Who pays for what?

Gofirstclass

Gofirstclass

Well-Known Member
Apr 20, 2010
11,694
Tri Cities, WA
Boat Info
Boatless in WA
Engines
No motor
Beachcomber is for sale and I have been contacted by a potential buyer from the other side of the state. If this sale goes through I will have a marine title company handle all the paperwork for the sale and transfer. I have a few questions about this process so I thought I'd use your collective wisdom....

-What paperwork will be needed by the title company? I'm guessing a notarized bill of sale showing the sale price.
-What other paperwork might be needed?
-Who pays for what? Someone is going to have to pay the sales tax (I'm assuming the buyer pays this). Does anyone know if there are other transfer fees involved and who pays for what?

Just trying to get my ducks in a row.
 
What! ....Selling the big ole Sea Ray? Buyer pays tax.
 
Yep, buyer pays all the tax. You don't touch that part.

Is the boat documented? If so you would need to sign some forms to enable transfer of the vessel to the new owner.

Instructions from the USCG on the proper form are here: https://www.dco.uscg.mil/Portals/9/DCO Documents/NVDC/EXCHANGE.pdf?ver=2018-12-28-130935-383

EDIT
Here's the FAQ from the USCG.
What happens when I sell my documented vessel?

When the sale is finalized you may complete a U.S. Coast Guard Bill of Sale (CG-1340) or complete the “Sale or Transfer of Vessel” section on the reverse of the Certificate of Documentation (CG-1270). Documentation forms, fee schedules, and instructions are available for downloading on this web site. If there is an outstanding mortgage, the mortgagee ( lender) should complete a Satisfaction of Mortgage. The vessel cannot be removed from documentation with an outstanding mortgage.
 
Having just gone through this, I paid the sales tax and the USCG documentation fee.
Seller paid his broker, and his broker "shared" his commission with mine.
 
Shaps said:
Having just gone through this, I paid the sales tax and the USCG documentation fee.
Seller paid his broker, and his broker "shared" his commission with mine.
Click to expand...
As the purchaser?
edit: reread post
 
I suppose a bit of an explanation is due at this point. When we bought Beachcomber 10 years ago we did it with the expectation of taking a summer-long trip around the coast of WA, in to Puget Sound then up into Canadian waters. My MIL was 94 at that time and we expected her to be around another 4-5 years. We would not make the trip with her still around because there are many areas of Canada with no cell or radio reception.

So here we are 10 years later, my MIL is 104.5 this month and still going strong. She'll easily make 105 unless something unexpected happens.

We had talked for a long time about switching from a boat to an RV after doing that trip. Now, we're just going to speed up the RV buying and start doing land trips.

Tina asked me a few days ago if I was sure I could part with the boat. I told her that I could, that I loved the boat but was not in love with the boat.
 
Wow, 104.5, that’s amazing for sure

the things she has seen in her lifetime. Your mil is awesome
 
Damn, and I've always loved the look of your boat.

I'm glad you found a potential buyer. Good luck on the sale
 
Thanks. Based on how our talks and texts have gone I'd bet when they come over in a couple of weeks to look at the boat they will be the new owners.

WOW, I just noticed that this post is number 9,000 for me. I guess that could be construed that I spend waaaay too much time on here. Fun spot to hang out and it's better than a bar because the bars are still closed.
 
Congrats on all accounts!

Buyer pays for everything except commission to the broker(s) unless you negotiated otherwise. Sounds like there is no broker involved but I would at least get a documentation service company engaged, yes you can do it cheaper on your own but is it worth the hassle and risk if you do it wrong?

Buyer at a minimum includes:
- all paperwork/documentation fees
- sales tax
- surveyor(s)
- haul out fees for survey
 
I plan to use a marine title company that's based in Seattle to handle all the transfer paperwork. There are no brokers involved and that's why I gave him a smokin' deal on the boat. My wife thought I was selling it too cheaply. I just told her I didn't want to mess around for a few months negotiating with a serious buyer over a couple of boat bucks.

My energy level and endurance level are not what they used to be. I figure if I don't have to take it around the coast and don't have to pay any brokerage fees that saves me about $25 grand. I reduced the price of the boat by about that amount. There won't be any negotiation. He either takes it at my price or walks away. His call.

BTW, I just got a msg from a CSR member who lives not too far from me who said if the current buyer backs out he wants the boat. I'd cut him the same price as I'm offering it to the current buyer.
 
You definitely save money by not listing it, just a bit more legwork.

So in your situation you should have zero expenses, buyer should pay for everything unless you want to split costs on the documentation company so you have a say in who to use.

If buyer is using a lender they will decide who to use and control the whole process.
 
The first prospective buyer who I gave first right of refusal called me today. He's been out of town for a few days and just got back. We talked for about 10 minutes and he's definitely a buyer. I told him that due to his lack of response to my call I proceeded with the other buyer.

Then I texted the current buyer and told him the first buyer had called me back. About 5 minutes later he called me. They're coming over this weekend to look over the boat and if the weather cooperates, take it out for a spin. He knows the price but we have not talked about any sales details. That, and many other things, will come out this Saturday when they have a chance to look at the boat.

So, at this point I have 3 potential buyers. See, it does pay to take excellent care of your boat. I have not spent a penny on advertisting and have 3 people lined up. I have a 3" thick folder of all my receipts for the boat that I'll give to whoever buys the boat.
 
Looks like Sunday is supposed to be the nicer day Mike.
A little breezy, and rainy on Saturday.
 
Yeah, I really don't care about the weather unless it's blowing like crazy. That might make backing into the slip a bit dicey. Other than that, a trip in the rain would be kinda fun.
 
All the best to you and your family on the sale of the boat and your potential RVing adventures.
Tim
 
sdarc said:
Since no one else asked, or maybe I missed it, what about the Whalers?
Click to expand...
Some friends from the club talked us into selling them the 2010 Whaler. We hated to see it go but didn't need two of them. The 1981 is down in AZ. We'll probably go down there in September after AZ cools down a bit, spend a week or so and bring the boat back to WA when we drive back.
That one is in pristine condition, having been totally redone just before we bought it. New gelcoat, new wood, all new wiring, cushions, etc.
DSCN1687.JPG
DSCN1688.JPG
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DSCN1687.JPG
 
Gofirstclass said:
Some friends from the club talked us into selling them the 2010 Whaler. We hated to see it go but didn't need two of them. The 1981 is down in AZ. We'll probably go down there in September after AZ cools down a bit, spend a week or so and bring the boat back to WA when we drive back.
That one is in pristine condition, having been totally redone just before we bought it. New gelcoat, new wood, all new wiring, cushions, etc. View attachment 86440 View attachment 86441 View attachment 86442 View attachment 86440
Click to expand...

Hook that sucker to the back of the RV!
 
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