How to safely handle a purchase

[Tom L]

I am considering purchasing a bigger Hunter that will cost at least $20K. I would like to purchase directly from the owner in a private purchase. How do you normally handle the purchase and transfer to ensure that you (and the seller) do not get scammed. Is there an easy way to ensure that the title is real? Do I need to get the lawyers involved? I just want to make sure that I end up with the boat without hassles for either buyer or seller.

Thanks for any advise.

 

[rickk31]

Tom I am in the same boat as you.No pun intened. I want to buy a Hunter 31 to 37 for around 20 to 30,000. I ran into what I thought was a scammer so I backed off. I wish someone would answer your question so I would know what to do next time.GOOD LUCK.
Rick

 

[heart of gold]

I'm not a lawyer and I don't know how folks Stateside handle it but if it was me I would treat it the same way as purchasing a house in that I would draw up an offer to purchase with conditions(subjects) attached. Eg survey, title search, full history, financing,documentation, etc. Basically what ever is important to you. The seller will have his own conditions like date the subjects come off once satisfied. When I bought my boat from a broker this was the method that was used and I don't see why it wouldn't work in a private sale. If both signatures are on the offer, it must be legal. I bet there are forms on the net you could use. It would supply you with some protection and financing is always a good out if you absolutely need out. Cheers

 

[JoeWhite]

Get a copy of an offer from a broker. This will help you see how they do it. Also get a surveyor to check the boat. You will need the report for your insurance. But - I think you are concerned mostly that does the seller really own the boat and are there any leans against it including property tax and slip fees. For this you can pay a title company to verify and transfer the clear title to you. They also serve as a refry to take the money from you and give to the seller.

 

[KD3PC]

you can use BoatUS, or a local bank in most cases to handle the sale and exchange of money/title and everyone will be just fine...

Survey if possible, sea trial and head to the bank if all is well.

 

[Alex Dare]

be careful

If you don't go through a broker, at a minimum, contact a yacht documentation company. They can act as an escrow agent as well as generate bills of sale, order a USCG doc abstract and check for outstanding liens. The more difficult issues are properly spelling out time frames, conditions of the sale, responsibilities and other liability issues.