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From: Bryan Genez (no email)
Date: Thu Aug 26 2004 - 08:42:11 EDT
Joe - G4XRZ wrote:
> We are hoping to buy our next boat in the USA (we are currently in
> the UK) .
> We would be grateful for info regarding title searches and legal
> issues when purchasing a boat in the USA (Probably Florida or
> California). What is the best way to go about ensuring we get a debt
> free and bona fide vessel prior to handing over our dollars ?.
Joe,
I worked for 15 years as a yacht broker; been retired for the past year.
The answer is both simple and complex. The short answer is that there are
no absolute guarantees, as a mechanic or boat yard could file a lien against
a vessel without anyone's knowledge. There are services that search for
such liens, but I can't tell you that they're 100 percent effective.
But you almost certainly will not have a problem.
If you purchase a boat that is federally registered ("documented"), part of
the process will include a search for any liens that have been recorded
against the title of the vessel. You will purchase an "abstract" of title,
that shows ownership and all mortgages throughout the boat's history.
Almost every lender I've dealt with through the years will accept an
"abstract" as sufficient to determine title.
You will have to remove the boat you purchase from federal documentation
rolls. That's an extra fee. As an alternative, you could become a US
Citizen, but that will delay the process slightly. ;-)
However, if you purchase a boat that is State registered (indicated by
letters and numbers affixed to the bow area), the title may or may not
indicate any recorded liens. Depends upon the state. Best advice I can
give you is to speak with a lender in the area, and ask the same question
about the specific boat. The lender will tell you what's needed for you to
get a loan. Generally, they don't hand out money until they're satisfied!
As general comments about where to buy a boat in the US:
1. Florida is both least expensive and has the greatest selection.
2. Boats that have lived in colder climates will be in better condition than
the identical boat that has lived in warmer climates. [There's an old rule
you may remember from chemistry class: the speed of a chemical reaction
doubles with an increase of 10 degrees Celcius. Boats in Florida will
experience corrosion 2-4 times faster than in Maine. In addition, damage
from UV will be greater in southern climes. Finally, boats that are sailed
in 12 month seasons and kept year-round in warm water will be much more
"used" than the same model boat that's sailed for five months and stored
ashore.]
Rather than head for California, I recommend you look in the northeast US.
Boats will sell for more there, but they'll require less to bring to your
standards. If it were me, I'd *start* my search in the Northeast, then move
south if I couldn't find something acceptable. [FWIW, I practice what I
preach...I bought Capella in Massachusetts. She was in much better shape
than similar boats to the south. And I live in one of the most concentrated
areas of sailboats in the US.]
Good luck with your search.
-- Best, Bryan Genez (KB3HMZ) "Capella" Valiant 40 #158 Annapolis, MD ------------------------ Yahoo! Groups Sponsor --------------------~--> $9.95 domain names from Yahoo!. Register anything. http://us.click.yahoo.com/J8kdrA/y20IAA/yQLSAA/A1TolB/TM --------------------------------------------------------------------~-> Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/world-cruising/ <*> To unsubscribe from this group, send an email to: <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
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