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post #1 of 4 Old 05-11-2007 Thread Starter
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Purchase agreement?

I am looking at buying an owner-listed boat. What are the order of steps if I should wish to make an offer.



I know I need a purchase agreement to present a potential lender, but what does this constitute? Do I need a lawyer to draft and witness it?



I assume I then present the agreement ("contingent on results of survey") to lender next and then if I get preliminary approval, I proceed to survey.



Is that correct?
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post #2 of 4 Old 05-11-2007
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post #3 of 4 Old 05-11-2007
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This isn't Cam's boat you are buying, is it? If so, you better have the lawyer and all that!!! Besides, I offered $50. My offer was first. Get in line!

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post #4 of 4 Old 05-11-2007
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Your lender probably won't care about anything except a survey--to be done to their specification--and a clean title transferring to you. If the boat is documented the title is tied to that process. If it is state registered, there may/not be a separate title and registration, depending on the state and the age of the boat.

The purchase agreement, no matter how informal it is, should also state that the transfer is being made free and clear of all liens, etc. to you, just in case there are any mechanic's liens or storage liens that you aren't aware of. The lender may be able to suggest a title company or someone to handle the sale details for you, as well, but a lawyer can be a good idea when there's any major dollar value involved.

Hey, I've got this great Sundeer 65 that's stuck in Nigeria, I just need a couple of grand to pay the port fees and once I get it back to the US you can have it for a song.
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