Curious, can anyone explain to me the process for actual settlement on a used boat. In real estate of course there is a title search, checking for liens and other things that might come back to haunt the new owner later in life, and there is title insurance in case something is wrong the owner won't lose in the end. But what about for a boat ? Is there some similar process for insuring that there are no liens against the boat, that the seller actually has legal title to the boat, etc ? How is settlement done ? Is there some equivalent to title insurance, is it even necessary ?
ASSuming this is aivate sale and not through a broker, be sure the sales contract has clear language that the seller must transmit to you a clear title. I'm not aware of any insurance for this, so it does pay to do due diligence in researching the current title.
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