Definitely walk, or have that mess cleared:
Any of the four owners could make claims to the boat at any time, up to a repossession, if they still are holding (part of) the legal title.
Especially now that you officially know of their status, things could get nasty for you if you still buy from only one of them.
(claims of fraudulent purchase, knowingly purchasing stolen goods, etc., etc.; you don't know what the relations between those four are.)
Unless the seller or broker can supply a clean title, I would not touch that deal.
Originally Posted by benschleifer
I am in Florida and trying to purchase an Italian boat that was imported to the states a year ago. its a SV from 1983. the boat is listed by broker and we are under a contract, actually today was closing day but we didn't close because we have a problem....
Talking to the boat home port in Italy I discovered that the boat has 4 owners and not one owner, as I been told.
In 2002 this guy (suppose to be the only owner) didn't verify that there wasn't a deletion of the previous owners and probably in the official records he joined the previous 3 . now we need all the 4 of them to agree for the sale but some of them are not alive anymore...and.... bla bla bla....
the way that I see it I have three possible options :
1) to pay a company in Italy that will organize everything- transfer of the ownership and I can keep the boat under Italian flag- they want 2000-2500 E !!! and I don't have this money to spend on this, and they still need the 4 owners (or power of attorney) to be present.
2) Another option is to forget about Italy and to make a new registration in the states. with the papers I have I know its possible, but then I am not sure if I will have any problems in the future ... I am planning to go around the world with the boat... basically the boat will be register in two places, in the Italian records the owners will be all the 4 of them but in the states it will be only me.
3) to walk away - which I really don't want, I love the boat and already spent a lot of money on her (survey, accommodation and some repairs)
BTW I am not planning to have any insurance but maybe the next owner will.
I already spoke with many documentation agencies and except the one in Italy no one else knows what to do.
So... what you think I should do?? any advises??
Thank you very much for Reading!