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Go Back   SailNet Community > General Interest > General Discussion (sailing related)
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Old 11-06-2010
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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.
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Old 11-06-2010
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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.
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Old 11-06-2010
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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.
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Old 11-06-2010
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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.
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Old 11-06-2010
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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?
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Old 11-06-2010
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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...
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Old 11-06-2010
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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.
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Old 11-06-2010
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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.
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Old 11-06-2010
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Quote:
Originally Posted by paul323 View Post
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.
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Old 11-06-2010
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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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