Purchase Procedure-New York - SailNet Community
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post #1 of 11 Old 07-27-2011 Thread Starter
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Purchase Procedure-New York

Hi All,
I'm new to the site and have been reading everything I can get my hands on. This site and it's members are great. Good info. My question is, I'm looking at a 76 Pearson 28. So far looks good, solid condition, had it looked at by more experianced eyes, and with a few cosmetic fixes, we should be good. I talked to the yard manager, and apparently a substantial amount of fees are owed. Seller came across hard times. Do I need to check for liens on the vessel? Should I have something signed by owner and yard manager freeing me of monies due? Additionally, if we go through with purchase, what is the basic procedure?
-Agree on amount subject to seatrial
-purchase and transfer ownership
-due to it's age, is there a Title or just a transfer of Reg?
-register at DMV
-insure
I will also need to find out what the arrangement is with the yard re:storage.
Sorry for the long winded question.
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post #2 of 11 Old 07-27-2011
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Your best bet is to talk to a lawyer. Second best is call a boat dealer in NYS with the same questions. I believe boats 1973 and newer have a title. You have to also make sure that the title is clear of lienholders so ask the boat owner to see the title before you make an offer.

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post #3 of 11 Old 07-27-2011
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Find out if it is documented. If yes, make sure the document has no liens.

Use this agreement, mark up as needed for your circumstances and concerns:
http://www.integrityyachtsales.com/i..._Agreement.pdf

Check some other threads like http://www.sailnet.com/forums/boat-b...hase-sale.html
l of sale.

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post #4 of 11 Old 07-27-2011
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Who has the title?
How much is owed and to who?
Is what is owed in excess of the value?

If the owner has the title, and the boat yard is owed the money they may very well have a lien on it, unless they have avoided doing the paperwork. Some marinas force the issue and seize the boats and put them into auction.

This could get tricky. The owner could transfer the title to the marina to settle their debt..and then you could purchase it from the marina...but that's no guarantee that the title is clean if someone else has a lien on it.

You may need someone to broker this deal for you. You need to make sure you get a clean title.

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post #5 of 11 Old 07-27-2011
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I didn't see where you plan on having a survey. On an old boat, even a cheap one, get a survey. You may find out it needs repairs far in excess of what you are planning to spend.
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post #6 of 11 Old 07-27-2011
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Quote:
Originally Posted by Tempest View Post
Who has the title?
How much is owed and to who?
.....
You may need someone to broker this deal for you. You need to make sure you get a clean title.
Again, if the boat is USCG documented, there is not likely to be a title.

I would not worry too much if the doc or title, which ever applies is clear, if anyone wants money it is likely to be the yard, and they will be happy to tell you.

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post #7 of 11 Old 07-27-2011
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NYS DMV - (Brochure) Q & A About Your Certificate of Title

New York Title info.

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post #8 of 11 Old 07-28-2011
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Quote:
Originally Posted by Tempest View Post
I have never lived in NY, what do I know?

I know the answer is not so simple. States don't do a good job of defining and communicating their vehicle-oriented registration and title rules for the special case of federally documented boats...you can call a DMV and talk to three people and get different and generally useless answers.

My personal experience, and other threads on this board over the years says this - documented boats are generally exempt from state title and registration, requiring participation in the registration process only to the extent to ensure the state gets every tax dollar due.

There are fifty states, and who knows what twists may exist in a state?

That said, if you read this NY chart carefully,
http://www.nydmv.state.ny.us/forms/boats.pdf
it seems that my generalization above in fact accurately applies to New York, where documented boats get no title, are registered, but no registration numbers.

Go figure.

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post #9 of 11 Old 07-28-2011 Thread Starter
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Thanks for all the responses. I will proceed with caution.
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post #10 of 11 Old 07-28-2011
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Quote:
Originally Posted by sailingfool View Post
I have never lived in NY, what do I know?

I know the answer is not so simple. States don't do a good job of defining and communicating their vehicle-oriented registration and title rules for the special case of federally documented boats...you can call a DMV and talk to three people and get different and generally useless answers.

My personal experience, and other threads on this board over the years says this - documented boats are generally exempt from state title and registration, requiring participation in the registration process only to the extent to ensure the state gets every tax dollar due.

There are fifty states, and who knows what twists may exist in a state?

That said, if you read this NY chart carefully,
http://www.nydmv.state.ny.us/forms/boats.pdf
it seems that my generalization above in fact accurately applies to New York, where documented boats get no title, are registered, but no registration numbers.

Go figure.

New Jersey is the same...Even with a documented vessel...I have to register it each year. I am only exempt from having to display the registration numbers on my bow. I still have to display an annual sticker and carry the State registration card along with my CG documentation papers.

There's no indication that the vessel in question in NY was documented, or if documented, was current. CG requires an annual renewal.

It appears that in New York there are several ways to transfer ownership.
Depending on the circumstances. Title, Transferable registration, or CG documentation. That's why one would need to see what the owner currently possesses. You would need to be very careful, because it also appears that a lien can be transferred to the new owner in certain circumstances.
You certainly don't want to pay the owner..and assume a lien at the same time.

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