Advice for first time purchaser

[KY Fan]

I am about to sign a purchase agreement for my first sailboat (pre-owned 40 footer) and wanted to see whether the group had any advice for the transaction. I am getting a pre-purchase survey, but am unclear about the process for closing the documentation (title and lien searches, verifying that all documentation from the seller is in order, making sure that my registration, etc. is in order).

I assume there are lawyers that specialize in this. Any recommendations? The boat is from Texas, but the sale will occur in NC. I plan to keep her in Annapolis.

[KY Fan]

I forgot to mention - this is a private sale without a broker.

[Rohan]

You certainly don't need lawyers involved! Ordinary people do this every day.

If you are going to register it in Maryland then you will need proof that it has a clear title, and the previous owner's lender (if any) no longer has a lien on the boat. Your marina in Annapolis may also require proof of insurance.