Join Date: May 2003
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Whoa...what are these charges
I just received my loan commitment letter today for a boat I''m buying...and I was shocked by the incidental charges listed in it.
Here''s what it said:
The following checked items are estimated closing costs that may be associated with your loan.
UCC Filing Fee $75
x USCG Documentation-purchase $495
USCG Documentation-refinance $295
x Title fees-varies by state $50
x Abstract $75
x State title search $10
UCC search $82
x Loan fee $195
Express Mail $38
QuickTrak Inspection $125
What are these friggin'' fees, and which are manditory, and which are BS??? I live in Maryland, btw.
Who can enlighten me on these, or some of these????
And, of course, these do not include the 5% state tax that Maryland tacks on to the sail price, which will amount to $2500.
It''s like buying a house with all the "closing costs"...and not like a car, which it should be.
When I bought my last boat in 1990 the only add-ons were state tax, and $15 to register the boat and $15 charge as a lien fee.