Logistics of buying a boat remotely
 

Assuming the boat survey is positive, what are the logistics of buying a boat remotely from a private seller?

1) Do you wire the funds directly to the seller (From buyer to seller). If so, what is the legal recourse (i.e. what are your options) in the event the deal is bogus?

2) Do you place the funds on an escrow account, upon seller and buyers signatures on the bill of sale and so the title can be mailed? Or what’s the timing of things?

3) Do you use a third party to facilitate the transaction altogether?

Thanks in advance for the help.

Well, it goes without saying that this sort of transaction is fraught with risk. Of your choices, the best would be the third party facilitator to handle the deal, NOTHING beats "eyes on" during the whole thing. Well, nothing but YOUR OWN eyes/self being there, of course. Is that just not possible?

The seller may have certain stipulations that he feels is necessary to protect him, too...basically he's going to want to know the money is good/there before handing over the keys (or title). If anything seems out of whack or makes your hair stand on end...run, do not walk, away.

Check for liens against the boat. Is it documented or titled?

@ Bajaholic – Duly noted about the liens and documented VS titled.

@ bajaman – My current circumstances make it a little challenging to be there for the sale.

Can you find someone local to act as your power of attorney?

@ Sydwayz - Yes, Maybe purchase it through a power of attorney or a reputable third party escrow service to buy the boat.

I am going to research for agents or law firms that represent buyer through power of attorney. If I find anything I will post it.

is the boat in the States ? if so maybe someone on here could assist you

I’ve done it 3 times now, always through a broker. Never had a problem with the money side, I transferred full payment to the broker and signed a power of attorney for the broker to ‘receive’ the boat on my behalf. Mine were international transactions requiring shipping and customs clearance plus a whole bunch of other stuff. Only one of the 3 was surveyed, I took a bit of a chance on the other two, trusting the broker, lots of photos and researching what I could.

As F-2 Speedy suggested, maybe someone on oso can help? Ive read offers of help by members and also received PM’s offering to help when I was in the market last time. If you’ve found a boat, post some details, someone here may know the boat or live very close by and be able to help out.

I don’t know about private purchases in the U.S. but I suspect there’s very little protection for you when sending money to an individual you don’t know. For me, paying a brokerage fee was a lot cheaper and easier than flying overseas to inspect a boat. Maybe work a deal with a well known member here, pay him to be you’re broker...... just a thought.

Depends a lot on where the boat is and where it’s going, type of boat and complexity, price, etc, etc.

RR

Edit: Depending on geography and transport/shipping company, I think there are several ‘shippers’ that also handle documentation and settlement procedures or at least have contacts in the business.

@ rak rua - Very helpful.

Thank everyone for the input.

I will keep you all posted.

This particular boat is in Florida.

I sold a boat to a guy in New Zealand. He arranged and payed for the survey. I just had to show up with the boat. Then the buyer arranged for shipping. I told him the boat was not leaving my property until ALL the funds were wired into my account. He wired the money, then I dropped the boat off at the shipping port. In this case, the buyer was taking a huge risk.