Do you need an attorney to buy a boat?
Do you need an attorney to buy a boat?
Most boat purchases that do not involve financing also do not involve an attorney. Few yacht brokers will recommend an attorney unless they anticipate a problem. On many occasions, even financed vessel transactions do not involve attorneys.
What do you need to know about buying a boat?
Boat Buying Guide: Brokers and Lawyers and Contracts, Oh My! The agreement to purchase a boat can be as simple as a handshake deal, or as complicated as a roomful of brokers, attorneys, and bankers can make it. You, the average boat buyer, will probably have an experience that is somewhere between those two extremes.
Do you need a sea trial when buying a boat?
It is rare that a new boater will know enough about what he or she is doing to forego a contract, survey and sea trial. Whatever other terms and conditions your purchase agreement contains, no matter how simple or complicated the document is, some sort of “subject to survey” language should be included.
Most boat purchases that do not involve financing also do not involve an attorney. Few yacht brokers will recommend an attorney unless they anticipate a problem. On many occasions, even financed vessel transactions do not involve attorneys.
How much does it cost to transport a yacht?
This ranges widely, depending on the distance of the trip and the size of the boat. An overland boat transport ranges from a few hundred dollars for a short haul to several thousand dollars going cross-country. Yacht transport can range up to tens of thousands of dollars, especially if the yacht delivery is international.
Can a boat be transferred to a LLC?
Transfer the Boat to the LLC. If the LLC did not purchase the boat, you will need to transfer the boat to the LLC and register it in the LLC’s name. If the owner financed the purchase of the boat, the transfer of title from the individual owner to the LLC may trigger an acceleration clause in a promissory note or preferred mortgage.
Do you need a broker to buy a boat?
Brokers have access to hundreds of listings and can narrow down your choices to boats that best fit your needs and budget. While it is true that the broker works for the seller, brokers work on commission – in other words, they get paid to make the deal work. It is the broker’s best interest to carefully match sellers with buyers.