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Go Back   SailNet Community > General Interest Forums > Boat Review and Purchase Forum > Boat Buyers & Sellers Forum
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  #1  
Old 09-09-2010
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Documented Boat Transfer in Maryland

I am buying a partnership in a boat in Maryland. I have already prepared a partnership agreement with the new partner (thanks to the postings on this Forum ).
The boat is presently registered ONLY to the partner that is leaving the partnership and he is the person that will be receiving the $$$ from me. The title is clear.
The boat is documented and kept in Maryland. I will will meet with the two partners to sign papers and give the departing partner $$$ next week.
Questions:
1. what is involved with retitling the boat in my name and the partners name?
I assume the Fed. Gov. is involved. The selling partner wasn't very clear on procedure since he bought the boat from a dealer

2. what does the state of MD require?

3. Any other advice, observations or experience will be greatly appreciated.
Thanks,

Jim (on the Beautiful Chesapeake)
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Old 09-16-2010
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1. We bought ours too long ago for me to remember what we needed; Contact the National Vessel Documentation Center (USCG National Vessel Documentation Center - POC Page) 304-271-2400 for their requirements. They're generally pretty helpful on the phone.

2. Maryland DNR are generally easier to deal with in person than by phone, but here's their link: Maryland Department of Natural Resources - Boating
If you're documented you won't need to put an MC number on the boat, but you'll still need the registration sticker. Cost is nominal $10 I think.
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Old 09-16-2010
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You need to get the boat re-documented by NVDC first, see the post from Eryka. You can do it yourself or you can get a documentation company to do it for you for about $350. I would contact boatus (see link below) or shop around but they charge about the same. MD - Departmenrt of natural resources (MD-DNR) will not give you the sticker until you get the USCG document and you pay the 5% tax. The 5% of the value is calculated either using their blue book value or if you have a survey they will take that instead. You will need a bill of sale and the state registration signed by the previous owner(s) for both the USCG and MD-DNR. Be careful there is time limit for getting the MD sticker after you take possecion of the boat is either 90 or 60 days, After this period you could be fined and the due amount will acrue interest. DNR is like going to DMV/MVA......


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Old 09-16-2010
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my boat is documented and lives in maryland.

If you are documented with the Coast Guard you do NOT need a Maryland registration. You DO need to pay Maryland taxes and there is a sticker to show that you did. But you will not have to put MD registration numbers on your boat.
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Old 09-16-2010
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Thanks to all for the information. It gave me a 'heads up' at the settlement.
Jim
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Quote:
Originally Posted by sck5 View Post
... If you are documented with the Coast Guard you do NOT need a Maryland registration. ...
I'd double-check this, I was told that you don't need the number, as you stated, but in addition to paying the tax you need the sticker every two years.

From the DNR website (link above): "$24 REGISTRATION FEE

Vessels 16 feet in length or less and/or propelled by a motor of 7.5 hp or less must display a 2-year registration decal but are exempt from the fee.

The 2-year registration decal is valid for the calendar year in which it is issued and the subsequent year, expiring on December 31.

$10 DOCUMENTED DECAL (required of USCG documented vessels in lieu of the registration fee) "
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Old 09-20-2010
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I'm in maryland. You don't get a 'true' registration from maryland but you do need to get the sticker every two years. I do have a title to the boat which is issued by maryland. You do not have a md registration number.
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Old 09-20-2010
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I'd point out that you can't legally have a MD registration number if the boat is USCG documented. That would effectively be double-registering the same boat.

One advantage of going through a settlement company is that many will do the equivalent of a title search and provide you protection against unregistered/undocumented liens against the boat.
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Old 10-08-2010
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These folks should be able to sort all of this out for you and give you the peice of mind that you need.

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I would expect the sales tax on this exchange to be a mess. You need to figure out in advance whether you can escape with 5% on just half the value of the boat. Whereas the departing partner was the name on the registration, I would expect the state to want %5 on the full value of the boat to put either one or two new name s on the registration. The existing partner is not likely to want to pay half of the 5%, he may want you to pay the whole amount. i would get this issue figured out before you sign any papers.
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