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-   -   Selling a Boat on Your Own (http://www.sailnet.com/forums/buying-boat-articles/19513-selling-boat-your-own.html)

Jon Shattuck 06-24-2001 08:00 PM

Selling a Boat on Your Own
 
<HTML><!-- eWebEditPro 1.8.0.2 -->We would like to sell our sailboat on our own.&nbsp;What forms are legally necessary, and how can we find out about the need of using an escrow account?<BR><BR><STRONG>Jon Shattuck responds:<BR></STRONG>Thanks for your query. First, keep in mind that both boat buyers and sellers will benefit from using a written purchase agreement stating the selling price, a description of the vessel being purchased, the equipment included and excluded, any terms or contingencies, and the date and location of the closing.&nbsp;Boat sales are generally conducted on an&nbsp;as-is&nbsp;where-is basis unless agreed upon and specified otherwise in writing.<BR><BR>Second, you will need to transfer legal ownership of the vessel from the seller to the buyer.&nbsp;If your boat is state titled, generally all you have to do is write the name and address of the buyer on the title, and sign it.&nbsp;The buyer will then be required to provide the old title signed off by the seller when applying for a new one.<BR><BR>If your boat is USCG documented, you will need to provide USCG Bills of Sale along with the original USCG Documentation, signed,&nbsp;dated, and notarized, in&nbsp;duplicate.&nbsp;You'll need to have all of these documents filled out perfectly, so I recommend using a documentation service.<BR><BR>Regarding an escrow account, while not mandatory, most boat transactions require an earnest deposit (traditionally 10 percent&nbsp;of the purchase price), which should be held by a third party.&nbsp;Some USCG documentation services and marine lenders provide this service, and this is one of many services yacht brokers provide.<BR><BR>You&nbsp;are certainly free to sell your boat yourself, but a broker can help you with all the aspects of listing, marketing, and selling your boat. There are more recommendations in the Buyer Tips section of BoatSearch.com, have a look: <A class=articlelink href="http://www.boatsearch.com">www.boatsearch.com</A>.<BR><BR>Here's a good tip to get your boat selling activity started on the proper tack: use BoatSearch to easily create a complete equipment list for your boat (e-mailable and printable) while marketing your boat on the Internet 24-7.<BR><BR>While no longer free (BoatSearch offers three low pricing options), it is still one of the most time and cost-effective boat buying and selling services available. Good luck to you.<BR></HTML>


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