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-   -   Closing Costs? (http://www.sailnet.com/forums/general-discussion-sailing-related/69688-closing-costs.html)

trisstan87 11-06-2010 01:07 PM

Closing Costs?
 
Just a quick question regarding the purchase of a boat. What sort of additional costs are often associated with buying a sailboat? I live in FL so information pertinent to that state is most sought after but all is appreciated.
Basically I am wondering if there are any sort of registration costs or transferring of ownership or anything else that you could overlook in planning (besides a survey) to buy a boat.
Also, Do most of the marinas in FL require you to have some sort of insurance to stay at/in their docks/marinas?
Anything that could offset the closing costs is what I am after. I am trying to make sure I do not have any unforeseen surprises so if I am missing something please enlighten me.

Minnewaska 11-06-2010 02:14 PM

You mentioned the survey. Yes, FL has annual registration fees, approx $100 depending on length of boat. Insurance has always been required where I've been, but may not be everywhere. Delivery charges to get the boat home. Maintenance is almost always deferred to some level on a boat being sold, bottom paint, etc. Marina charges, slip or mooring. Then I've always had the experience of fixing tons of stuff that shows up the first season. After I get all caught up, it seems to settle down.

trisstan87 11-06-2010 03:11 PM

Thanks a lot. Im really close to closing on a deal and I just wanted to make sure I wouldn't get bit by any unforeseen costs due to bureaucratic type fees.

sailpower 11-06-2010 03:22 PM

Is the boat going to be CG documented? A marine lender will usually require it if you are financing through one. They will also probably require you to use a documentation service for the documentation and the First Preferred Ship’s Mortgage.

That can all add up to $400 - $700 depending on who you use.

Then there is the 6% FL sales tax.

PorFin 11-06-2010 03:58 PM

Trisstan,

Quick list:

a. Survey (paid to surveyor)
b. Quick haul for survey haul out (paid to marina).
c. Engine and/or rigging survey -- something to consider if vessel is a little long in the tooth.
d. State sales tax.
e. State registration.
f. USCG documentation (if required by lender or you elect to have it documented.)
g. FCC Ship's Station License (if vessel is equipped with an SSB.)
h. Insurance.

Can anyone think of anything else I've missed?

Faster 11-06-2010 05:14 PM

If you're fortunate to be able to arrange moorage, it's often payable a year in advance (often a better rate that way too)... depending where you are and size of boat this could be another several $K dip into the piggybank...

paul323 11-06-2010 05:41 PM

I also paid for a marine title company to complete a title search (confirming the boat was free of any leins), transfer the ownership of the boat, and complete USCG documentation. It cost about $200.

CalebD 11-06-2010 06:49 PM

I was going to add that a mechanic, rigger or even a boat yard could have a lien placed on the boats title but paul323 covered that.

puddinlegs 11-06-2010 07:46 PM

Quote:

Originally Posted by paul323 (Post 663657)
I also paid for a marine title company to complete a title search (confirming the boat was free of any leins), transfer the ownership of the boat, and complete USCG documentation. It cost about $200.

Yup... that's the important one.

rockDAWG 11-06-2010 08:22 PM

The amount if sales tax for a car is not so bad. Not for a boat, it will be costly if you get a 400k boat. You need a mortgage to pay for it. Time to think about move to states that have no sales tax. NH and DE come to mind. :)


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