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Escrow service for personal boat sale?

Jul 19, 2013
318
Pearson 31-2 Boston
Has anyone had an actual experience using an escrow service, whether an attorney, title company, bank or something like escrow.com, in support of a no-broker boat purchase or sale?

I have completed a number of boat sales where a broker held an escrow after closing pending a sea trial. Since the broker participated in the sea trial and was knowledgeable in marine matters, he brought some knowledge and expertise to distributing the escrow. I'm curious how a non-participating escrow agent such as one of the above would work out or not in a real life boat sale?
 
Jul 19, 2013
318
Pearson 31-2 Boston
Just found this site
Anyone ever use them? They mention $1000 -2000 as a fee, which would seem an issue for most personal boat sale, but perhaps reflects the reality of the work that goes into the task...
 

MarcW

.
Dec 9, 2019
18
Hunter 356 Lancaster
I used an escrow service when selling a car to someone across the country on Ebay. The piece of mind was worth every penny.
 
Mar 26, 2011
2,937
Corsair F-24 MK I Deale, MD
I used this service when I sold my cruising cat. They handle everything, from title search to escrow For something like $550 plus 2% of the deposit value. Very professional, like closing on a house. Well worth it for higher value boats. You get the security of using a broker without the high fee.

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Carrie Schmidt
President
Annapolis Yacht Documentation
6 Dock Street
Annapolis, MD 21401
443-949-9462
443-949-9759 fax

www.aydserv.com
 

dLj

.
Mar 23, 2017
1,830
Belliure 41 Now on the Chesapeake
Documented boats tend to be complicated. I used these guys and was very happy with them regarding the USCG documentation. Cost me about $400
Who are "these guys"?

dj
 
Jul 19, 2013
318
Pearson 31-2 Boston
I used an escrow service when selling a car to someone across the country on Ebay. The piece of mind was worth every penny.
Thanks, can you share the name of that service and some idea of what they did to facilitate the sale process?
 

LloydB

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Jan 15, 2006
543
Macgregor 22 Silverton
I bought my boat without escrow. I did however buy my house that way and the title company held the escrow.
'non-participating escrow agent' I think you need to reframe your question because a non-participating escrow agent could not take action to confirm completion the conditions of contract which would be just one of the conditions of the escrow. I also think that someone calling themselves a broker may have a variety of different restrictions and duties they may or may not perform themselves but will ensure those same entities who are qualified will do(for the fee).
 
Jul 19, 2013
318
Pearson 31-2 Boston
I bought my boat without escrow. I did however buy my house that way and the title company held the escrow.
'non-participating escrow agent' I think you need to reframe your question because a non-participating escrow agent could not take action to confirm completion the conditions of contract which would be just one of the conditions of the escrow. I also think that someone calling themselves a broker may have a variety of different restrictions and duties they may or may not perform themselves but will ensure those same entities who are qualified will do(for the fee).
I guess used the term "non-participating" because I assumed that a party such as an attorney, title agent, bank officer, etc. would not take an active role in the evaluation and judgement of a boat escrow, which a selling yacht broker does so, and is knowledgeable to do. Discharging an escrow based on a report that a vehicle or title was delivered, or not, is quite different than that a "diesel engine performs normally for 20 minutes at at cruising speed ". If buyer feels the engine smokes, but the seller says a little white smoke is normal? Is a banker or attorney going to help resolve such a dispute?
 
Jul 27, 2011
4,530
Bavaria 38E Alamitos Bay
Someone is mixing up terms. Escrow and documentation are two different things. The OP is asking about an Escrow service, not a Documentation service.
 
  • Helpful
Likes: FastOlson
May 24, 2004
6,793
CC 30 South Florida
An escrow agent only deals with money and documents. He will review the Purchase/Sale Contract and determine the dates and documents necessary to be presented for the release of the deposit and the rest of the funds.. There is no room for interpretation about "any smoke from the engine". that is boat survey territory. The buyer usually retains the final acceptance or approval for the release of the final funds. What the seller can insure is a claim on the deposit and the enforcement of the timeline stipulated in the contract. Time limits can be stipulated for the Boat's Survey, a haul out and the final sea trial to protect the seller from taking the boat off the market for an excessive amount of time. They may offer ancillary services like a Lien search, title insurance and title documentation.
 
Dec 25, 2000
5,048
Hunter Passage 42 Shelter Bay, WA
We used our Credit Union who held the paper as the party to handle the, "For Sale by Owner", transaction when we sold our first boat. Worked out quite well. The buyer got the boat, we got the money. If the seller owns the boat free and clear, most any attorney that deals in property sales can handle the transaction for a fee.
 
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Likes: Alansails
Mar 26, 2011
2,937
Corsair F-24 MK I Deale, MD
Someone is mixing up terms. Escrow and documentation are two different things. The OP is asking about an Escrow service, not a Documentation service.
Not me. Annapolis Yacht Documentation Service handles everything from title search, document transfer, closing, AND escrow through a law firm they work with. A complete package.
 
  • Like
Likes: jssailem
May 24, 2004
6,793
CC 30 South Florida
Not me. Annapolis Yacht Documentation Service handles everything from title search, document transfer, closing, AND escrow through a law firm they work with. A complete package.

Yep, that is the way to go. It is important to get a reputable company as the money and the transfer of title is just as secured as the company may be good. It can also be agreed by the buyer and seller to split the cost of the services in the purchase sale contract.