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  #21  
Old 07-12-2013
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Re: Boat Too Cheap to get a Buyer's Broker?

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Originally Posted by davidpm View Post
How did you do the title search?
The boat is USCG registered. You can request a free title search from them. Though, I lucked out, in that when talking with the USCG office, they told me that the boat had no liens, so I did not have to request the free title search. Which meant, no waiting/worrying.

Btw, the reason I learned all that was bc when I looked up the boat on their site, it had a different owner listed... the individual the seller purchased the boat from. As it turned out, she never sent in the paper work, so it was still in his name. Luckily, it was a matter of sending that paperwork along with mine.

As for the broker bit, since this was an individual sale, as opposed to a broker listed sale, a neighbor recommended the marine broker, who educated me wrt how to go about doing the title search.
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Old 07-12-2013
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Re: Boat Too Cheap to get a Buyer's Broker?

You can always use a buyer's broker, even if the boat is not listed. It means you are going to pay them above what you pay for the boat, as opposed to the commission coming off the top of the sales price.

Many make the mistake of thinking the broker showing them a listed boat is working for the buyer, when the seller listed with their own broker. When the seller is paying the commission, all brokers are working for the seller unless the contract says otherwise.

That said, it would be almost unheard of to use one for a transaction this small. The much bigger issue is than sub $5k boats can frequently have negative value. If any major item, like sails, stand or running rigging, core moisture, engines, etc, are bad, they can wipe out value. If you are not familiar with these, even a limited survey would make sense. Otherwise, you become the next person trying to sell a boat with no value or face expensive fees to have her cut up and taken away.
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  #23  
Old 07-12-2013
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Re: Boat Too Cheap to get a Buyer's Broker?

Quote:
Originally Posted by shadowraiths View Post
The boat is USCG registered. You can request a free title search from them. Though, I lucked out, in that when talking with the USCG office, they told me that the boat had no liens, so I did not have to request the free title search. Which meant, no waiting/worrying.

Btw, the reason I learned all that was bc when I looked up the boat on their site, it had a different owner listed... the individual the seller purchased the boat from. As it turned out, she never sent in the paper work, so it was still in his name. Luckily, it was a matter of sending that paperwork along with mine.

As for the broker bit, since this was an individual sale, as opposed to a broker listed sale, a neighbor recommended the marine broker, who educated me wrt how to go about doing the title search.
FWIW, readers will understand the post better - the right adjective is "documented", not "registered", and the result is a certificate of documentation, not a title. Registering and a title relate to a different activity and a different piece of paper.
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  #24  
Old 07-12-2013
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Re: Boat Too Cheap to get a Buyer's Broker?

Although a CG document is not a title, they do refer to the results of their lien search as an Abstract of Title. The CG search is not free. The CG charges $25 for an “Abstract”.

Note that this does not guarantee that the boat is 100% lien free. It is true that most liens against a documented vessel are recorded against the CG document but sometimes they are not. It is usually impractical to do a UCC lien search in all 50 states so it is what it is.

USCG National Vessel Documentation Center, Fee Page
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Old 07-12-2013
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Re: Boat Too Cheap to get a Buyer's Broker?

Usually, you record the lien in one of three places: 1) in a federal entity whose responsibility it is to track such things; 2) with the state where the asset resides; and 3) in the state where the owner/debtor resides. If you search all 3 of those, you've gone a long way toward ensuring there aren't any outstanding liens.
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Re: Boat Too Cheap to get a Buyer's Broker?

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Originally Posted by jimgo View Post
Usually, you record the lien in one of three places: 1) in a federal entity whose responsibility it is to track such things; 2) with the state where the asset resides; and 3) in the state where the owner/debtor resides. If you search all 3 of those, you've gone a long way toward ensuring there aren't any outstanding liens.
Very true but a boat that has moved around also has the potential to being liened where it has been.

Example: A CT boat skips out on a yard bill in SC.

Nothing is foolproof.
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Re: Boat Too Cheap to get a Buyer's Broker?

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Originally Posted by sailingfool View Post
FWIW, readers will understand the post better - the right adjective is "documented", not "registered", and the result is a certificate of documentation, not a title. Registering and a title relate to a different activity and a different piece of paper.
Good point, and yes, "documented." Sorry for the confusion.
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