Selling a boat remotely

[tarkaadventures]

With our boat Tarka now on the market, we're starting to sort out logistics of a potential sale.

In terms of money, we're only talking $10,000, so it doesn't make sense for us to deal with a broker if it isn't necessary. However, the boat will likely be unattended on the hard on Panama by the time a buyer is found.

Ideally, we'd like to handle everything electronically, but frankly, we don't know if it's possible to write up a legal notorized bill of sale when both parties are remote and are wondering how such deals are normally handled?

The money could probably be held in escrow awaiting release of a legal bill of sale.

[masonc]

Originally Posted by tarkaadventures

With our boat Tarka now on the market, we're starting to sort out logistics of a potential sale.

In terms of money, we're only talking $10,000, so it doesn't make sense for us to deal with a broker if it isn't necessary. However, the boat will likely be unattended on the hard on Panama by the time a buyer is found.

Ideally, we'd like to handle everything electronically, but frankly, we don't know if it's possible to write up a legal notorized bill of sale when both parties are remote and are wondering how such deals are normally handled?

The money could probably be held in escrow awaiting release of a legal bill of sale.

Try escrow.com. They can handle the money part .

[Montanan]

I recommend using the USCG Bill of Sale document. Reference link below:

http://https://www.dco.uscg.mil/Port...-09-113141-317

Note only the seller needs to execute the document in the presence of a notary public. The buyer does not need to sign a bill of sale.

Note the area for including warranties, if any, or listed "sold as is" and a list of detailing each and all of the appurtenances that go with the boat.

[tarkaadventures]

Thanks for the replies.

If the buyer is a non-US citizen living in Europe, and conducting the transaction remotely, is it still smart to use the USCG template? For example, the vessel description section seems to assume the boat is going to retain it's US registration, which is not possible if the buyer is not a US citizen.

Also, how would the bill of sale be held by the escrow service, and is a scanned copy, with my notorized signature a valid legal document for the buyer?

My notion of how things would go would be, provide the escrow service with a copy of the signed and notorized bill of sale, and upon receipt of funds from the buyer, that document is released to the buyer, where he can then sign, and get it notorized on his end as necessary to register the boat in his name. But I'm not a lawyer.

[boatman61]

Well if they are European then there's this option..

[Montanan]

The buyer does not need to sign a Bill of Sale document, only the seller needs to execute the document; it is advisable to and required of many jurisdictions to have the signer's execution of the document notorarized at the time of their placing ink to paper as third party proof of the seller's signing.

Be sure to detail all the appurtenances separately, dinghy, dinghy motor, EPIRB, etc. etc.

[Montanan]

Originally Posted by tarkaadventures

Thanks for the replies.

If the buyer is a non-US citizen living in Europe, and conducting the transaction remotely, is it still smart to use the USCG template? For example, the vessel description section seems to assume the boat is going to retain it's US registration, which is not possible if the buyer is not a US citizen.

Also, how would the bill of sale be held by the escrow service, and is a scanned copy, with my notorized signature a valid legal document for the buyer?

My notion of how things would go would be, provide the escrow service with a copy of the signed and notorized bill of sale, and upon receipt of funds from the buyer, that document is released to the buyer, where he can then sign, and get it notorized on his end as necessary to register the boat in his name. But I'm not a lawyer.

The buyer should receive the original BOS with the seller's signature and the notary's signature. The seller can retain a copy for their records, as could the escrow agent.

The use of a comparable format of a BOS document to that of the USCG suggested form is fine, and definitely appropriate if the seller is not a US citizen. Again the document is executed from the seller's perspective and is received by the buyer, not executed by the buyer, hence the USCG document will work for a non-USA citizen buyer.

[Montanan]

A notarized bill of sale may be required to process other important paperwork. Ownership isn’t always transferred with a finalized bill of sale. Sometimes a title needs to be transferred or registration papers filled out.

Some public offices and agencies won’t even move forward with the paperwork without an official Certificate of Authority or seal from your public notary.

Again very much jurisdiction specific as to the requirements.

[Shrew]

This is exactly why a Broker is a good idea. If you're not local to the boat, then engaging remotely in a FSOB internationally will be tricky.