No Broker. Lawyer?

[Pkb57]

We have found a sailboat we are interested in. However, the seller does not have a broker - this is a private sale. This is our first purchase and
after doing some research, we realize there is so much to the process. Can anyone recommend a marine attorney in the Annapolis area? Any idea how much we are talking on costs? Anyone have any other thoughts on how to get this process completed?

 

[Don S/V ILLusion]

A cheap yet effective alternative to a lawyer is a buyer broker (I.e., a boat broker acting as your rep). As you apparently already know the boat you want to buy, a set fee rather than a commission could be negotiated. Annapolis is broker heaven.

 

[Pkb57]

A cheap yet effective alternative to a lawyer is a buyer broker (I.e., a boat broker acting as your rep). As you apparently already know the boat you want to buy, a set fee rather than a commission could be negotiated. Annapolis is broker heaven.

Thanks. I will search the forums to see if anyone is recommended.

 

[Terry Cox]

Buying a Sell By Owner boat

FWIW, you can have your credit union, or other financial institution handle the transaction for free as we did with the purchase of our first boat and the sale of it. It is really a very simple transaction; a bill of sale. You can make it as complicated as you want, but it can be quite simple if the seller and buyer agree on the terms.

 

[centerline]

It is really a very simple transaction; a bill of sale. You can make it as complicated as you want, but it can be quite simple if the seller and buyer agree on the terms.

I agree here with Terry...

if you have had it surveyed, the surveyor can tell you about all you need to know, because if you hire a GOOD surveyor, he will be working for YOU, not the seller.... and then either buy the boat or decline.... and yes, your bank can help you with all the details and let you know what you need to do.

and it will save you the brokerage fees of about 10-12%.

if the seller had a broker, they are of course, going to try and sell the boat to you like any other salesman would. they wouldnt be working for you except to try and hurry your financing along, making a few phone calls and possibly getting the survey set up, using their preferred surveyor and yard.... this is not something a first time buyer should allow, or any one who is not aware of what can happen here.

in my opininon brokers are mostly a necessary evil (not always)... for those people that dont really want to have to talk to one another, or dont have the time....

a lawyer is only necessary when you have allowed the buyers broker to handle all the arraignments and after you pay the money, you find out how bad things turned out for you...
a good surveyor hired by you up front can prevent this....

 

[Crazy Dave Condon]

If the boat is state registered, then there should be a title on the boat that was issued. Not sure about Maryland on this as this does vary by state. If the boat is Coast Guard registered, then there are forms for that. either way, make sure you have one or another unless the boat is not documented and MD does not have boat titling.

Working with a good surveyor is a good choice. Like some say, there are many good brokers but then there can be a rotten apple in the barrel.

 

[Kermit]

I've bought three sailboats and sold one in my life. Never had a broker or a lawyer. We went to banks when I bought mine so they could deposit the checks immediately. When I sold my H23 we completed all the paperwork at the ramp before setting up the boat for launch. It never occurred to me that I might need a broker or a lawyer.

 

[Nelsonhow]

Boatus.com has a very good write up on how to buy a boat and they have sample contracts that you can use. There are probably others on the net. Most people are honest but you need to be careful... "caveat emptor".... buyer beware".

Make sure you get a survey and use it to negotiate the price.

Do a written sales contract with ALL the specifics and any contingencies.

Also make sure that seller has a clean title. A clean title means that seller does not still have an unpaid loan on the boat. If there is an outstanding loan on the boat you usually make the payment in two checks. One is made out to the lender for the balance of the loan and the difference is made out to the seller. If you give the seller one check there is not grantee he will pay off the loan an you run the risk that the boat will be repossessed by the lender. On older boats or small purchase amounts this is less of a problem.

Check with your State on the documents you'll need to record the sale, pay the taxes if any, and register the vessel.

I've done this 5 times so far and it's not as bad as it appears. The Boatus article is really helpful.

 

[Pkb57]

Woohoo!

Well, financing approved. So, woohoo! We spoke with BoatUS and they will help us with settlement services. We also have contacted a couple of the surveyor's recommended on the site. Just waiting to finalize that.

Hubby and I are so excited to enter the realm of Hunter owners


Thanks all that replied. What a wonderful site to get help. You all ROCK!!

 

[Nelsonhow]

Boatus is really good... Check out all their services including their insurance and emergency towing programs....they provide a great safety net at what I think are very affordable prices.