The purchase agreement's signed, you've paid a 10% deposit, and the boat has passed the surveyor's inspection and sea trial with flying colors.
It's time to write the seller a check and take the boat home, right?
Not just yet.
Ask to see the following documentation to help authenticate the seller's ownership:
- A bill of sale showing that the seller actually owns the boat.
The document should show his name and a description of the boat and its HIN (Hull Identification Number). Make sure the HIN on the boat (located on the starboard side of the transom) matches the one on the seller's records.
2. Boat insurance policy listing the owner's name and boat description.
3. Boat's certificate of title and/or state registration.
TIP: Some states don't require titling, so if the seller doesn't have a title, make sure you see the bill of sale from when he bought the boat.
If you have all the proof of the seller's ownership and everything looks fine, get out that checkbook and buy that beautiful boat.
After The Sale
At last, the boat is yours! Before you hit the water, here are some things to consider:
1. Call MARITIME COVERAGE CORP for an insurance quote.