner inspection, marine survey and sea trial.

Click to expand...

This is the key, adding to it language for full disclosure and making records available for inspection.

Call your local Bar Association and ask for a referral to a couple of attorneys who are knowledgeable about transactions involving boats. Your surveyor may have a suggestion, as well.

Involving (hiring) a Marine Escrow company, Notary Public, or Lawyer to deal with holding the deposit, transfer of funds, title (if applicable), Bill of Sale, etc. is not a bad idea. There is a cost involved (obviously) but it would add a layer of protection for both parties, and costs could be shared (at least to a point).
I sent a PM regarding documents I have used for a private sale, but they may or may not be appropriate in your area??
The documents used by local brokers are not very complicated and you probably don't want to "over complicate" the process. The best protection is to ensure you hire a good surveyor (general) and good mechanic familiar with that brand/model of engine (and generator) and that you conduct a full sea trial as part of the overall process (and that your documents reflect that contingency).

Yes, you can do it. If it is a federally documented vessel, call Dona Jenkins to handle the paperwork for you. If it is only registered with a state, then handle it like you would a used car. Be sure to get the vessel surveyed out of water and get a mechanic to sea trial the boat for you. You may need to negotiate some things to be repaired after those two tasks are completed. Personally, I would NEVER give a deposit to a private seller for a boat as it may be impossible or extremely painful to get it back.


https://www.donajenkins.com/

Use a broker and hull and engine surveyor.

Trying to save a few bucks raises your stress and blood pressure. Trustworthy or not protect yourself first..

In the long run you will be happier.

Check out all oceans closings.com. We were in the same situation and we’re going to use the service, but ended up buying a boat that used Yachtclosers.com. All oceans will handle escrow funds while yachtclosers does not

Good luck Jim. Let us know how it works out.

Rob

Good luck. Let us know how it works out.